Automatic Debit For A Rental Property?

[dUstrrbUnii]

I would like to set up an automated debit system for the tenents in all of my properties to take their rent directly out of their bank accounts, does anybody have any experience doing this or know where I should look?

I am also interested to know if anyone knows how to set up the same system but using a credit card instead?

thx

Nick

 

[JoeRagona]

QUOTE (dUstrrbUnii @ Mar 29 2010, 07:52 PM) I would like to set up an automated debit system for the tenents in all of my properties to take their rent directly out of their bank accounts, does anybody have any experience doing this or know where I should look?

I am also interested to know if anyone knows how to set up the same system but using a credit card instead?

thx

Nick

I just did this with my new tenant. I asked them to get a pre-authorized payment slip from their bank which indicates their account number from which I can withdrawl. They have to sign it and you take it to your branch to set it up. As far as I know, you have to be at the same bank if the properties are in your personal name.`

 

[SamEfford]

ATB has an Electronic Funds Transfer system in which you can debit accounts for rent etc. The debit account can be at any other bank.

 

[dUstrrbUnii]

QUOTE (SamEfford @ Mar 30 2010, 06:13 AM) ATB has an Electronic Funds Transfer system in which you can debit accounts for rent etc. The debit account can be at any other bank.


Wow thank you

 

[Sherilynn]

Greetings,

Thinking back to when I was a tenant, I never would have wanted an automatic rent withdrawal from my bank account. I have used PAD`s for other purposes and they are sometimes frustrating to have changed or cancelled (i.e. when you move, you don`t want to continue paying your old landlord).

Email transfers are available through most banks. They cost about $1.25 for the tenant to send, but you could discount the rent by $20 for month 12 to cover the cost. With email transfers, the tenant still has control over the payment, but the funds clear instantly. And your information is kept private (except for your email, which the tenant likely has already). Win/win.

Regards,
Sherilynn

 

[VitaminG]

Hey Nick,



I was looking for the same thing and was not satisfied with the products/services the banks offered. One option is TenantPay but the tenant is still responsible for initiating the payment. I found RentXchange.ca to be the best, and affordable option since it allows multiple ways for tenants to pay, even automatic withdrawals. So for Tenants who refuse to pay via automatic withdrawal, there are still other payment options like paying via the bank just like any other bill or even paying by credit card. i like this because I didn't have to jump through hoops to get a merchant account or pay an percentage transaction fees. Really recommended, they have some other cool features too, like setting up a credit card as backup payment method in case the primary payment method is ever late or NSF and rent reporting that shows you the status of all your payments so you can keep track of them all in one spot.



hope this helps,



Gurpreet