I would like to put my tenants on electronic funds transfer. All the banks I talk to say we can receive but not originate. Where do I find an originator.
Have the tenants set up the transfer. They originate. You can also stop future payments as they are the ones controlling the transmission. I am assuming you already know this but wanted to check.
BTW - Funds can be pulled. That is how a credit card company does it when they ask for payment on the phone.
I don't think you understand completely. I have had some problems with my tenants paying on time and want to put them on a schedule that can't be broken.
Try Vanco Services. Their web site is www.vancoservices.com. For about 25-50 cents per transaction they can EFT funds from tenant's account into yours. You can set up to withdraw funds on a day of your choosing...no late rent or late fees. Only catch is that tenant must have $ in their account.
Most banks can offer this service, but the local branch staffs are usually not aware that the services are available. Many banks market them through a cash management or EFT group. The term or service that you are looking for is ACH (Automated Clearing House). Most people receive ACH credits such as direct deposit of paychecks, social security checks, etc. But, lenders use the ACH debit method for automatically collecting loan payments and we use it to automatically collect IRA clients' monthly IRA contributions and distribute their month disbributions from IRAs. There are many uses.
The only difficulty is that you can ACH any account, any where, so your bank will typically not offer the service to just anyone. We had to go through a complete credit check and background check in order to get approved (its a credit decision just like a loan) for software and connections so that we can generate, initiate and transmit our own ACH transmission batches. Those who do not qualify can use vendors such as those referenced elsewhere in this discussion.
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Bill Exeter[ Edited by JohnLocke on Date 06/19/2004 ]
I am not sure I understand the question.
Have the tenants set up the transfer. They originate. You can also stop future payments as they are the ones controlling the transmission. I am assuming you already know this but wanted to check.
BTW - Funds can be pulled. That is how a credit card company does it when they ask for payment on the phone.
John
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I don't think you understand completely. I have had some problems with my tenants paying on time and want to put them on a schedule that can't be broken.
can't be broken? assuming you don't mind a ton of bank fees for NSF.
I saw service (do not know the discount rate) that would direct debt CC, Chk, saving, debit card.
Maybe try your local landlord's assoc.
check out just for info and it's it's worth it.
http://www.nationaleft.com/faqrck.html#CONSUMERS
Try Vanco Services. Their web site is www.vancoservices.com. For about 25-50 cents per transaction they can EFT funds from tenant's account into yours. You can set up to withdraw funds on a day of your choosing...no late rent or late fees. Only catch is that tenant must have $ in their account.
Oh, thank you neopacman! Who sent you, I have needed such info for a long time!!!
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We have been using EFT's for
about 3 years and it is working
out very well for us.
Take a look at our site.
www.ChicoForRent.com
Sorry friend, but I just dont see it not on the sight for chico anyway could you have meant another place.
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Most banks can offer this service, but the local branch staffs are usually not aware that the services are available. Many banks market them through a cash management or EFT group. The term or service that you are looking for is ACH (Automated Clearing House). Most people receive ACH credits such as direct deposit of paychecks, social security checks, etc. But, lenders use the ACH debit method for automatically collecting loan payments and we use it to automatically collect IRA clients' monthly IRA contributions and distribute their month disbributions from IRAs. There are many uses.
The only difficulty is that you can ACH any account, any where, so your bank will typically not offer the service to just anyone. We had to go through a complete credit check and background check in order to get approved (its a credit decision just like a loan) for software and connections so that we can generate, initiate and transmit our own ACH transmission batches. Those who do not qualify can use vendors such as those referenced elsewhere in this discussion.
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Bill Exeter[ Edited by JohnLocke on Date 06/19/2004 ]
OK, so where do you get such software
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The software and connections are provided by the bank once the bank has approved you for the service or you can work through a vendor relatonship.
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Bill Exeter[ Edited by JohnLocke on Date 06/19/2004 ]
I think this will work only if tenants have money in their accounts when you go to pull.
From what I understand especially if you use a vendor. It becomes their role to do the collection. You get your money.
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