It's 2018 – you likely don't pay for anything with a check or cash anymore. Electronic payments are commonplace. But many Americans still use physical forms of payments to pay their landlords!
If you're looking to upgrade to electronic rent payment, we have a few different options you'll want to consider.
RentPay is an online platform designed with both tenants and landlords in mind. RentPay is a simple avenue for renters to use e-checks, credit cards, debit cards or direct transfers from a bank account to pay their landlord. It creates a record of payment and helps ensure on-time payment.
RentPay was created by Rentals.com – owned by RentPath, Apartment Guide's parent company – to bridge the technology gap between many landlords and tenants in a simple, user-friendly way.
Venmo is a mobile app that's all the rage with millennials. Anyone with the app installed and connected to their bank account – via routing number or directly through a credit or debit card – can send and receive money instantly.
The app, owned by PayPal – another electronic payment solution – is useful for paying someone back for your half lunch, splitting the bills with roommates or sending gift money to someone who lives far away from you. But why not use it to send an electronic rent payment to your landlord via Venmo?
You're going to likely have more success with this if you live in a detached rental or a small complex and have a personal relationship with your landlord. If you rent from a property management company or at a large apartment complex, Venmo probably own't be an option for you.
Like we said, it's 2018, so it's probably time to stop writing out paper checks to pay rent. The most logical replacement? An eCheck!
An eCheck is an electronic check that works just like a paper check, in that it can take 3 to 6 days to clear with the recipient. The difference is, you don't ever have to be in the same place as the person that the check is going to.
With paper checks, you have to either mail it off somewhere or meet for a hand-to-hand exchange. To send an eCheck, all a renter needs is a checking account and an online banking platform. Most banks these days include online banking as a part of their service.
A bank transfer is very similar to an eCheck but has some differences. Which option is right for you will most likely depend on your landlord's preferences.
While eChecks can take nearly a week to clear, bank transfers are almost instantaneous. Like an eCheck, a bank transfer requires a checking account.
Options for bank transfers are on an institution's online banking platform. In many cases, however, banks have a telephone transfer system in place, as well. Your bank likely has a line that you can call to transfer money from your account to your landlord's – though, the system may be automated.