While most aspects of life are starting to return to normal landlords and tenants can continue to utilize methods of rent payment that do not require contact. This includes:
Email Money Transfer
Most financial institutions offer this service. The payor (tenant) sets up a payment which is sent to the payee’s (landlord) email which can be deposited into the landlord’s account.
When setting up an email money transfer the payor must create a security question and answer which is answered by the payee to verify they are the intended recipient. It is critical that landlords and tenants ensure that the security question and answer are not easy for a third party to guess.
Online Payment Systems
There are several online landlord/tenant payment solutions which allow tenants to pay their rent in the same way they may pay other bills such as a telephone bill.
Pendo allows landlords to set up or invite your tenants to pay their rent through PendoPay’s direct bank transfers.
A pre-authorized debit (PAD) is a direct and scheduled payment that is set up through a tenant’s and landlord’s financial institution. Landlords wanting to get this set up must contact their financial institution to request a PAD agreement which will be completed by their tenant.