Anyone using ACH e-payments to collect rents?

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.