Do any of you guys have online rent collection set up? How is it working out for you? Who are you using to do it with?
I use Buildum as software and use whoever they are contracted with for online payments. There are some free services, but seems like if you can get the integration for whatever accounting/PM software you use, you can optimize the synergy and time savings between the two. There was a recent good thread on here about Rent Manager and the Pay Lease feature they offer. I think AppFolio has something integrated as well. Seems like stand along online payment stuff would add an extra step and integration would be ideal , depending on your situation of course.
I use RentecDirect currently and whoever they use for their integrated payment processing. I will probably switch to Paylease soon for their cash processing options. Online payment is an amazing time saver and I will never go back to paper. Have been doing it 90 days now. In the first month of a park with 65 residents I had 3 pay online. Month two 5. This month 9 paid online. They love it, I love it. Have had a couple glitches with proper syncing but overall it’s fantastic. My firm policy is any new residents must pay online and all existing ones will be forced to as well when their leases turn over. This saves hours of work each month.
Im still weighing it, we def try to push online but i also don’t want to make it hard for people to deal with. But business wise might not make sense.
I looked at pay lease as a sole option but think at the time there was a minimum which i was too small for . I m hoping at some point Buildum picks up a contract with them and integrates it but will see i guess
Cozy is easy to use and free. It has been working just fine and I have no reason to change it.
My idea is to have a local bank accept payments in person and to offer online payments for those who don’t want to stop by the bank.
The only reason to leave Cozy would be to switch to an integrated system - which will automatically make your accounting ledger entries for you - it’s a huge time savings.
@Marvel_Equity - I’m finding that even the poor in today’s world have smart phones with data plans. The only “refusal” I’ve heard so far about the plan to make online mandatory is a very stubborn woman in her 50’s - who, ironically has a great job and plenty of money. But she’s a luddite. I am weighing whether I want to make it an issue with her. I’m also loving the two-way messaging built into Rentec - I think most competitors have similar systems. You get a text message number and then on your dashboard you see any incoming messages from residents. All messages go straight into their resident file if you ever need them for court - but they love it because it’s convenient to speak with someone.
Any kind of property management software is a good fit for that. I am using Buildum. I am not so happy with their services but didn’t find a better one.
We use rentmanager and working on integrating epay on the site. After we are done, I will tell you more.
I plan on switching to Rent Manager in the future. But I only have 38 lots to manage right now and my park manager does most of the work.
I use AppFolio and love it. The money is deposited directly into our bank account. They were very helpful in setting up our account and transferring our residents to online payments. I highly suggest them.