Most efficient way to collect rent payments

[Stephen Hundley]

Hello,

What is the most efficient way to collect rent payments? Is it by mailing a check? Scanning someone's credit card? What are some different ways rent can be collected that are efficient?

[Ed O.]

Have them take it right to the bank for you.

ABC CO LLC Account 1 - give this account out to all residents. Tell them where the location of the nearest branch is and give them deposit slips, prefilled out if needed.
Just add water.

ABC CO LLC Account 2 - move all $ from account 1 to here for holding and spending.

No waiting for the mail. No "lost in the mail." No FEES!
Simple. Easy.
Best done when leasing, but I have had plenty of success implementing the program after making changes.

Anyone who picks up the rent is wasting a ton of time. I did it for a long time, and what a waste that was.