Online Rent Payment

[RedDawn]

So, it's time to renew my tenant's lease again. Currently, they give me 12 months worth of cheques but I'd prefer to just do it all electronically where their bank sends me money each month.

I've looked into pre-authorized debit but that's only an option for companies. It's just me managing my sole rental.

Does anyone know of a cost effective company that does this? All the ones I've spoke with are charging ~$10 a month per transaction and I can't justify spending $120 per year for a service like this. $1 to $3 would be my ideal range.

Anyone else ran into this problem and know of a good solution?

[BigShow]

Interac e-Transfer :dunno:

[RedDawn]

Can that be scheduled for each month though? I want something that I can setup once at the start of the lease and neither party needs to worry about it after that.

[lasimmon]

I pay rent by e-transfer. Simple, easy, and no excuse to be late because you can easily do it from a smart phone.

[shakalaka]

They can set the e-transfer to automatically transfer money to you every month. They would have to set it up on their online banking. You don't have to do anything. They would get charged $1 per transaction I believe.

[ercchry]

my tenants manage to be able to dump cash into my account every month via their bank and my account info... im sure they can make it a reoccurring thing, would just have to go to a branch to set it up :dunno:

but yes, EMT is where its at as long as they have a high enough daily limit to their transfers, i know i couldnt do it from my account since BMO limits me to $1k/24hrs

[roopi]

Just ask your tenant for 12 post dated checks. Go to the bank and give them all the checks. They will deposit them for you on the dates. There is a fee for this which varies between banks.

[Jinx]

I pay my rent via e-transfer. My bank has a $2k daily limit, so I end up paying part on the first of the month and part on the second.

When we signed our lease, I offered my landlord the option of post-dated cheques or this two day payment system. She was fine with the two-day setup. I incur a $1.50 bank charge with each transfer, but I don't think my landlord has to pay anything to receive the funds.

[mr2mike]

One tenant I have has me setup like his VISA payments. Then it's an internal transfer for free and it says his name on the deposit so I know who it was.

Saves the $1 if anyone is picky. But as far as I know it has to be at the same bank.