Rent Payment Options in 2020

[James L.]

Is there a payment method more simple, convenient and secure than a check ? Looking for alternatives to test as a backup system to checks, then possibly the new norm.

[Matt Lyons]

I use Rent Redi... it is pretty cheap (for the landlord) and allows for LITERALLY ALL OPTIONS of payment by the tenant.  Basically you email the tenant a link/invite and they download the app or connect on line

They can pay direct from bank (ACH) and that costs the tenant like $1 I think

They can pay via debit or credit card...that route costs them normal credit card fee so a bit more than a $1 but it is the same as using a credit card pretty much anywhere

They can also pay CASH through 80,000 retailers ..they can go to a Dollar General for example, give them cash and Dollar General will deposit that cash into a Chime account and then the tenant pays you through the free Chime account

Its an easy portal for landlords to use and set up (I am an idiot and I was able to do it), it is scalable (I have 75 doors in there today without issue), you can use it for other things (like maintenance requests), you can set it up to automatically charge late fees (that feature is awesome)

Tenants can also set up their rent to be paid automatically on a certain day every month AND they can have Rent Redi report the payment to the credit bureaus so they start to build credit

It is not the ONLY system but for me it has been a really good system