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Electronic Rent Payment HELP!
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Nathan G. Cody, WY PRO
Electronic Rent Payment HELP!
Joe Splitrock
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Sioux Falls, SD
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Jay Hinrichs
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Lake Oswego, OR
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6 Replies Some links on this page may be affiliate links, meaning BiggerPockets may earn a commission. Affiliate links do not reflect member endorsement.
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1 TRENDING DISCUSSIONS
55
Louis A. Investor from San Marcos, California
Renting to non citizens
posted 4 months ago
53 Replies
Hi fellow BP Gurus!
20
posts votes
80/15/5 (95% Cltv) loan programs are back!
Need advice for an immediate, FREE, quick & easy solution for electronic payments.
21 Replies
For the past 3 years I had been collecting all of my rents electronically -- First started out with Chase QuickPay and it eventually transitioned to ClearXchange without any problems. Best of all, it was 100% FREE for both landlord and tenant. However, recently the platform has transitioned yet again, this time to ZELLE. Several of my tenants reached out explaining that ZELLE is imposing a $500 weekly limit for non-member banks -- The problem is that most of my rents are ~$1500. I own/manage 16 doors in the Chicago area, to say this is super frustrating would be an understatement.
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Thanks in advance for your help and advice!
24 Replies
Brie Schmidt (Moderator) - Investor, Broker, Public Speaker from Chicago, Illinois replied 4 months ago PRO
Originally posted by @Louis A. : Hi fellow BP Gurus!
4.9K 3.4K posts votes
Need advice for an immediate, FREE, quick & easy solution for electronic payments. Venmo is free Cozy.co is free but takes a few days to deposit, it is also an auto draft on the tenant side
Brie Schmidt, Real Estate Agent in Illinois (#471.018287) and Wisconsin (#5784690) Chicago Real Estate Investors Meetup | www.MidwestRESummit.com |
[email protected] | Podcast Guest on Show #132
Cynthia Stith from Covington, Kentucky replied 4 months ago 6
I just put my unit on cozy.co and *LOVE* it. No cost for me (except they do take up to 5 days to post funds) and no cost to tenant (unless they pay by CC and cozy charges them.
1
posts votes
I was so tired of "the check is in the mail". I don't mind waiting a few days for funds as long as I know it really is coming and not just floating around. Good luck!
Louis A. Investor from San Marcos, California replied 4 months ago 55
Thank you @Cynthia Stith & @Brie Schmidt -- I've manged to get paid via Venmo this month, so thank you for the suggestion.
20
posts votes
I did however had the chance to check out Cozy and was intrigued by the platform. I love that it does the rent collection tracking for me .... something that i have to do manually today. For tenants, is there an other option to pay rent other than "auto-draft"? I can see how some renters would object to that and would prefer to have more control over when a payment is made.
Brandon Calloway from Hockessin, Delaware replied 4 months ago 14
Tenants don’t have to select auto-pay. They can use Cozy to make a one time payment or setup autopay.
6
posts votes
Alan G. Investor from Newtown Square, Pennsylvania replied 4 months ago 70
We have been using payyourrent.com for 5 months now and love it. $2.00 per transaction and money goes in within 24 hours. We did a blind link through our website so it looks incredibly professional. What's best is there customer service is amazing.
64
posts votes
Louis A. Investor from San Marcos, California replied 2 months ago 55
So quick update -- I've since moved over to Cozy to collect rents and it has been a God-send! Setting up a new tenant is a breeze and feedback from my tenants have all been very positive. Tenants pay a 2.75% free when using a debit/credit-card ... however when linking it directly to their checking account, it is absolutely free.
20
posts votes
Plus there is an automated summary dashboard provides the status of payments. A huge win for me as I don't have to manually track and reconcile! Thank you all again for the feedback and advise!
1
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