Collecting rent online

The company I have been in touch with is www.PayRentChex.com because someone referred me to them. I believe they have what I need: residents can pay rent by electronic check, debit card, credit card and set up automatic payments. On my end of things the system generates email reminders, late notices and receipts. I want to know if anyone has had any first hand experience with this system or one similar to it and how it is working for them?

I would appreciate any feed back!

I just have a bank account just for this and have the renter set up a direct deposit to it and then I go online to my bank site and to do what I need to do from there.

Because I have a lot of residents, I feel like that would not be efficient when it would come to organizing who has paid when and how much. This system break it down for me my renters name, unit number, amount due and when.

Does your banks website break it down for you?

I decided to go with online payments! And it is going great. I discovered a new feature with my online rent payment system through http://www.payrentchex.com and that is my residents can also pay their rent using their mobile smartphone. I've had a number of residents tell me they were not late last month because they were able to pay their rent where ever they were on their smartphone. Pretty cool coming from someone that has a flip phone!! I think it's time for me to upgrade!! Just wanted to share, let me know what you all think

I am interested in doing this and have looked into some systems as well but I dont want to add anymore of a task to my accountant that is already using Sage Timberline software, I dont want her to have to import information into both systems, like names units and rent paid that month etc.

Jeremiah,

One of the main reasons I went with http://www.payrentchex.com is because they integrate with property software. All my receivables dept. does is import an excel file, that is generated and emailed to her every morning from PayRentChex, into our accounting software. Very simple and saves her many steps. I understand your concern and I'm glad that is something you dont have to worry about.

Just set up an account for your rents, your tenants can deposit into your acct from their phones or computers and when they do, you get a notification from your bank...and it is free!

I looked into that option, I dont want them to have my account information, my bank routing numbers and what not. Also, when I was researching this area, I didn't like the way it organized the payments for me. It doesn't tell me resident name or unit number obviously. PayRentChex automatically sends residents email notices for when is due or late and also sends receipts to the residents when rent is paid. If I went with the option you mentioned, my receivables would have to manually insert each payment into our accounting software, very confusing and tedious.

Valuni, I look forward to your response! thank you!

Thank you Marcia, that is very valuable information. I plan to look further into this system and see how it can fit the needs of my company. I look forward in sharing any information I gather and/or which decisions I make.

Actually, one more question... is it expensive to accept credit card payments? I've looked into accepting credit cards before and the credit card company fees were outrageous!! I am wondering if this is different..?

Marcia,
Nowadays you don't have to give out your acct info to anyone; they can pay from phone to phone...all they need is your phone number, which you already give to your tenants anyway...and the bank notifies you with name of person sending it; I use it with one of my tenants out of state, and it works very well; tenant doesn't have to go to bank, or send checks anymore!

If you don't mind paying for the service, then I'm sure you can get reports with additional info, like, unit numbers, etc.
How many units do you have, and how much does the service cost?

You may want to fill out some info on your profile so that other investors here can know a little about you and where you're from, so,that they can network with you...

Valuni,

I have been meaning to update my info, I did it today thanks to you!

I manage about 1,000 units, so the more detailed information that is included with their payment and integrates with my accounting software is best for me and my managers.

This service is $.99 per transaction. and for me it is a small fee because of its value to my company (which I have mentioned above)

Jeremiah,

Valuni has passed along some useful information but for me http://www.payrentchex.com has been working out very well.

I am here to answer any more questions about my online payment service or anything dealing with property management!

Jeremiah,

Sorry, I realized I never answered your question about accepting credit cards for payment... let me just say I can NOT believe how much credit card companies charge to use their service!!

Anyways, there is no cost to the property to accept credit cards but there is a resident paid convenience fee. I look at it as just another option for my residents to have, their other option of using an e-check is free to them. I have had residents pay with their credit card because they were in a bind and realized the convenience fee was less than what their late fee would have been. I also have other residents paying with their credit card to build flyer miles.

Hope that wasn't information over load.