An update on this: My credit union just signed up with a service called popmoney, through which you can send requests for money and reminders (VERY cool), and the person can pay their rent - seems to be any amount - for only 95 cents.
This would take care of the record-keeping "who paid what" issue, which is great.
I'm thinking when a tenant signs his lease, I will have him make a choice and initial the choice. I will pay my rent the following way:
____ I will make a walk-in deposit to XXXX credit union, for account XXXX, on or before XXXX. I understand that if the deposit is not made by 5 p.m. on the first of every month, a late fee in the amount of XXX will be accessed...."
____ I will send a payment in the amount of XXX from my bank account to account XXXX, on or before XXXX. I understand....
____ I will pay via popmoney, in the amount of XXX, on or before XXX. I understand there is a service fee of 95 cents, and that fee is my responsibility, including any increase during the rental terms.
Any feedback?