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Free method to receive rent payments from tenant.

slickeagle 921 150 September 18, 2015 at 12:58 PM
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I have a rental in Florida. Is there a free electronic method for the tenant to send me the payments? It is $1000 a month (sometimes two payments of $500 each).

I do not like them mailing checks because they will blame the post office when it's late or lost. I also prefer not giving the tenant my bank info.

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#2
Quickpay
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#3
Venmo. PayPal.
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#4
Just have them bill pay to your company bank account just like they do any other bill. Fairly straight forward and costs nothing as far as I know for most banks.
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#5
There are a ton of options. Google Wallet is another. I keep hearing a lot of people getting into Venmo. I utilize PayPal and Google Wallet and it works well for most electronic collecting I need to do.

One thing you need to remember is that if it is a transfer from a bank account it is often free but if it is funded from a credit card there is certainly going to be a fee. So make sure you don't confuse credit card transfers with cash transfers.
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#6
quickpay isnt free
paypal isnt free
last time i tried, 5/3 did not allow bill pay directly into another account
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#7
if they have a lease you cant force them to change payment method


Direct ACH Transactions: If your bank allows this, you can set up a direct payment from your tenants to you.

there are two issues: (a) you have to give your account number and routing number to all your tenants
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#8
Quote from stufine View Post :
paypal isnt free
Paypal is most definitely free. It only charges if they pay with CC. Don't accept CC payments.
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#9
Quote from ghostofposterspast View Post :
Paypal is most definitely free. It only charges if they pay with CC. Don't accept CC payments.
I see that it is using bank account. thought they had a fee on everything.
Thanks
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#10
Quote from stufine View Post :
quickpay isnt free
paypal isnt free
last time i tried, 5/3 did not allow bill pay directly into another account
Paypal has fee free options and quickpay is free.
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#11
Quote from flatlight View Post :
Paypal has fee free options and quickpay is free.
what other option does paypal have? I see the bank account

Quickpay site says "At the moment an account is totally free, but in the near future you will have to pay, when you begin to process real transaction"

I have tenants that receive Social Security on a card (debit) but no bank account. Doesn't look good for them.
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#12
for $1000 a month, I suggest both of you opening an amex reloadable Bluebird account. It is free to add money to it via direct deposit. You and your tenant must have BlueBird accounts and they use the send money feature using your BlueBird email address and you'll receive the funds instantly. On their part, they can either do a direct deposit or go to any Walmart to add funds, no fees. They will just tell cashier they want to add funds to their BB account and hand cashier the $1000. There are other ways to add funds using Visa GCs but they might find that complicated so just stick with adding cash at register and transfer to your account.
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#13
Quote from stufine View Post :
what other option does paypal have? I see the bank account

Quickpay site says "At the moment an account is totally free, but in the near future you will have to pay, when you begin to process real transaction"

I have tenants that receive Social Security on a card (debit) but no bank account. Doesn't look good for them.
That's the wrong quickpay.
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#14
Bank of America and Citibank allow transfer payments to be sent either via email or account number.
Both are free and very convenient.
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#15
ACH transfers through their bank to account to your bank account
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