Anyone using ACH electronic payment processing to collect rents or note payments?
If so, how’s it working out for you?
Who do you like to use for this service?
Here’s a couple of links which explains electronic funds transfers a little better.
I offered Clearnow to tenants, but most preferred just paying each month. Some small apartment complexes use them and really like the service.
Since my tenants didn’t want to use ACH, I set them up with their own deposit accounts at my bank. I then gave them a bunch of deposit slips. I had to write an amendment to the lease that specified that I do not accept partial deposits and that if they make one, they are still considered in default. We also added language to protect both of us, such as a clause that required they keep the slips in a safe or otherwise restricted area and the tenants can be held responsible if someone accesses the account because of careless actions on their part.
I never had problems with it and the account was set up so no one can make a withdrawal without showing my ID.