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Anonymous

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Posts: 90
Reply with quote  #1 
Do any of you receive your monthly rent check via electronic payment?

If so does it go directly to your checking account or do you use an app like PayPal or something else if so what apps that are free?

Are there any apps that you would advise not using?

Thanks a lot
AccidentalRental

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Posts: 208
Reply with quote  #2 
I use Cozy for rent collection.  Tenants have a choice of paying by ACH transfer for free or credit/debit card for a fee.  I've never had an issue and tenants love it.  The only downside is it takes about 4 business days to see the ACH transfer hit your bank account.  There are a few services like Cozy but I prefer Cozy because it is free for both the landlord and the tenant.
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Anonymous

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Reply with quote  #3 
Have you ever tried PayPal
LLinVA

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Reply with quote  #4 
We just do checks, but we let tenants know that a lot of banks will mail the check automatically for them and don't even charge anything for it. This is just as easy as electronic payment on their end but without either of us being charged anything for the convenience. 
Anonymous

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Reply with quote  #5 
Thank you for responding so basically in response to my question you don't have any familiarity using electronic payments.
LLinVA

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Reply with quote  #6 
Correct. We chose not to because there is usually a fee for you or your tenant. I'm letting you know what we chose to do as an alternative that has worked really well and is effectively the same thing from the tenant's point of view. If that's not good enough for you, sorry to bother you by trying to help.
AccidentalRental

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Reply with quote  #7 
Quote:
Have you ever tried PayPal


No way!  Too many risks of service fees and clawbacks.

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Anonymous

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Reply with quote  #8 
Quote:
Originally Posted by LLinVA
Correct. We chose not to because there is usually a fee for you or your tenant. I'm letting you know what we chose to do as an alternative that has worked really well and is effectively the same thing from the tenant's point of view. If that's not good enough for you, sorry to bother you by trying to help.


Sorry, you weren't bothering me. I was just looking for specific information thats all.
Anonymous

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Posts: 90
Reply with quote  #9 
Sorry, you weren't bothering me. I was just looking for specific information thats all.
BillHoo

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Posts: 73
Reply with quote  #10 
My prevous tenant used paypal which cost her a 3 percent fee and also had a lot of issues - allegedly.

Common report "I'm having trouble getting my funds to go thru Paypal"  And rent would be three weeks late.

Cozy has worked well for me.  I think when the tenant has some sketchy finance issues, it takes up to a week for the money to make its way to my account.  One tenant worked great, but later he reported his bank account got hacked.  Afterward, I would get the cozy notice that money was on it's way, but it would take 7 days instead of the usual 4.

I'm still going with Cozy.

I used to have tenants wire me the money or do direct deposit transfers.  That required more work and sometimes a fee to the tenant depending on what bank they had.

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LocalHero

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Posts: 22
Reply with quote  #11 
I also use Cozy because it can be free for both sides.  Most tenants pay on the 1st of the month and it doesn't show up in my acct until the 8th.  Cash flow isn't a problem so I'm ok with that. 

Some tenants never sign on to Cozy and end up doing some form of electronic payment (e-check, Zelle) I have had one tenant use Paypal and there was never a charge (on my end at least).   I prefer electronic payments though one tenant gives me cash which is nice...
ClearNow

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Posts: 2
Reply with quote  #12 
There is  a lot of choice now for online rent payment services for landlords.  As mentioned earlier, Cozy is one of them.  Another one to mention is ClearNow, who has been serving landlords and tenants since 2000.  

Landlords using ClearNow can use their income and expense tracking tool to make landlording easier.  It's also helpful in creating reports around tax time.

To learn more about ClearNow, visit http://www.ClearNow.com.

Anonymous

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Posts: 90
Reply with quote  #13 
Thanks for responding, but i asked this question back in July and have since taken care of this matter/subject.

Thanks again
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