Collecting Rent from Tenants??

[Al Verwey]

I have several student rentals and am finding that students rarely have a chequing account these days and don't want to pay the fee that the major banks charge them to print up cheques. Even when they have cheques, they often do not fill the out correctly.

The problem with e-transfer, like TenantPay, is that the tenants control the payment. They have to remember to go into their on-line banking on the first of the month to send in their rent. I would much prefer an automated system that "pulls" the rent from their account each month. Does anyone here use Dwello besides Chris Chan?

 

[Al Verwey]

I have been using www.tenantpay.com for last few years and I highly recommend it. It saves a lot of time for us as we separate everything per JVs/properties receiving rent on different bank accounts . Before that I was using e-transfers and some post-dated cheques (mobile deposit) yet they quickly burn your time and its a hassle be organized.

Alvaro, because TenantPay requires the tenant to physically go into their online banking to make the rent payment, have you had any problems with late rent?

 

[Eric Saumure]

I highly recommend Plooto(Plooto.ca). You can do automatic withdrawals from or to bank accounts on a schedule(i.e first of every month). It integrates with Xero accounting software to automatically reconcile your Receivables and pay your Vendors. Its cheaper then email money transfer.

YOU control the transfer, so the tenants doesn't need to go in and make the transfer. It's also less steps to accept and pay the money(i.e no questions every time, its just a transfer from one bank account to the other. Pure and simple!)

 

[Alvaro Sanchez]

Alvaro, because TenantPay requires the tenant to physically go into their online banking to make the rent payment, have you had any problems with late rent?

No, as each tenant can schedule their online payments with their bank portal so you get it every month. For your tenants, its like paying any utility bill...

 

[Alvaro Sanchez]

At first look, the service requires to have each party (landlord/tenant) to be registered in the system to exchange funds. If each person who wants to use it to send/receive payments need to validate bank accounts. It will take you months to setup and convince all your tenants to use it. If your tenant already use it then great! otherwise, good luck making them to use the system. Unless, I am missing something here?

Reviews:
https://www.bbb.org/kitchener/busin...880/reviews-and-complaints?section=complaints

I highly recommend Plooto(Plooto.ca). You can do automatic withdrawals from or to bank accounts on a schedule(i.e first of every month). It integrates with Xero accounting software to automatically reconcile your Receivables and pay your Vendors. Its cheaper then email money transfer.

YOU control the transfer, so the tenants doesn't need to go in and make the transfer. It's also less steps to accept and pay the money(i.e no questions every time, its just a transfer from one bank account to the other. Pure and simple!)

Eric Saumure
Zenbooks - Real Estate Accountant - Paperwork Eliminator

 

[kfort]

Eric, are you affiliated w the above mentioned business?

 

[Eric Saumure]

Nope. I am not affiliated with Plooto in any way. I implement cloud based accounting and office solutions for real estate investors across Canada to lower their paperwork, administrative work and save them time. I'm just a real estate investor that have seen first hand the paperwork issues and archaic processes that some people use.

I've recommended Plooto to many of my clients/friends and I actually don't make a penny from it(Didn't even use an affiliate link).

Actually, tenants don't need to make an account(that's later clarified in the link you provided). There's a PIN/Bank verification for the first transaction, that's true! You send the tenant an email request to set up the EFT and they verify which account it will be taken from. That's it! I don't see that as being a huge problem at all because it takes very little time. There will need to be a verification of some sort, because you're going to be taking money from someone's account... but after that, you're laughing...

In fact, Plooto just came up with a new major release(this week) that let's your tenants pay by simply clicking on your email, logging into their bank and choosing the account, for one-off transactions.

All these transactions cost you $0.50-$1.00(depending on your number of transactions)(i.e after your first 50 transactions its down to $0.50/transaction).

 

[Marnie]

I have been using www.tenantpay.com for last few years and I highly recommend it. It saves a lot of time for us as we separate everything per JVs/properties receiving rent on different bank accounts . Before that I was using e-transfers and some post-dated cheques (mobile deposit) yet they quickly burn your time and its a hassle be organized.

This looks very interesting Alvaro. We have our properties and accounts separated for each JV as well and I'm happy to hear you've found success with that. I'm definitely going to look into this, thank you!

 

[kfort]

I dig it Eric. Sounds as easy as setting up a password & security Q for a new etransfer recipient. Thanks!

 

[Eric Saumure]

Yea. The first transaction with the tenant is very similar to an email money transfer. After that, everything is set-up and noone has to answer any security questions every month. It just does the transfer.

 

[Ana1658]

We use Tenant Pay, Rent Moola and E-transfer. The problem with e-transfers is the limit of $10K to receive per day. Since everybody wants to pay their rent either on the last day of the month or on the first, I cannot receive all the payments in one day. Sometimes it takes me 3 to 4 days to receive all the e-transfers. bit of a pain.