![]() ![]() Pros: Credit and debit cards are easy to use, extremely secure, and do not require bank visits or shared account information.That’s because most credit card companies enforce it. Using credit cards or debit cards is simple and can be done through a variety of services, but tenants are typically charged a processing fee when paying through a service. Ĭredit and debit cards are often requested payment methods by tenants. There’s a potential for misdirected payments (your tenant could pay the wrong person), difficulty tracking payments, and since partial payments go through instantly, tenants could pay you as little as a dollar to halt an eviction for nonpayment. Zelle limits payments to $1,000 per day and $5,000 per month. Cons: Venmo charges a 1.9% business fee for every transaction.Pros: These apps are easy to use, funds transfer quickly, and the process does not require bank visits or shared account information.In 2023, these online services are some of the most popular ways to transfer money electronically, but this doesn’t mean they don’t come with their fair share of downsides, especially for business owners like landlords. Depending on your bank, the process can also take a few days before the money reaches your account.Īpplications like Venmo, Paypal, and Zelle all provide extremely convenient online payment methods. Cons: Setting up a direct deposit via ACH requires participation from your tenant.TurboTenant rent payment benefits include automatic reminders, AutoPay, Late Fees, Rent Reporting, extensive records, notifications, and partial payments.You won’t have to do any work to receive payments, and you can set automatic direct payments so rent is never late. Pros: Once set up, direct deposit via ACH is a seamless method.If you have multiple bank accounts you’d like to set up, our Premium Plan might be right for you. You can also use ACH through most property management platforms. This is usually a free service for both parties, requiring you and your tenant to work together to set it up. Setting up a direct deposit between your tenant’s bank account and your own via ACH (bank transfer) can be a great option. Here are some of the most popular ways to collect rent online: #1: Direct Deposit Via ACH You’ll discover it will help you further streamline the rental process and reach a larger renter demographic. Plus, online rent payments can help tenants in many other ways – including Rent Reporting, which is the process of reporting on-time rent payments to credit bureaus in order to build valuable credit history.ĭon’t be intimidated by going digital. At the end of 2021, 41% of renters reported paid their rent with a money transfer via an ACH, digital wallet, or rent payments platform. Younger generations, who make up a larger portion of the renting population, often prefer the convenience of online rent collection and may be unfamiliar with checks. ![]() Thankfully, property management software has made it easy and safe to collect rent online. In the past few years, mail theft doubled, according to a report from the United States Postal Service. ![]()
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