Hi - If you are a small time landlord, what are you using (if anything) to collect rent electronically? I was interested in using sparkrent (owned by intuit) but there are some complaints that it takes 6-7 business days for the ACH payments to clear. Any other suggestions? Or should I just stick with collecting a check and depositing it on my phone? I have younger, tech savvy tenants moving in and was hoping to get away from a check but don't want an ACH that takes over a week to clear.
My bank BBVA Compass has Pop Money and I use that to pay our nanny. It does take three days to go into her account for any amount over $100 I believe. Works great!
Mine deposit electronically with just my email address & bank (Wells Fargo). The first time I have to do something to register/accept the payment from them (online) but after that it just goes in automatically.
We've been using Chase QuickPay with our tenant. I don't have a Chase account though, so it takes around 2 days for the payment to be processed into my account.
Post by hainesherway on Aug 4, 2014 12:33:19 GMT -5
My property manager uses Chase QuickPay both to collect the rent and flip it over to me. I like it because the money is usually posted within 1-2 days.
Ok so for chase quickpay one of you has to have a chase bank account. Highly unlikely that my tenants will have one since chase doesn't really have branches in new england.
Do you have tenants send you payments as "friends or family" or did you have to upgrade your account to a business account? What kind of fees are involved?
Do you have tenants send you payments as "friends or family" or did you have to upgrade your account to a business account? What kind of fees are involved?
I'm not sure about the "friends or family" question, but we have the tenant set up on a monthly "invoice" and they pay it each month. We then transfer from Paypal to our bank account without any fees on either end. We didn't upgrade our paypal account, though, so I guess it must be friends or family?
I should add, there are only no fees if they pay using their bank account. If they use credit or debit, there will be fees that apply.
Do you have tenants send you payments as "friends or family" or did you have to upgrade your account to a business account? What kind of fees are involved?
I'm not sure about the "friends or family" question, but we have the tenant set up on a monthly "invoice" and they pay it each month. We then transfer from Paypal to our bank account without any fees on either end. We didn't upgrade our paypal account, though, so I guess it must be friends or family?
I should add, there are only no fees if they pay using their bank account. If they use credit or debit, there will be fees that apply.
Do the fees apply to them or to you with credit card? If she wants to use a credit card, I actually don't care if she pays the fee. But I'm not paying that 3-4% or whatever.
And yes, you must have set up as "friends and family" to do no-fee payments through bank accounts.
Ok so for chase quickpay one of you has to have a chase bank account. Highly unlikely that my tenants will have one since chase doesn't really have branches in new england.
Do you have Bank of America? That's another one that has a version of QuickPay. But, PayPal is just as good :-) My tenant refuses to do electronic payments, which I am surprised about. Whatever, I am just happy she pays on time/early.
No, I refuse to do business with Bank of America. Long rant will ensue as to why.
I'm not sure about the "friends or family" question, but we have the tenant set up on a monthly "invoice" and they pay it each month. We then transfer from Paypal to our bank account without any fees on either end. We didn't upgrade our paypal account, though, so I guess it must be friends or family?
I should add, there are only no fees if they pay using their bank account. If they use credit or debit, there will be fees that apply.
Do the fees apply to them or to you with credit card? If she wants to use a credit card, I actually don't care if she pays the fee. But I'm not paying that 3-4% or whatever.
And yes, you must have set up as "friends and family" to do no-fee payments through bank accounts.
It appears to us that the fee would be on our end as the party technically "accepting" the payment, but we never let it get that far. We told the tenant, who is the one who preferred to use PayPal vs. another method of payment, that it appeared that fees would apply if they did not transfer from their bank account directly, fees would apply and they would be responsible for them or would need to find another method (ie. send us a check). They had no problem using their bank account.
Ok so for chase quickpay one of you has to have a chase bank account. Highly unlikely that my tenants will have one since chase doesn't really have branches in new england.
Do you have Bank of America? That's another one that has a version of QuickPay. But, PayPal is just as good :-) My tenant refuses to do electronic payments, which I am surprised about. Whatever, I am just happy she pays on time/early.
Ooh I have Bank of America so I'm definitely going to look into this! Thanks!