Rental Property Investor · TN · Member since 2018 · 2k+ posts · 2k+ votes
For the first time I have a person who wants to deposit the rent directly into a bank account. He has no bank account and goes directly now to pay all bills in person/cash. Its an inherited tenant for a storage building that is just transiting to me collecting the rent. Everyone has the same rent for the units. I am now anticipating many more will want this option. Mainly as they likely do not have cards or accounts to use for on-line payments.
Problem I see is that if I give them the account number, how would I know WHO paid? My banks statements just show deposit and amount.
Blue Springs, MO · Member since 2015 · 481 posts · 313 votes
7y
Ask the bank if there's some kind of "memo" field they can fill in when they take the deposit, and that will show up on your statements. If they can't do it, ask the other banks in town, and move your account to one that can.
The renters may not like the extra cost, but every US Post Office sells money orders for $1.25, and most Walmarts sell money orders for less than $1. Make sure your bank doesn't have any fees for cashing these before you go this route.
Property Manager · Cleveland, OH · Member since 2019 · 446 posts · 566 votes
7y
Get them to purchase a money order OR there are programs out there that partner with popular convenience stores where for a small fee they can bring a cash payment and their unique code, and that payment is sent to you as an eCheck. We use this service (called Payslip) through AppFolio - I imagine it's not AppFolio-exclusive. Fee is about the same as a money order, and Payslip is accepted at 7/11 and CVS stores.