Online Rent Collection

[Kevin Janssen]

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

[Nic Schilling]

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!