I hold some private loans - mortgages and business loans. I am looking for the best option to receive payments back into my investment account - secure and hassle free. Monthly payments range from ~$2k to ~$12K

Options:

1 - Borrowers can write checks and I can mobile deposit them to Schwab account. This option is more hands-on than I would like, but I can live with it if this is the best option. And I don't love the idea of big checks sitting in my mailbox out by the county road.

2 - Zelle to my Schwab account. My bank blocked payment and discouraged me when I tried to use Zelle to make a $3k purchase. Not sure if this is good option for the borrowers.

3 - Other ideas?

Anybody receiving similar payments? How do you receive payments and how do move funds back to your investment account?

I'm a newbie to this forum and appreciate feedback from folks who have experience receiving payments.

I would have your Borrowers ACH you directly. They should be easily be able to use their banking software to do that. If you are worried about giving them your account information, you can setup a separate account to receive the funds (depository account) and auto transfer all available funds to your actual account (operating account).

I run a hard money company. I second the first response.

Thanks for the recommendation. I am curious to know: do you set up a dedicated account to receive payments?

What bank do you use? My bank is a pain-in-the-ash about setting up multiple business accounts.

I'm pm you so we can take it offline