Online-rent payment tools eliminate the possibility of checks getting lost in the mail, reduce the likelihood of late payment, and document all your transactions for you.
Some online rent payment tools charge a fee, but many of them also let you choose whether you, your tenant or both pay the fee.
Common Online Rent Payment Tool Features
Not all of these features are offered by every online rent payment tool, but, collectively, these are the most frequent options you’ll come across.
- Mobile apps that allow tenants to make payments from their phone.
- The option for both one-time rent payment and recurring payments.
- Automatic calculation and late fees.
- Notifications of late and missed payments.
- The option to make an Automated Clearing House (ACH) payment or a credit card payment.
- Reminders sent to tenants about upcoming payments, due dates, and day of notifications.
- The ability to accept full or partial payment.
Without further ado, here’s a breakdown of some popular rent payment tools arranged in alphabetical order.
Online Rent Payment Tools
1. Avail
- Lets you set up profiles for each tenant and their monthly rent, due date, and charge a late fee if rent is paid after a particular date.
- Schedule security deposits and due dates.
- Tenants can log into to pay each month or set up recurring payments.
- Automatic reminder emails are sent five days before the rent due date, and on the day rent is due.
- Payments are deposited within three business days.
2. Buildium
- Tenants can pay using their bank accounts or credit cards.
- Tenants can set up recurring payments.
- The fee is $1.00 per incoming electronic funds transfer (EFT) or 2.95% per credit card transaction.
3. Cash App
- Set up a Cash App for Business account.
- There’s a fee of 2.75% per transaction.
4. ClearNow
- Automatically withdraw rent from your tenant’s bank account.
- Deposits funds within three business days.
- Tenants can build a credit history by having ClearNow submit their rent payment history to Experian RentBureau.
- ClearNow doesn’t handle partial rent payments. It’s 100% of the payment or nothing.
- The fee can be paid by you, your tenant, or both.
5. ClickPay
- Property management platform.
- Accepts credit cards, e-checks, and checks.
6. Cozy.co
- You can get deposits, monthly rent payments, and other bills.
- Your tenants can divide bills among their roommates.
- Tenants can pay for free using their checking accounts or for 2.75% with their cards.
7. eRentPayment
- Make recurring payments on any day of the month, as well as monthly, bi-monthly, weekly, and bi-weekly payments.
- Collect one-time payments.
- Handles miscellaneous payments such as deposits, utilities, application fees, and more. Use late fees if need be.
- Block partial rent payments.
- Rent payments can be reported to TransUnion, Experian, and Equifax to build credit history.
8. OKUPIED
- A property management app.
- $5 per month, per unit where rent collection occurs.
- Free unlimited transactions for tenants.
- Tenants can pay on any device or web browser.
9. PayClix.com
- Accepts payments via Visa, MasterCard, Discover and eChecks
- When tenants sign on and make their payment, you find out and either accept or reject the amount. Tenants find out via email. Accepted payments go into your account.
- Payments can be made over the phone.
- Fee can be paid by you, your tenant, or both.
10. PayLease.com
- Collect rent and homeowners association (HOA) online.
- After setting up an account, tenants can make individual payments or set up recurring payments.
- Tenants can pay with cash at Wal-Marts and local grocery stores.
- Tenants can pay with credit cards or eChecks.
- Three day processing time.
11. PayPal Invoicing
- Set up recurring or one-time invoicing for monthly rent.
- Transfer funds from your PayPal account into your bank account.
- You must set up a business account to use online invoicing.
- There’s no setup or monthly fee, but there is a charge of 2.9% + $.30 per transaction.
12. PayYourRent.com
- Accepts eCheck and credit card payments. Cash payment is on the horizon.
- Tenants can make individuals or recurring payments.
- Rent payment history can be sent to TransUnion and Experian RentBureau to improve tenant credit history.
- Email confirmations are sent to both tenants and property managers or landlords.
13. RAMSRent
- Tenants can pay using a check or credit card.
- Late fees can be automatically applied. You set the fees.
- Accepted rent is deposited within three business days.
14. Rentec Direct
- Tenants pay by credit card or ACH. Payments are sent to your bank account the following day.
15. Rentific
- Basic service is free for both landlords and tenants.
- After their rent payment, the money is deposited into your account within seven to ten business days.
- Payments can be deposited on the fourth day for a small fee after one month’s rent has been made.
- Tenants can pay by eCheck, credit card, or SMS payment.
- The option to pay via SMS includes reminders when rent is due. A tenant only has to reply with “pay now” for the payment to be processed.
16. Rentigo
- Tenants pay with eChecks or credit cars.
- Tenants can make recurring payments.
- Payments are deposited in your account within 48 hours.
17. Rentler
- No fees.
- Tenants can split payments between roommates.
- Rent history can be reported to built tenant credit history.
- Within three days, the funds are deposited into your account.
- Payment is deposited into your account within three days.
- Tenants can pay with a debit card, credit card, or ACH.
18. RentMarchant
- Tenants can pay by credit card, check, or Paypal.
- Funds are deposited within two to three days.
19. RentPaidOnline
- Tenants can make either one-time or recurring payments.
- Payments can be made with eCheck, credit card, cash, or prepaid debit cards.
- Funds are deposited within two to four days, depending on the payment method.
20. RentTrack
- Tenants pay with a credit card or ACH.
- Rent payments can be reported to TransUnion, Experian, and Equifax to build credit history.
21. Simplify’Em Pay Rent
- Rent payment is withdrawn from your tenants’ accounts and deposited into yours.
22. SparkRental
- Tenants pay using a credit card or eCheck.
- Rent is deposited electronically within two business days.
- No fee for landlords.
23. Tellus
- Tenants can schedule recurring payments.
- Send tenants rent payment reminders.
24. TrueRent
- No fee if payment is made using ACH or EFT.
- Low-cost credit card payments.
25. TurboTenant
- No fee for landlords/property managers.
- Tenants pay with eCheck.
- Funds are deposited within two business days.
26. Venmo
- Requires an approved business account to become an authorized merchant.
- Payments can only be made to “friends”, which requires sending or accepting a friend.
27. Zillow Rental Manager
- Tenants can pay using their bank account, credit card, or debit card.
- Tenants can set up recurring payments or pay month-to-month.
Bottom Line on Online Rent Collection
Digital rent payments across the board will soon be universal. It’s simply too convenient not to make use of it.
Not only that, but the longer you hold out, the more of a strike against you it will sound like because you’ll come across as a landlord or property manager who’s unwilling to adapt to changing times, especially in the face of overwhelming tenant demand.
The only thing that should be between you and online rent collection is having to pick the app that works best for you.
