Archive | July, 2014

eRentPayment.com Review: Online Rent Collection

14 Jul

We started using eRentPayment.com with our very first duplex, and we’d probably still be using them today if our property management company didn’t have their own online payment system.eRentPayment logoWhat is eRentPayment.com?
In the most basic sense, eRentPayment.com transfers rent from the tenant’s bank account to yours. At the time I wanted to accept online payments, but other services favored property managers or larger rental portfolios by bundling multiple transactions into a monthly fee. eRentPayment.com doesn’t have many frills (it is not a full-service property management software), but it is a steal of a deal at $3 per transaction.

Automation is Your Friend
I adore how everything can run for months at a time without my intervention… reminders are sent, rent is collected, late fees are assessed, and funds are deposited into the account of my choosing. Even in the age of mobile banking, it eliminates an errand or two that would otherwise be required every. single. month. There’s no way I’d go back to paper checks now.

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(photo by TMAB2003)

Other benefits and customizations:

  • Collect rent monthly, weekly, or biweekly
  • Rent due on 1st, last, or a specific day
  • Can require automated payments
  • Transaction fee paid by landlord, tenant, or split
  • Return security deposits electronically (separate $3 fee)
  • Automates late fees – making the tool “the bad guy”
  • Can prohibit partial rent payments
  • Prompt and professional customer service

$3 Sounds Too Good to Be True – What’s the Catch?
Admittedly, the reporting interface leaves something to be desired. I printed the email confirmations for my accounting binder, but I couldn’t access an “official” payment receipt from my online account. All the information is there, but transaction details are generated in a bare bones pop-up without ‘print page’ functionality.

eRentPayment

The only significant snafu occurred when a tenant mistyped their bank account number, and the debit was rejected after it had already been deposited into our account. I was confused, the tenants were confused, but with support’s help we successfully reran the payment.

For the most part, everything works like it should. For the best value, stick with the $3 bank-to-bank transactions, but there is a relatively new option to accept cards for an additional charge (1.5% for debit, 2.95% for credit). Also, be careful if you’re going to use eRentPayments.com for other types of payments – even a $25 application charge will incur a separate $3 service fee.

Another angle to consider: now that we’ve got 6 units up and running it would be worthwhile to compare my options elsewhere – I could probably do a little better than $18/month total to collect rent.

For the smaller, independent landlords – I absolutely recommend using eRentPayment.com. It really does help streamline the day-to-day management of rental properties, leaving more time and mental energy for other things.

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