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Is there a way to automatically collect rent that's cheaper than PAD?

Discussion in 'General Discussion' started by Jeremy Barham, Jan 14, 2016.

  1. Jeremy Barham
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    Jeremy Barham New Member Registered

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    Hi! I need to set up automatic payments of some kind - I'm tired of collecting rent! It is expensive to set up PADs at the bank, so is there an alternative way that I don't know about?

    Thanks,

    Jeremy
     
  2. ThomasBeyer
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    ThomasBeyer Well-Known Member REIN Member

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    Try TenantPay or RentMoola
     
  3. KevinMatwichuk
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    KevinMatwichuk Member REIN Member

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    BeanStream
     
  4. Jeremy Barham
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    Jeremy Barham New Member Registered

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    Thank you!
     
  5. Alvaro Sanchez
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    Alvaro Sanchez Ottawa-Gatineau Investor REIN Member

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    We have been using TenantPay for the last few years and works great when having to route payments to different accounts.
     
  6. Julien3695
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    Julien3695 New Member REIN Member

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    I never tried it but it might be possible to collect the payments by using paypal.


    Just a thought


    Thanks



    Julien
     
  7. Tina Myrvang
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    Tina Myrvang Client Care Specialist Staff Member REIN Member

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    https://www.tenantpay.com/
    In the early 2000’s TenantPay management team recognized the potential to provide a far more efficient and environmentally friendly form of rent collection for property managers through online banking. Historically, payments were being made by cheque, either post-dated or mailed monthly. TenantPay helps property managers by providing tenants with a payment option that is faster and easier. The system has blossomed as more and more Canadians have begun to make payments online, utilizing the TenantPay Innovations:

    • Tenants only need a TenantPay number – no personal or credit information
    • No setup cost and you can be set up, tested and receiving payments within 72 hours of Enrollment
    • Cleared funds are distributed into any number of your bank accounts
    • Seamless accounting interfaces/ integration with YARDI, Shiftsuite, Constar, Spectra, ACCPAC, Sage, Quick Books, SPACE, IDEAS, etc.
    • Western Union handles payments for us from foreign students – United States or anywhere else - see "International" tab
    • Flat fee per payment – not a percentage of the transaction

    TenantPay understands that some tenants will not want to use TenantPay, so our system and fees are structured to maximize the options for the tenant and the property manager. We don’t have contracts, set up fees or complicated set up requirements and your tenants don’t sign contracts, pay fees or go to special websites to make their payments; you, the property manager, provide them with a TenantPay number and they use that number to pay you directly from their own bank’s online payment interface. So you don’t incur extra costs or new machinery, you just offer a new and easy way to pay to your tenants and you are only charged when they actually use it. TenantPay payments are accepted by every bank, credit union, cheque cashing stores.
     
  8. Alex Pang
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    Alex Pang New Member Registered

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    Is your investment property in your locale? Sorry for asking the obvious, but are post-dated cheques not possible?
     
  9. Jeremy Barham
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    Jeremy Barham New Member Registered

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    Hi guys - I went with Rentmoola, and so far so good! Great support, easy to set up, and it's free! Thanks for the input everyone.
     
  10. RE123RE
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    RE123RE Member Registered

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    Hi ,
    Working with a Property Manager managing say between 15-50 units for you, would you ask/expect that rents be deposited to your bank account and then you will pay the manager, Or would you be Ok with the Property Manager depositing the total rents Net of expenses? Meaning the property manager reducing his expenses from the rents he collects and just depositing the balance to your account.
    Thanks
    ?
     
    Last edited: Feb 13, 2016

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