What Do You Use For Rental Payments?

[InvestorCharlie]

What payment method do you use for rental payments? I currently just have my tenant set to scheduled payments each period, but I've been looking at things like rentpay (charges the tenant $3 per payment I believe).

I don't understand why the tenant would like it because it's not really convenient for them. They a) need to signup and setup and account and b) they incur a $3 fee per transaction. Although that's immaterial, it still seems that direct debit is a no brainer.

What are all of your experiences? Do any of you use methods other than getting the tenant to direct debit etc?

 

[hobo]

Direct debit only (or cash pickup on very rare occasions / unusual circumstances).

Is there any reason why direct debit isn't working for you?

 

[Jen_PFR]

Direct deposit into our account, or electronic transfer into our account. Easy, and leaves us with a record of all payments made. The only time I accept anything else is if they move in at the last minute, in which case they bring the bond and first fortnight's $ in cash, which I then deposit myself into our account.

 

[Jamie M]

The ones we self manage just set up a regular direct transfer - nice and simple. I can't see why anyone would want to complicate it.

Cheers

Jamie

 

[InvestorCharlie]

Direct debit only (or cash pickup on very rare occasions / unusual circumstances).

Is there any reason why direct debit isn't working for you?

It works, I was more just wondering what the rationale behind things like Rentpay is given that it carries a fee and why you would use something other than direct debit. Thanks for your responses!

Cheers

 

[Scott No Mates]

In most states you have to give the tenant at least one charge free payment option.

 

[zepth]

It works, I was more just wondering what the rationale behind things like Rentpay is given that it carries a fee and why you would use something other than direct debit. Thanks for your responses!

Cheers

The rationale behind those systems is for agencies with large numbers of rental properties under their management as it allows them to a) easily identify where each payment has come from and b) potentially pass on some of their cost of doing business to the tenant

Despite being called things like rental rewards there is often no benefit at all for a tenant

 

[DaveM]

I use an agent

 

[skater]

I use an agent

Yep!


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