Collecting rent is one of the most important aspects of being a landlord. However, it often feels like the one thing out of your control. Late rent or no rent can put your mortgage at risk or even lead to a costly legal battle. So, we found some cool tools you can use to be proactive about collecting payments and help your renters in the process.
Late fees are sometimes effective, but we think a great way to incentivize your renters is offering something that makes the actual process of paying easier! Rentshare is quickly gaining popularity among renters and landlords alike. It's a web and mobile app that enables easy payment, as well as rent and expense splitting if there are roommates. Landlords are not required to set up an account for their renters to use the service. Renters are responsible for the small transaction fees associated with each payment and have options to pay you with a checking account, credit or debit card.
Cash (by Square) is also a wonderful service because it utilizes something everyone already knows how to work - email! While you can only send money using a debit card, the Cash service is totally free for both sides. It's as simple as a renter sending an email to his landlord with firstname.lastname@example.org cc'd and the amount in the subject line. Square takes care of the rest.