Collecting Rent Online/Direct Deposit

[Matt Corrado]

Hello fellow investors!

Trying to figure out best site to collect rent electronically from tenants, snail mail being 2nd option.  Cozy, Zumper, Rentmatic, etc I've seen, but would love to know personal feedback from those who have used a service and any other words/wisdom, pros/cons, you may have.

Thank you for your help!

[Kenny Dahill]

Thanks @Maya Roberts for the mention!

@Matt Corrado, BiggerPockets has a complete list for PM software sites: Click here for PM Software list

I'll provide my general feedback/suggestions while respecting BP's forum rules.

• Avoid Snail Mail:  For multiple reasons.  I think it is great you have a 2nd backup payments plan but I would avoid mailing.  A better alternative is direct deposit at the bank.  This eliminates excuses!  Either it was deposited or not plus.  Plus there is a timestamp by a 3rd party.  Mailing checks/cash has too many "what if's", plus requires additional action from you.
• Direct Deposit:  It's great.  Simple.  There are a lot of choices in 2020.  Honestly, you can't go wrong.  We all utilize similar payment processing provider software companies behind the scenes.  I would encourage you to ignore complaints about transfer duration because that is uncontrollable by the company. Those providers have FDIC regulations and more knowledge/expertise in that realm than any PM software company. No PM software has control over your 'payment transferring period'; ACH will always take 5-7 days because of regulations.
• Other Needs:  Lastly, what other needs do you have for your real estate management?  Majority of the PM software firms offer the same features.  However, a few have unique niches they offer which could be more beneficial to you if that's a need.
  

Best of luck!