Electronic Rent Collections

[Paul Wiseman]

Hi All. Wishing Everyone a Great Day

I own a duplex in Oak Ridge, TN and am looking for the best and safest way to collect rent electronically while at the same time not making it too complicated for my tenants. I obviously do not want to give my tenants my bank account number so I would rather deal with their financial institution directly if that is possible.

Any suggestions will be greatly appreciated.

[Alecia Loveless]

@Paul Wiseman I have a total of 10 units and still growing. About half send checks and half are using Venmo. It’s easy to set up and easy for me to transfer right away into my main checking account. Then I transfer it internally in my bank into the individual building’s checking account. I have individual checking accounts for each building.

Each transaction in the Venmo App is labeled with the tenants name, and the amount, and their Venmo “handle” so you easily know which payment belongs to which tenant.

I found this easier than subscribing to property management software as I am so small. The App is free.

If you do the transfer that takes 2-3 days to your account it is free. There is an instant transfer that costs maybe 2.99% or something but I can wait 2-3 days.