Collecting rent payments online is both quick and convenient for both tenants and landlords. There are also quite a few online resources to assist you with this task.
The most basic way to accept rental payments online is through Paypal. Paypal allows the tenant to pay via their bank account or credit card. Setting up a merchant account through Paypal is easy and free. Depending on the amount of monthly rent collected, the fees start at about 2.9% for this service.
T-ReX Global has just recently rolled out their online rent payment system which is fully integrated with their popular property management software. The basic software is free with multiple properties and rent payments being an additional fee.
Buildium has an online property management program with online rent payment specifically for landlords who have less than 50 properties. Plans start at about $10/month.
Quicken Rental Property Manager is a favorite with new landlords. It is easy to set up and begin using right away. It is limiting in that it does not allow you to upload pictures or documents. Of course it is easily compatible with Turbo-tax which is a plus for those who use the popular tax preparation program. The cost for the program on the Intuit website is $149.99.
Landlordmax is a feature filled program that can create a report analyzing just about anything with regards to your rental business - perfect for the micro-manager. The cost on the website is $165 for the download.
-By Tina Merritt (http://www.trumpuniversity.com/blog)
