Automate Your Rent Payment Process

[Mike Russo]

Hi all,

I wanted to share a process that I just started using to automate my rent receivables. Chase bank offers a service called QuickPay, free to its customers. QuickPay is a process that you and your tenant can use to send and receive rent (as well as other) payments. It's easy to set up as long as you both have a checking account.  A complete explanation of the service is described here:

https://www.chase.com/online-banking/quickpay

In a nutshell, both the tenant and property owner set up a Quickpay account. When the rent is due, the tenant requests payment to be sent to the property owner. The property owner receives an email or text notifying that payment was sent. Then they simply accept payment into their account. If both sender and receiver have Chase checking accounts, funds are available to the receiver that day.

Happy investing!

Mike