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Credit card fees on PayRent are the responsibility of the tenant and are not paid by landlords.

The downsides are the credit card fees, which can range from 2.5- 5.0%, and the risk that a renter could later dispute the charge and the landlord would have to prove the charge is legitimate. What are the pros and cons of accepting credit cards for rent?Ĭredit cards give renters another option to make electronic payments.ACH is a tool that helps with direct deposit and automatic bill payments. To accept cash, you’ll need to meet up with your tenants, collect the rent, and issue a receipt.ĪCH stands for Automated Clearing House (a network for electronic payments). Cash is easily lost or stolen, hard to track, and very inconvenient. While cold, hard cash is often a preferred payment method, it does come with some downfalls. All of this is undoubtedly costly when it comes to your precious time. You’ll be responsible for endorsing and depositing the check into your account. They’ll then need to write the check details and deliver it to you, either by mail, dropbox, or a face-to-face exchange. Your tenant will first need to obtain checks as most bank accounts no longer include them, and there is little other need in today’s world for them. One of the most popular ways to pay rent, checks are a relic of the past. Landlords are also left susceptible to partial payments. Landlords accepting rent payments from tenants are subject to additional business fees, and there is no option to pass those fees on to your tenants. You will also need to share personal information with your tenants to receive money, and if your tenant accidentally sends funds to the wrong person, there is no option for recovery.Īpps like Venmo, PayPal, and CashApp are a fantastic way for friends and family to split the bill or go in on a gift, but it’s not a great business option. Not everyone banks at an institution that uses Zelle, and those who do may not have a transfer limit high enough to cover the cost of a rent payment, meaning that landlords are left to accept partial payments. Zelle is a bank-to-bank payment system is that is fast and free- though there are limitations. Landlords can protect themselves by keeping personal information private and refusing partial payments. Tenants can pay their rent with a credit or debit card or with a bank transfer wherever they may be. PayRent settings allow landlords to collect rent for free or to pay the ACH fees for their tenants. PayRent offers convenience, safety, and security for landlords looking to collect rent online without the hassle of memberships or monthly fees. Of course, we are a bit biased here, but we think we’re on to something. Here are the five most common rent collection methods ranked from best to worst.

There are several factors that should be considered when determining how you’d like to collect rent. Best Ways To Pay Rent Online Hint: PayRent is one of them 😉

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