Has anyone tried direct deposit for rent collection?
We use payment where they can pay online and i feel its been worthwhile, wish everyone would do it but maybe about 20% pay online.
Our tenants were trained to pay at an office when we took over a park. They transitioned well to just delivering payment to the bank. That way, I can accept cash. Lol.
We gave out 12 months worth of duplicate deposit slips with the lot # hand written at the top. We only had 29 lots so it wasn’t bad.
Now we give out a deposit card which resembles a business card with lot # and account number. There are plenty of online sites you can get that stationary made up.
The bank does ask for an updated tenant list from time to time and ours required some personal info on tenants for their files like DOB, DL #, and or social security number.
All of our tenants pay online through a tenant portal. We purchased software to allow us to do so in anticipation of future growth. Before the software I had tenants drive to my bank and make deposits with no issues at all. My bank (Whitney) did not require additional information from the tenants. The bank only required the name of my account with the words “for deposit only” written on the back of the check.
It took a few months for all the tenants to get on board with the online payments. Most of the tenants were excited about the new option, but there were a few that needed to be incentivized. So we make it financially beneficial for them to do so. Checks/cash delivered to our site manager are levied a $60 fee.