Author Topic: Best way to collect rent electronically  (Read 25400 times)

arebelspy

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Re: Best way to collect rent electronically
« Reply #50 on: April 10, 2019, 02:52:15 PM »
Say I am the one making a payment. If I have the routing number and account number, what is the mechanism for me setting up the transfer? I can't recall seeing anything with my bank to do this on my own, but maybe I don't know where to look...

It will depend on your bank. Contact your bank to set it up.

Zelle launching a year after this post made things quite a bit easier on this front, huh?
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meandmyfamily

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Re: Best way to collect rent electronically
« Reply #51 on: April 12, 2019, 05:06:39 PM »
We also have the rent deposited right into our account.  Simple.

powskier

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Re: Best way to collect rent electronically
« Reply #52 on: May 01, 2019, 12:11:17 AM »
Not sure I understand the question? Our Tennant deposits the cash in our bank account each month and there it is - how is that so hard?

Sure we gave them our bank account and routing number but you guys do realize that every time you hand someone a check they're printed on there, right? Don't see a concern here. Over here in Europe people have got used to handing out our bank details for people to send us transfers, and it turns out that it doesn't let them steal all you money.  For what it's worth though our rental is in USA and our Tennant pays by electronic transfer from their us bank account to our us bank account. Works great.

Exactly ! I just have them deposit money in my account, they can transfer it, walk in and give a check or cash. There is also a different bank a block from the property , I opened a free account there also just to make it easier. When having people give you money make it super easy. I find that all the apps just add an unnecessary step,the app itself.  Plus a few of my senior tenants do not have smart phones or computers but are super comfortable calling in a transfer over the phone.