Efficient Ways to Collect Rent

[Spencer Hoogveld]

Hello BP Community -

I'm working on finding solutions for my tenants to pay rent without me collecting in person. 

My first thought is to use a property management software for online payments - any suggestions for secure sites to use? I really prefer a site that only collects the full amount. I don't want to accept partial payments and delay the eviction process if necessary.

I also want to allow an option for my cash paying tenants. I was thinking of working with my bank and letting my tenants deposit rent into different business accounts. The only real challenge I see here is managing who has and hasn't paid. I'm thinking of having my tenants pay a specific amount so I can identify them on my statements. For example: In one of my apartment complexes, tenant #1 will deposit $500.01, tenant #2 will deposit $500.02, tenant #3 will deposit $500.03 and so on... Is this a good strategy? 

Thank you in advance for your advice! 

[Darwin Crawford]

I use and LOVE Cozy.  So do (most) of my tenants.  They're owned by CoStar.  

Cozy dot co, NOT dot com

The paid option ($2.99/door) as of this writing, gets you paid in 2-3 days.  The free option usually shows up around the 7th-8th of the month.  

Not a big deal for me, but just something to be aware of.  

You can also do background/credit on there, and require renters insurance.