What's a good way to collect rent online?
October 29, 2009 9:52 PM Subscribe
Would anyone have recommendations for a rent payment website?
I'm looking for a good solution for simplifying rent payments for a few out of state properties. I have talked to all of the tenants and they are pretty much all in agreement that they would use it if it were available, rather than sending checks in.agreement
I need the service for 8 units currently, are there any websites that people have experience using that they'd recommend?
User friendliness is a priority; something that tenants can just enter their routing number and link it to their bank accounts for either one time or automatic payment. Additionally, cost is a factor, although not as much as reliability and simplicity (I'm guessing that the fees wouldn't be excessive, hopefully I'm correct in that assumption). I don't need anything ultra fancy, just easy and secure. It would also be great if I could expand it at a later date if I end up adding more property.
I'm looking for a good solution for simplifying rent payments for a few out of state properties. I have talked to all of the tenants and they are pretty much all in agreement that they would use it if it were available, rather than sending checks in.agreement
I need the service for 8 units currently, are there any websites that people have experience using that they'd recommend?
User friendliness is a priority; something that tenants can just enter their routing number and link it to their bank accounts for either one time or automatic payment. Additionally, cost is a factor, although not as much as reliability and simplicity (I'm guessing that the fees wouldn't be excessive, hopefully I'm correct in that assumption). I don't need anything ultra fancy, just easy and secure. It would also be great if I could expand it at a later date if I end up adding more property.
In more technologically advanced countries, the banks do this for individuals. You enter the landlords account details, the amount, and the day of the month to pay, and presto, it's paid. Of the 3 countries in Europe in which I've lived, only the UK still even used paper checks.
posted by Goofyy at 4:03 AM on October 30, 2009
posted by Goofyy at 4:03 AM on October 30, 2009
I'm in the UK and as a tenant would just use my bank's website to set up a standing order to pay the rent each month. Is this not possible in your country?
posted by JonB at 11:12 AM on October 30, 2009
posted by JonB at 11:12 AM on October 30, 2009
I'm in the UK and as a tenant would just use my bank's website to set up a standing order to pay the rent each month. Is this not possible in your country?
Yes, and this is exactly what I do here in Los Angeles, CA, through Chase (well, WAMU until Chase took over). Worked flawlessly for 5 years now.
posted by VikingSword at 1:08 PM on October 30, 2009
Yes, and this is exactly what I do here in Los Angeles, CA, through Chase (well, WAMU until Chase took over). Worked flawlessly for 5 years now.
posted by VikingSword at 1:08 PM on October 30, 2009
JonB, in addition to the services above there are national companies like CheckFree that banks use for this, and many banks have their own service as well. But it's more common to be able to have utilities, insurance, mortgage, and other payments done via direct debit (ACH) than it is for rent.
posted by dhartung at 5:30 PM on October 30, 2009
posted by dhartung at 5:30 PM on October 30, 2009
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posted by kthxbi at 10:16 PM on October 29, 2009