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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

Mobile deposit still relies on a paper check. Mailed checks take time to receive. In some cases, they get lost.
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.
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 Rent payment is electronically withdrawn from the tenant’s bank account and then directly deposited to the landlord’s bank account.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

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

Service	Pros 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

Service

Pros 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

Build Credit History with Online Rent Payment

rent payments can build credit — Your Credit is Important. Your Online Rent Payment Can Help.

Credit history is pretty important. In today’s world, a good credit score can lead to lower cost loans – whether that be a car loan or a credit card interest rate. Additionally, many employers are now checking credit scores as part of background checks on potential employees. Most people know that a good credit history is important, but much less well known is that you can build credit history with online rent payment.

Credit Reports Include Rent Payment

In the 2000s, the big 3 US credit bureaus started to add rent payment information to an individual’s credit history. Initially, they offered this only to some people who rented from the largest apartment companies.

In 2012, Experian through its Experian RentBureau subsidiary, made a revolutionary step by allowing tenants in the ClearNow online rent payment service to report their payments. Later on, Experian worked with other online rent payment service providers to also start reporting rent payments.

How to Build Credit History with Online Rent Payment

There are a number of services that help tenants get their rent payment information added to their credit history. Unfortunately, some of them appear to be a little expensive. RentReporters charges a $94.95 sign-up fee and then $9.95/mo. Rental Kharma similarly charges a $50 setup fee and then $8.95/mo per renter.

If you can get your landlord to use ClearNow’s online rent payment service, there is no fee for you as a tenant to have your payments furnished to Experian. Landlords using ClearNow pay $14.95/mo for the first tenant and just $2/mo for each additional tenant.

Rent on Autopilot with Online Rent Payment

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?”

ClearNow vs Zelle for Rent Payment

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.

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

Service	Pros 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.

Tenants Benefit from Online Rent Payment

Tenant Benefit — With online rent payment, tenants pay rent on time and can build credit history.

There is a lot of discussion about how online rent payment benefits landlords. In fact, online rent payments are a win win for both landlords and tenants. We all lead busy lives, including tenants. Anything that helps simplify and save time are welcomed. Similar to landlords, tenants benefit from online rent payment.

Never Forget to Pay Rent

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. Most online rent payment services, like ClearNow, are automatic. This means once a tenant is enrolled, their payment is made on their designated debit day every month. Tenants do not need to schedule anything online. They just need to have sufficient funds in their bank accounts. Life is easy and simple when chores, like paying rent, are on autopilot.

Build Credit History

In the early 2000s, the largest US credit bureaus started adding rent payment information to an individual’s credit history. Initially, they offered credit reporting only to tenants who rented from the largest apartment companies. So there was still a large number of tenants missing out on this opportunity to build credit history because they were renting from smaller landlords. In 2012, Experian made a revolutionary step by allowing tenants using ClearNow’s online rent payment service to report their rent payments. For many tenants, rent is their largest expense. So when paying rent on time, tenants benefit from online rent payment. ClearNow along with other services enable tenants to build a credit history with online rent payment.

Build Credit History with Online Rent Payment

Your credit history has never been more important. In today’s world, a good credit score can lead to lower cost loans, which can be a car loan, credit card interest rate, or home loan. Additionally, many employers are now checking credit scores as part of background checks on potential employees. While most people know that a good credit history is important, less well known is that you can build credit history with online rent payment.

Start Now with ClearNow

In the early 2000s, the big 3 US credit bureaus started adding rent payment information to an individual’s credit history. Initially, they offered this only to tenants who rented from the largest apartment companies. So there were still a large number of tenants missing out on this opportunity to build credit history because they were renting from smaller landlords.

In 2012, Experian made a revolutionary step by allowing tenants using ClearNow’s online rent payment service to report their rent payments. In the years that followed, Experian has allowed other online rent payment services to report rent payments.

How Can I Get Rent Payment on My Credit History?

There are a number of services that help tenants build credit history with online rent payment information. Unfortunately, some of them can be a little expensive. RentReporters charges a $94.95 sign-up fee and then $9.95/mo. Rental Kharma similarly charges a $50 setup fee and then $8.95/mo per tenant.

If you can get your landlord to use ClearNow’s online rent payment service (sign up at www.ClearNow.com), there is no fee for you as a tenant to have your payments reported to Experian. Your landlord will be charged $14.95/mo for the first tenant and just $2/mo for each additional tenant.

Online Rent Payment For Commercial Property

Finding an Online Rent Payment Service for Commercial Property Can Be Tricky

Unfortunately for landlords, many online rent payment services do not allow the owners of commercial property to use their service. Often, landlords discover this only in the fine print. Fortunately however, services like ClearNow (www.ClearNow.com) permit their customers to process rents automatically for a commercial property.

Many Online Rent Payment Services Only Support Residential Property

The number of residential properties outnumber the number of commercial properties. For this reason, most online rent payment services focus only on residential customers. For example:

Cozy: As of 2021, Cozy is notifying customers that they can no longer process for commercial tenants.
Zillow: It appears that Zillow does not allow listings or other services (like their online rent payment service) for commercial properties.

Find an Online Rent Payment Service for Commercial Properties

Do not despair! As a matter of fact, there are online rent payment services for landlords with commercial properties. One of them, ClearNow, allows commercial rents as long as they are lower than $10,000/mo. While ClearNow requires a business owner to sign up in their own personal name, they can submit bank account information for their business. Online rent payment is a win win for landlords and their commercial tenants.

How to Collect Rent on Time

Landlords rely on tenants for income. So for landlords to collect rent on time, they need to make paying the rent easy. Here are a few simple things landlords can do to ensure they get paid . . . on time:

Provide Convenient Payment Options

Traditionally, rent is paid on the first of every month. Not all tenants get paid around that time, which makes it harder to pay rent on time. Landlords willing to accept rent payment on a different schedule can increase the odds to collect rent on time. For example, if a tenant gets paid every two weeks, then collecting rent aligned with the tenant’s paydays creates a win win for everyone. Another convenient payment option is online rent payment. Here, tenants do not need to remember to write and mail a check, which takes time and advanced planning. Instead, rent is automatically withdrawn on the agreed upon payment day. Landlords benefit by having the funds directly deposited and eliminating a trip to the bank. An online rent payment service like ClearNow provides a choice of debit days that satisfy the needs for both landlord and tenant.

Provide Incentives

Anything to reward on time payment increases the chances to collect rent on time. Reducing the rent by a certain amount if the tenant pays earlier than the due date can be an incentive. Additionally, landlords who use certain online rent payment services like ClearNow and RentPayment can help tenants build a credit history by furnishing on time payments to the credit bureaus.