Hello I just joined Cash Flow Depot. Would anyone have any suggestions how to collect rent checks? Something like Venmo, I am sure there are better ways then that? I only have six rentals and I should start thinking about something now. Thank you in advance for any feed back. Grant
Listen to the replay of some of the Coaching Calls with David Tilney about Hassle-Free Property Management. He uses ACH to collect rents.
You can also set up a special bank account that tenants deposit rent into. They can pay their rent online using Zelle! Have each rent a little different so you can quickly and easily spot who has paid Like 123 Main street has rent of $1023 per month which 457 Grant street has a rent of $957 per month. Once the rent is deposited into this special account, you can “move” it over to your operating account.
I’m doing a grab bag of collections. My oldest tenants pay at my bank. They stop in and say “I’m here to pay the rent for Taxationistheft Properties” and it works great. Other folks use PayPay and in the last year I’ve tried Cozy. Cozy can take awhile, but so far so good.
I do want to try Zelle as I am guessing when PayPal sees 10k flowing through my account every month, they will get suspicious and maybe doc me some funds. I also need to look into ACH but haven’t pulled the trigger yet.
I have a friend that started a software company to address this very thing. It is called Rent Mind Me https://rentmindme.com/ and it does exactly this type of stuff by automating rent collection through an online channel. He is always working on expanding its features and you can do even more than just collect rent with it.