What is your preferred method to collect rent payments? Is there an online payment method that you just love? I'm sure there will be "cash or cashier's check" comments but am looking for an easy and instant payment method for a property I've been hired to manage.

Thanks!

I give tenants options and don't really care too much. What works for them is fine with me. Cash, check, MO, paypal, Wells Fargo Zelle, some deposit directly in to an account at either Wells Fargo or Prosperity Bank.

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Or if that doesn't work, the checks the property management company sends me work out even better.

I rent 100% to students. What I have found best is to have them write a years worth of post dated checks. I hold them and deposit one check per month. It is working out great. Kids don't have to learn how to address an envelope and learn what a stamp is. Eliminates all late fees. I love late fees but it sure upsets mom and dads when they finally become aware.

I have one client who uses Chase QuickPay for his tenants, and another who swears by Venmo for his. Each has 6+ properties.

Tenants used to mail me a check. Then convinced me to get Venmo because it's easier for them. Fine with me.

Cozy.co - Tenants setup auto-payments and you can log into system to see status of payments. It deposits in your bank on 5th day of the month.

I schedule mortgage payment to pay out on the 9th so the rental income deposit delay doesn't affect cash levels.

Cozy.co also allows you to break up rent payments for different renters in a house (I would advise against doing this, but I know it's common in student housing). It also has credit/background checks and it has functionality for requesting tenants to provide evidence of renter's insurance. Additionally, you can market the property through cozy.co and the listing is disbursed to a variety of websites. All of this is free to the landlord (tenants pay for the application through the tool). I've been very happy with it.

Venmo is very easy.

Cozy co is good after the account setup is done. I deal with mostly blue collar 40-50s and they have hell setting it up.

The bank I use allows my tenants to come in to any branch and tell the teller they need to make a rent payment, teller deposits the rent check into my account and the tenant sends me a text with a picture of the deposit slip. Doesn't cost me a dime.

I'm old. So, Venmo - no charges to either party? No matter the amount? Then all I'd do is a monthly ACH from there into my bank account?

From what I've read it's basically PayPal but more convenient and worse customer service when things go south. Not sure about fees.

A happy Cozy.co user here.

Chase quick pay for me. They are tied in with clear exchange so some of the the other big banks you can pay easily with their versions.

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