What is a cheap and easy way to collect rent online? Or, should I set up an automatic bank transfer with our tenants?

This meeting at the gas station once a month is obviously not going to cut it

have them deposit it in your bank account. set up an account only for rent payments. transfer the money once it is deposited.

we just told the tenant it had to be in our bank or mailbox by the 3rd of late fees would accrue.

late fees are 50.00 on the 4th and 10.00 each day, thereafter.

I'd been trying to figure that out, too. In our 4-plex - there is a locked common area & we installed a safe/lockbox thing on the wall that they just slip their checks into. I pick up on the 2nd. Not possible in the duplex, so I just have them deposit at my bank. I was hoping that was a good/fool proof way. I do transfer out each month into another account at that bank so that if the balance is printed on their receipt it doesn't show much - maybe $1000 or so. I was assured they could never withdraw with my account number or do anything but deposit, so I guess this will work.

https://www.rentmonitor.com/

I don't know much about this service, but it seems like it would work.

Paypal?

I'm pretty anti paying a fee. : )

"send money to friends and family" on paypal. they limit your number of transactions per month but I assume you're under that threshold.

Monthly draft on their bank account

quote:

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"send money to friends and family" on paypal. they limit your number of transactions per month but I assume you're under that threshold.

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I did not know that. Yes.... I would be under just about any threshold they have.

I once had a tenant set up online bill pay on their checking account. Their bank would print out a check and mail it to me.

I pay my landlord using venmo. If you are renting to anyone under the age of 40 they will use this regularly. Just like pay pal but with no fee.

Chase quick pay or something like that. I used it with my last landlord. I had Chase she didn't but still got all the money. IIRC correctly it free as long as one of the people have a Chase acct. If neither do it may be a couple bucks.

My tenant mails me a check for the rent and does a "send money" option with USAA for the bills.

Dwolla

Doesnt make sense if you only have a couple rentals now that they way upped the monthly pricing, but I use buildium for all management aspects and it has online rent payment (for $.50 a whack).