For anyone that does online payments through Rent Manager, how much extra does the resident pay when they pay their rent? Does Rent Manager (or a third party) charge a percentage of the transaction?
Is there anyone out there who has close to 100% of tenants paying this way?
Thanks!
We don’t use rent manager, but the fees are similar in most packages. Fees for credit cards are about 2.95% which we require the tenant to pay. EFT is $0.50 and we pay to entice people to use that method. Generally the various software packages have options that let you charge none, some, or all of the fee to the tenant.
We dont use that program. We use Schedule My Rent, and love it! Many awesome options, with so much customization. Another GREAT perk is that they enable the tenant to pay via money order - a HUGE boon for the MHP owner. Highly recommend
Please could you describe how Schedule My Rent enables the tenant to pay via money order? Is a money order treated differently from a check? I’m guessing that this is an online payment function, else you would most likely just run the money order with the checks…
I suspect that @DaveR meant that ScheduleMyRent accepts MoneyGram payments, which we find extremely useful. Many of our residents appreciate the option to pay their rent in cash, which the previous ownership also allowed. Otherwise, they can pay via credit/debit card or ACH.
RentManager has integrations for payment acceptance. We’re investigating possibly moving to RentManager and using the integration with Zego. The fees were somewhat comparable to ScheduleMyRent.
Would like to thank @AIMProperties and @jonnycrooz for commenting here. Yes, SMR is a great program.
@AIMProperties to answer your question: they accept Moneygram. The tenant may go to any Moneygram location and make a payment. Cash payments. This is HUGE. No, its not just an online payment thing. Trust me, I vetted at least 4 other online payment programs and nobody could do this. Cozy is one many talk about - I’m NOT a fan. Plus, as of 2020 they didn’t accept money orders.
Fees are super reasonable. It depends on how you want your money. They offer “QuickPay” for an extra fee. Generally speaking, its about $3-4 per payment. Those are the fees on the Owner end. Not bad. Tenants pay their own fee. Its saves you from having to chase OR track payments. I’m happy to pay the owner fees.
I hope this summary was helpful. I have been using Sch My Rent for 2 years now and like it a lot.
Moneygram looks like it could be a very useful resource. Perhaps if I’d known about it before we started Rent Manager, we too might have used it in combination with ScheduleMyRent, like you do, @jonnycrooze and @DaveR. We just began with RM this summer and the votes aren’t all in on it for me yet. It’s taken a long time to learn and ramp up RM (Oh, wait, maybe that’s just me that’s slow and/or impatient-- their customer interface is seamless and terrific!) and Zego does not have a very fast an implementation process either. We’ve yet to receive our first online payment, although I’m confident we will get there one of these months. I wonder if RM is better because it allows more control over accepting/not accepting payments (for those times your tenant is late and you’ve already started the eviction process)? Our portfolio is still super small – hope to grow it more – and it makes sense that the extremely robust RM software could be a huge plus for larger parks. Thanks for educating us all about the options out there. The online payment world seems to be quite large and changing quite quickly.
@Loggerdon I highly recommend Rent Manager and the integrated services of Zego/Paylease!
If the residents pay online using a bank account, it is free for them and $1 for you, but you can pass that back to the resident. If they pay using a debit card, they’ll get charged $6.95. If they pay using a CC they’ll get charged 3.5% fee. If they pay at Walmart or another local merchant who accepts cash payments on your behalf, they’ll get charged $4.00. Worth every penny!!! Both also have excellent customer service which is also very helpful & appreciated.