Superior Solution to Mobile Check Deposit for Rent Payment

Mobile Check Deposit Rent Payment
Online rent payment is superior to mobile check deposit.

One of the conveniences of the smartphone revolution has been the introduction of “mobile check deposit“. With the help of an app, you can photograph a check for deposit while never leaving your home. For landlords and property managers, mobile check deposit for rent payment is an improvement over driving to the bank or ATM. It is convenient, but there are drawbacks making it not the best way for landlords to receive rent payment.

Downsides of Mobile Check Deposit

  1. Mobile deposit still relies on a paper check. Mailed checks take time to receive. In some cases, they get lost.
  2. Because mobile deposit is check-based, most banks put a hold on accessing funds until funds clear. In some cases, the first $200 may be available the next day, however, the delay can be much longer on larger amounts.
  3. Mobile check deposit for rent payment can still bounce. If the tenant does not have enough funds by the time you deposit the check, you will likely be charged an insufficient funds fee.

Online Rent Payment is the Superior Solution

Online rent payment eliminates paper. Rent payment is electronically withdrawn from the tenant’s bank account and then directly deposited to the landlord’s bank account. The beauty of online rent payment is that checks cannot get lost or delayed. Even if the landlord is on vacation, the deposit will still happen.

One of the oldest and most trusted online rent payment services is ClearNow. With ClearNow, landlords save time and collect rent faster. Rent is directly deposited three business days after the debit day. A landlord can enroll with ClearNow at www.ClearNow.com.

ClearNow vs Venmo for Online Rent Payment

ClearNow vs Venmo
Among the options for online rent payment, ClearNow and Venmo are two.

Landlords have choice on how they want to collect rent. Cash and checks are still methods used today. More efficient methods like online rent payment can range from focused rent payment services to basic money transfer apps to full service property management software. There are pros and cons for each method, so landlords should consider things like fees and ease of use before committing. In this post, we will compare ClearNow to Venmo for online rent payment.

ClearNow for Online Rent Payment

ClearNow is a focused online rent payment service where payments are initiated by the landlord. Serving landlords and tenants since 2000, ClearNow directly deposits rent three banking days after the tenant’s debit day. For a monthly debit, ClearNow starts at $14.95/month. This fee includes the debit of one tenant. Additional tenants are $2/month.

Unique among all online rent payment services, ClearNow has an owner proceeds feature where property management companies can directly deposit tenant funds to the property owner’s bank account for just an additional $2/tenant.

In addition to online rent payment, ClearNow provides landlords with various reports including a Schedule E Helper report for tax time. With ClearNow, landlords can record income and expenses, screen tenants, and esign leases. In 2011, ClearNow was the first online rent payment service to allow tenants to report payments to Experian. So tenants can build a credit history with their ClearNow rent payments. Unlike other services, ClearNow provides telephone and email support, so you can talk with a person if you wish.

Venmo for Rent Payment

Venmo is similar to Zelle in that it is a money transfer app. Tenants can use Venmo to transfer rent payment directly to the landlord’s bank account. To send and receive funds via Venmo, tenants and landlords have to have the Venmo app. Unlike Zelle, Venmo does not require both parties to have a bank account that is part of a specified network of banks. Generally speaking, money transfers occur within minutes, even though it can take a few days for funds to clear. Venmo charges businesses who receive funds a transaction fee of 1.9% + $0.10 of the payment. This fee is a consideration for landlords who operate as a business entity.

One of the biggest considerations for landlords accepting Venmo for rent payment is the issue of partial payments. Because tenants initiate the Venmo payment, tenants may not pay rent in full thus making it difficult to recoup the full amount due or even evict if necessary. Some states prevent eviction if partial payments are made.

Summary of ClearNow vs Venmo for Online Rent Payment

ServicePros and Cons
ClearNow+ Focused online rent payment service
+ In business since 2000 with an “A+” BBB rating
+ $14.95/mo for one tenant. $2/mo each additional tenant. Rent payments received in 3 business days.
+ Reports for landlords such as Schedule E helper and P&L
+ Email and phone customer support
+ Tenants can build credit history for paying rent
+Automatic income & expense tracking for landlords
+ Enroll at www.ClearNow.com
Venmo+ General money transfer service
+ Landlord and tenant need to have the Venmo app
+ Tenants initiate payment and can make partial payments
+ Pricing is generally free. There is a transaction fee for businesses to receive funds.
+ No reports specifically for landlording activity
+ Set up account at Venmo.com or download the Venmo app

Rent on Autopilot with Online Rent Payment

Rent on Autopilot
Make rent payment and collection easy when it’s on autopilot with ClearNow.

One of the most important obligations tenants have is paying rent.  And one of the most important tasks landlords have is collecting rent.  With any chore, completing it with the least amount of work and time is the goal.  So putting rent on autopilot with online rent payment is the answer for landlords and tenants. The convenience of online rent payment is difficult to dispute. As long as tenants have funds in their bank account, rent will always be paid, and it will be paid on time.  So the only thing tenants have to do is ensure they have sufficient funds in their bank account. Most online rent payment services, like ClearNow, automate the entire rent payment and collection process.  This means once a tenant is enrolled and they have sufficient funds in their bank account, then rent payment is made.

For landlords, rent on autopilot with online rent payment means they simply need to wait to see the rent deposited to their bank account.  Rent on autopilot eliminates waiting for checks in the mail and making trips to the bank. Online rent payment makes life easy, and services like ClearNow are the answer for many landlords and tenants.

Does ClearNow’s Online Rent Payment Service Integrate with Accounting Software?

Integrate w Accounting Software
The variety of accounting software make it challenging to integrate with all.

ClearNow is an online rent payment service that has been serving landlords and tenants since 2000. Its focus is on the transfer of rent from the tenant’s bank account to the landlord’s bank account. ClearNow makes the rent collection and payment process easy and efficient for both parties. On occasion, landlords will ask us, “Does ClearNow’s online rent payment service integrate with accounting software?”

ClearNow’s online rent payment service integrates only with RentalIncomeExpense.com. Created by ClearNow, RentalIncomeExpense.com is a free tool that enables landlords to track income and expenses for their rental property. ClearNow automatically records rents collected and service fees paid in the built in income and expense tracking tool.

Landlords have a lot of choice when it comes to accounting software. The variety of such software makes it difficult for ClearNow’s online rent payment service to integrate with all of them. For ClearNow landlords using a tool other than RentalIncomeExpense.com, they can download a CSV or PDF file that can be used to help populate their data in whatever tool they use.

Landlords who use ClearNow can easily add additional income and expenses from within their ClearNow accounts. The built in income expense tracking tool within the landlord’s ClearNow account makes it easy to run reports. Landlords who do not use ClearNow for online rent payment can still track income and expenses by setting up a free account at RentalIncomeExpense.com. Hopefully after reading this post, you now know the answer to “Does ClearNow’s Online Rent Payment Service Integrate with Accounting Software?”

Online Rent Collection for the New Year!

Online Rent Collection For the New Year
Start the New Year better by using Online Rent Collection in your landlording!

January is a time of reflection and commitment. Traditionally, we set goals for the New Year. For landlords, why not improve the way you do business? Many landlords still wait for a rent check in the mail. Improve your landlording by making it your goal to use online rent collection for the New Year!

The Many Benefits of Online Rent Collection

The obvious benefit of online rent collection is less work for the landlord. There is no check to collect, no deposit activity that takes your time (even with mobile deposit you need to sign the back, take pictures, etc.).

But, from 20 years in the business, ClearNow can list some additional benefits:

  • Younger Renters love online rent payment. Many of them have expressed that they no longer receive checks when they open a bank account!
  • Your recordkeeping is better! Online rent payment services like ClearNow allow you to see any historical payment activity in a report by time or address.
  • You get your rent faster from renters who procrastinate or are travelling (or involved in an emergency). The name of the game of property management is collecting rent.

It is Easy to Get Started

ClearNow is a service that has helped landlords collect rent online for over twenty years! ClearNow makes it super-easy to sign up and then email all your tenants so that they can sign up. Learn more at www.ClearNow.com and get started on a positive change for the New Year!

Late Rent Check Payment? Fix It!

late rent check payment
Late rent is annoying! Eliminate it.

As a landlord, there are things as stressful as a late rent check. Sometimes, the cause is tenants being forgetful. Other times, the delay can be with the postal system. Rather than just waiting, a successful landlord gets rid of late rent check payment altogether.

Tenants Are Forgetful

Tenants are human. And, unfortunately, humans are forgetful. Even the best intentioned tenant can forget what day it is. If you are depending on the tenant to write and mail a check, or even initiate a payment through Venmo, you are at the mercy of their memory.

Mail is Slow. And Getting Slower.

Unfortunately, the US postal service is getting slower. The headline screams: “Mail delivery slowdown: USPS to slow delivery“. First class mail will now take up to five days to arrive, rather than three days previously. As landlords know, late rent check payment is a big problem if they need those funds to pay a mortgage or other property expenses.

Eliminate Late Rent Check Payment

The best solution to late rent check payment is to not receive checks in the mail, or any type of payment that requires the tenant to remember to pay rent. Collect rent electronically and on auto-pilot. Fortunately, there are many services that are easy to setup. One of the the most experienced (in business since 2000) and most trusted (BBB A+ rating) service is ClearNow (sign up at www.ClearNow.com). With ClearNow, rent payments are automatically withdrawn through the bank system from a tenant’s bank account and are always deposited to you three business days later by direct deposit. The price of ClearNow is reasonable ($14.95/mo for the first tenant; just $2/mo for each additional tenant) compared to the price of missing rent payment.

ClearNow vs Zelle for Rent Payment

ClearNow vs. Zelle for rent payment
ClearNow and Zelle are online rent payment choices for landlords to consider.

Landlords have a lot of choices today when it comes to collecting rent online. Choices include focused online rent payment services to basic money transfer apps to full service property management software. They are not all created equal, so landlords should consider things like fees and initiating party before committing to a payment method. In this blog post, we will compare ClearNow vs Zelle for rent payment.

ClearNow for Online Rent Payment

ClearNow is a focused online rent payment service where payments are initiated by the landlord. Serving landlords and tenants since 2000, ClearNow directly deposits funds three banking days after the tenant’s debit day. For a monthly debit, ClearNow starts at $14.95/month. This fee includes the debit of one tenant. Additional tenants are $2/month.

Unique among all online rent payment services, ClearNow has an owner proceeds feature where property management companies can directly deposit tenant funds to the property owner’s bank account for just an additional $2/tenant.

Beyond online rent payment, ClearNow provides landlords with various reports including a Schedule E Helper report for tax time. With ClearNow, landlords can record income and expenses, screen tenants, and esign leases. In 2011, ClearNow was the first online rent payment service to allow tenants to report payments to Experian. So tenants can build a credit history with their ClearNow rent payments. Unlike other services, ClearNow provides telephone and email support, so you can talk with a person if you wish.

Zelle for Online Rent Payment

Zelle is a money transfer app that enables tenants to transfer rent payment directly to the landlord’s bank account. It requires both landlord and tenant to have a bank account that is part of the Zelle network. Generally speaking, money transfers occur within minutes, and generally Zelle does not charge sender or receiver (some Zelle banks do charge small businesses).

While fast and free, some landlords may not prefer Zelle as a method of rent payment. Tenants initiate the payment and may not pay rent in full thus making it difficult to recoup the full amount due or even evict if necessary. Some states prevent eviction if partial payments are made.

Additionally, depending on your bank, Zelle may limit transfers to $1,000/day or $5,000/mo.

Summary of ClearNow vs Zelle for Rent Payment

ServicePros and Cons
ClearNow+ Focused online rent payment service
+ In business since 2000 with an “A+” BBB rating
+ $14.95/mo for one tenant. $2/mo each additional tenant. Rent payments received in 3 business days.
+ Email and phone customer support
+ Tenants can build credit history for paying rent
+Automatic income & expense tracking for landlords
+ Enroll at www.ClearNow.com
Zelle+ General money transfer service
+ Same day transfer times
+ Tenant and landlord have to have bank accounts on the Zelle network.
+ Tenants initiate rent payment and can make partial payments.
+ Pricing is free for users with Zelle accounts. Zelle may limit total amounts that can be transferred.
+ Enroll through a bank that is part of the Zelle network.

The Benefits of Standalone Online Rent Collection

Standalone Online Rent Collection
Changing one thing at a time often makes more sense than changing everything!

Online rent collection is almost a no-brainer for landlords and property managers. It allows you to collect rent faster, with fewer excuses and less procrastination from tenants. On top of that, online rent collection is less work – rent arrives automatically into your bank account. However, landlords often think that to implement online rent collection they need to sign up with a full property manager suite like Appfolio or Buildium. Nothing could be farther from the truth. In fact, there are strong benefits to just signing up for a standalone online rent collection service.

Less Disruptive to Your Process

You do the things you do for a reason. It works for you. While change is good, it usually doesn’t make sense to throw away your whole process to attain one benefit.

Yet, many providers of online rent collection want you to undertake their entire “ecosystem” of property management software just to do online rent collection. Why replace how you do your accounting just to do online rent collection? Fortunately, standalone online rent collection is available through services like ClearNow (www.ClearNow.com). You can just setup online rent collection without changing the rental processes that you are comfortable with.

Potentially Way Less Costly

Moreover, one of the big benefits of using a standalone online rent collection service is that it is often cheaper. Appfolio charges at least $280/mo. Buildium charges at least $50/mo with additional fees for online rent collection. Holy Moly! Once again, fortunately, standalone services exist and they can be less expensive. ClearNow (www.ClearNow.com) starts off at just $14.95/mo for one tenant and each additional tenant is just $2/mo extra.

Don’t despair if you are looking to try out online rent collection for your rental business and feel like it will be a complex process. Enjoy the benefits of easy-to-implement and inexpensive standalone online rent collection services like ClearNow.

How to Generate Automatic Rent Reminders

the power of automatic rent reminders
Automatic rent reminders work better than you think! Get started today.

We all need a little hand in life. One of the tricks that most of us develop is to create a “reminder system”. Whether it is a datebook, a calendar, or increasingly an online to-do list, reminders help us keep on track with the things we need to do. As a landlord, reminders are also a great way keep your tenants on track to pay the rent to you. Wouldn’t it be great if there was a way to automatically email your tenants each month a rent reminder? Fortunately, it is possible to generate automatic rent reminders with a service like ClearNow (www.ClearNow.com).

The Power of Reminders

Do reminders really work? Maybe it is common sense, but it turns out that psychological studies show that reminders really do work. Interestingly, studies show that while reminders are very effective (causing 30% more activity sometimes than without the reminder!), people consistently underestimate how effective reminders actually are. What does this mean in practice for landlording? It means that rent reminders are effective, but we probably undervalue how effective they truly are.

Automatic Rent Reminders Built In to Online Rent Payment

What’s an easy way to implement automatic rent reminders? It turns out that many online rent payment services, like ClearNow (www.ClearNow.com), send out an email rent reminder ahead of time. With ClearNow, an email rent reminder is sent eight days prior outlining the rent to be pulled and the debit day. The reminder encourages the renter to have the proper funds in their bank account.

Online rent payment is already a great process. It allows landlords and tenants to pay rent on time without doing any work (and thus without any procrastination). It can build tenants’ credit history. Automatic rent reminders are just another reason to consider using an online rent payment service for those services that, like ClearNow online rent collection, automatically build it in to the process.

How To Run a Fast Tenant Credit Check

How to Run a Fast Tenant Credit Check
Running a Tenant Credit Check Is Fast with Today’s Online Services

Twenty years of observing landlords while operating the ClearNow online rent payment service has taught us one powerful lesson. Good landlords screen their tenants. Even better, while in the past tenant screening was a slow and paper-based process, today’s online services make it easy to run a fast tenant credit check.

Tenant Credit Checks Protect the Landlord

As the adage goes, an ounce of prevention is worth a pound of cure. While tenant screening is not foolproof, a credit report is an indicator of the past financial habits of an individual. For many landlords, their biggest mistake was renting to a tenant that was not qualified and having to deal with an eviction.

Online Tenant Screening is Fast

In the past, running a fast credit check on a tenant was not possible. Now however, the process is lightning quick. With a service like ClearNow SmartMove, the process is as fast as email:

  1. You sign up for a free online account (at https://ClearNow.MySmartMove.com).
  2. Through your account, you email the tenant to do a background check. You can specify that the tenant pays the fee.
  3. As soon as the tenant does their part, you will receive an email that a report with a credit check and criminal and eviction report is ready for you to view.

Unlike ages ago, tenant screening does not need to take days to process. Get started at https://ClearNow.MySmartMove.com today!