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Wisconsin Real Estate Q&A Discussion Forum
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Updated over 4 years ago on . Most recent reply

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42
Posts
10
Votes
Kevin Janssen
  • Milwaukee, WI
10
Votes |
42
Posts

Online Rent Collection

Kevin Janssen
  • Milwaukee, WI
Posted

With the Corona Virus pandemic going around I'm curious how many of you collect rent via online methods.  I am a relatively small owner of a 4 unit & a 2 unit that I manage myself so I don't have the scale to build a website like a larger investor/property manager.  I've had several inquiries when collecting application fees if I accept venmo or cash app which I do not.  I'm wondering if anyone uses these options or paypal to collect rent and if so has it been something a majority of tenants use or do they still drop off some sort of physical payment?  I am very cautious with using any application or facebook due to the security risks involved but was considering paypal as an option. 

Any thoughts would be greatly appreciated.

Kevin

Most Popular Reply

User Stats

7
Posts
3
Votes
Nic Schilling
  • Madison, WI
3
Votes |
7
Posts
Nic Schilling
  • Madison, WI
Replied

I use Cozy (https://cozy.co/)  I have a small amount of units like you.  It is free.  It takes a bit of time to get the rent deposited from when the transactions starts and you can pay a bit to accelerate that.  I count when the transaction starts for my tenant.  In other words if Cozy  emails me that the rent transaction is initiating on the 4th, I count that as paid before the 5th which is my requirement even though it might be the 8th before the deposit is in my account.  I have talked to Cozy about this and once a transaction starts it cannot be stopped by the Tenant unless they contact their bank directly and work with them which could be difficult.  Cozy also allows you to post a copy of your lease and track maintenance requests.  I also like that tenants can buy renter's insurance through it.  I require renters insurance and all my recent tenants have purchased through Cozy so they must make it easy.  Cozy then sends me a message that the tenant has purchased insurance.  Good luck!

  • Nic Schilling
  • Loading replies...