When owning rental properties the most import thing in the end is receiving our rental payments from tenants. No rent payment means no revenue, which means we are losing money.
Luckily, with just about everyone having access to online apps and accounts now we can make paying rent easy and efficient for tenants.
Collecting Rent Made Easy
There are two options I want to share with you that will cover tenants that use online banking and those that prefer to pay in cash/check.
1.) Cozy.Co
This a service that accepts online payments for you. Tenants can setup automated payments that get withdrawn from their bank account or by using a debit or credit card.
This service is free for landlords and free for tenants that are using ACH payments directly from their bank account. Note: there is 2.75% fee on payments done with a credit or debit card.
Cozy.co also offers services like background checks, credit reports, etc. for a nominal fee to help screen tenants.
2.) PayNearMe
This is a great service for tenants that want to pay in cash, but allows it to be a recorded transaction for the landlord.
Paynearme provides unique barcodes to give your tenants. The tenants takes their cash and the barcode to a 7-11 or any other approved retailer to make the payment and receive a receipt of it.
The landlord then receives an email or text that payment has been received.
The services doe not cost the landlord anything to use after a initial setup free. It does cost the tenant a small transaction fee to make the payment though.
Streamline Property Management
The goal is to make the management of your properties as efficient and simple as possible. Services like the ones above do exactly that when it comes to collecting rent.
