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Renting a home can be an expensive business. Between the security deposit, rent payments and moving costs, it’s easy to see how renters might want to find other ways of paying for their new digs. These are five online services that provide rent payment solutions for those who don’t have time or money on hand.
There’s an online rent payment option for any budget, and some are even free, whether you manage one or hundreds of units. Based on cost, functionality, and simplicity of use, we ranked the top five online rent payment systems for 2021. We’re convinced you’ll locate the best one for your requirements based on our research.
Avail
Avail is the finest online rent payment service that enables landlords to collect rent for free or upgrade to add its FastPay service, which reduces the time it takes to receive money to the following business day. It has an easy-to-use online rent payment facility. Rent amounts, lease dates, and tenant names with email addresses are entered by landlords, and Avail handles the rest.
Pricing
Avail has two price options for landlords. Landlords may manage an infinite number of units for free with its Unlimited Plan, which also provides free online rent payments. Tenants pay $2.50 per bank transfer and a 3.5 percent processing charge for credit card payments under this plan.
The Unlimited Plus Plan is $5 per month per unit. Landlords get next-day rent payments with this plan’s FastPay service. If renters pay their rent from their bank accounts, they don’t have to pay the $2.50 bank charge under the Unlimited Plus Plan, but the 3.5 percent credit card processing cost still applies.
Features
Both Avail options feature tenant background checking for credit, eviction, employment, address, and criminal histories in addition to online rent collection. Tenants are responsible for the background check, which costs $30. Syndication of vacancy listings, state-specific leases, and maintenance monitoring are all included in both options.
The Unlimited Plus Plan includes personalized rental applications and contracts, as well as a landlord website and the elimination of ACH fees for bank rent payments the following day.
Takeaway
The most recent changes to Avail have elevated it to the top online rent payment service in 2021. It’s an excellent choice for landlords with modest to medium-sized rental portfolios who want a simple method to collect rent, post vacancies, and connect with renters online. Its automated online rent payment solution helps landlords to collect rental money promptly with next-day accelerated rent payment processing.
Cozy
Cozy is a free online rent payment service for landlords who are looking for a simple, easy-to-use system. Landlords only pay fees if they want their rent payments to be processed faster. Cozy also comes with a free property management tool that can be used to advertise vacancies, monitor upkeep, and track spending.
Pricing
Landlords that wish to get their money quicker by using expedited payments pay just $2.99 per unit, every month, reducing the time it takes to receive the rent to three business days. Tenants are responsible for any other charges associated with utilizing Cozy.
Tenant background screening costs $24.99 for each individual report and renters’ insurance costs $20 per month. There is a 2.75 percent processing charge for each transaction if renters pay rent using their credit card.
Features
Cozy just partnered with Apartments.com to assist landlords in listing and marketing their rentals and promptly filling vacancies. Landlords may also contact renters using Cozy’s software. Tenants may make requests for maintenance and exchange images and documents.
Cozy’s tenant screening covers income, job, and rental histories in addition to criminal history checks. Cozy’s Help Center is a comprehensive network of information and tools for landlords and renters.
Takeaway
Cozy is a great alternative for landlords looking for a simple, free online rent payment system as well as the flexibility to charge renters for background checks. Landlords may use Cozy for free to promote and sell their rentals, manage maintenance, and keep crucial paperwork.
Buildium
Buildium is a complete property management software platform that is available on the market. It can easily collect rent payments through credit card and bank transfer, as well as retail cash payments from tenants who do not have credit cards or bank accounts.
Buildium is a complete online rent payment solution for landlords with big portfolios, including pricing that may be customized according to the number of units. It allows renters to pay their rent in a variety of ways. Buildium, for example, has partnered with Pay Near Me to provide tenants with retail cash payments that are subsequently transferred to landlord accounts.
Pricing
Buildium has three distinct options depending on the number of units and your real estate investment objectives. For a $99 setup charge and $1 for each incoming rent payment, the Essential property management service begins at $50 per month and includes online rent payments. Outgoing payments are 50 cents on all three programs. All programs charge 2.95 percent per transaction for credit cards.
The Premium plan begins at $460 per month, while the Growth plan begins at $160 per month. Both programs include free incoming rent payments and a free setup of the first five bank accounts. Each extra bank account will cost you $99 to set up.
Features
The designs created by Buildium are based on the landlord’s investment objectives and unit count. In addition to online rent payment, each plan includes property management features to assist landlords and property managers in managing their increasing portfolios.
All options include a free landlord website, financial reports, and customer support tickets as standard features. Buildium also provides free e-leases and property inspections, with the exception of the Essential package, where these functions are available for a cost beginning at $40.
Takeaway
Buildium is the finest online rent payment solution for landlords and property managers looking for award-winning software that can handle big and expanding portfolios. Its online rent payment option is comparable with other plans, but its comprehensive property management capabilities are the finest feature. Buildium also offers the Buildium Academy, which enables property managers and landlords to learn the program fast and simply.
TenantCloud
TenantCloud enables landlords to collect rent online using Dwolla’s automated clearing house (ACH) transactions or Stripe’s credit and debit card payment processing. Tenants may also use their PayPal accounts to pay their rent.
Pricing
TenantCloud provides three property management software programs, however, only the two premium plans include online rent payment. For up to 75 units, the Basic package with no online rent collecting is free. The Basic plan costs $9 per month for up to 150 units, while the Advanced plan costs $35 per month for up to 500 units.
Online ACH rent payments are absolutely free in the premium plans. Standard processing costs for debit and credit card payments vary depending on the credit card company’s unique restrictions but normally range from 2.5 percent to 3.99 percent.
Features
TenantCloud’s free membership allows landlords to manage up to 75 units and comes with one admin account, ten landlord templates, and 512MB of online storage, which is quite restricted. It does not accept rent payments through the internet. Prospective tenant leads, online rent payments, and e-signatures are all included in the Standard and Advanced plans.
The quantity of online storage, the number of admin accounts, and the number of available templates are the main variations between the Standard and Advanced plans, other than cost. The Basic plan comes with 1GB of storage, while the Advanced plan comes with 10GB. One admin account and 30 templates are included in the standard package. You receive 10 admin accounts and 100 templates with the Advanced plan.
Takeaway
The Standard subscription from TenantCloud seems to be the most cost-effective in terms of what’s provided. Landlords and property managers may obtain online rent payment services, as well as other property management and financial accounting capabilities, for $9 per month.
PayYourRent
PayYourRent accepts same-day rent payments for free, with funds sent into your account the same evening. The program makes it simple to reconcile bank transactions and delivers daily deposit alerts, so you always know when payments are made. Tenant payments are also reported to all three main credit agencies, allowing renters to improve their credit by paying their rent on time.
Pricing
PayYourRent has three options depending on the number of units in a portfolio. The monthly rental plan is $9.95 and includes one to five units. The Landlord Plan is $19.95 per month for six to fifty units, while the Corporate Plan costs nothing per month for fifty or more.
Each ACH transfer costs $2.50 on the Rental and Landlord plans. The charge for the Corporate account varies. All plans charge $9.95 for returned transactions, and the credit card processing fee is 2.75 percent (or 2.95 percent for American Express cards).
Features
PayYourRent offers more property management tools at no extra charge in addition to same-day rent processing. Online rental applications, maintenance requests, and resident announcements are among the property management services, which allow landlords to easily communicate vital information to tenants.
Landlords may do tenant background checks for an extra price, and tenants can acquire renters insurance. PayYourRent works with landlord websites as well as other property management software. Tenants may also link their accounts to their utilities to obtain savings if they qualify.
Takeaway
For landlords and property managers that want same-day payment processing, PayYourRent is an excellent option. It also encourages renters to improve their credit by paying their rent on time. Due to the monthly transaction restriction, payments for the Rental and Landlord plans must be made in batches.
Alternatives to Rent Collection Online
There are various options for collecting rent without having to wait for cheques to come in the mail or chase down renters if you don’t want to employ an online rent payment service. We’ve included a few possibilities in this table, along with their costs and how they function.
While bank transfers and payroll deductions are usually free, landlords should be mindful that putting them up necessitates disclosing their bank account information to renters or human resources (HR).
Conclusion
Rent collection through the internet is a more convenient technique to guarantee renters pay on time. It also saves landlords the time and effort of waiting for cheques or hunting down renters for cash. Landlords may use online rent payment systems to give renters reminders before the rent is due. Many of our best options for 2021 have free payment processing, while there may be additional charges.
Avail is our #1 choice for online rent payment and property management. Avail has both free and premium accounts available. Tenants pay a $2.50 payment processing charge or a 3.5 percent credit card fee with the free account, which includes an unlimited number of units. The paid account costs $5 per month, and deposits are made the next day. The $2.50 processing charge for renters is also abolished, giving tenants an incentive to pay on time and online.
Frequently Asked Questions
What is the safest way to pay rent?
We recommend using a wire transfer because it is very quick and secure. A checkout card can be used, but that method takes longer as you have to wait for the funds from your account before being able to pay rent or send money.
Is Cash app good for paying rent?
Technically, no. Many people who have used the app to pay rent were scammed and lost their money when the scammer disappeared with their payment before they got a confirmation email.
