ACH or Direct Debit
Does anyone use an "autopay" feature for their renters? I'd like to set up a recurring direct debit to a potential renter's account -- are there any service providers out there that are cost effective for low volume real estate investors?
dont need a service company.
Make up a debit authorization form.
just need name address of account holder,
Bank name, routing number of bank, tenant account number, amount they agree to have debited from thier account and when. like the 5th of each month starting may 5, 2003.
your name and address and have them sign and date.
This is what a large company used I worked for. All rental payments wired into thier account.
It was simple but not to sure of next step.
if you turn in to your bank or thiers.
Make this form up and stop by your bank and ask how to proceed and they should be happy to help.
It was a good idea, if a tennant was late they then had to pay your late fees and NSF charges by bank if the money was not in thier account to debit. Made them try harder.
Sorry I did not know the entire procedure.
Thanks! That sounds like something to try -- I assumed there was some type of ACH fee to process these type of transactions -- maybe my bank can initiate with just the authorization.
I'm looking into this company:
https://www.paymentservicenetwork.com
You can do direct deposit ($1 per transaction), one time payments online, and credit card payments (2.9% per transaction).
I like what I've seen so far.
They seem to have nice online integration.