Reporting on time payments from my tenants?

They should be documenting their payment history for a future lender. Copies of cancelled checks or bank statements showing on time payments plus a verification form filled out by you should suffice. This is what we'd do when I was a loan officer although it has been a while.

Their are four services partnered with Experian: ClearNow, RentTrack, PayYourRent, and PayLease

ClearNow:

LINK

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Tenants can establish credit history by having ClearNow furnish data to Experian RentBureau.

Landlords can track income and expenses - Makes "Profit & Loss" calculations and the "1040 Schedule E" a breeze!

Property managers can directly deposit rent to owners' bank accounts.

Landlords can screen tenants for FREE!

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Price:

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Each ClearNow account debits on a specific day and credits to a specific bank account. There are no set-up fees and no long-term contracts. Fees are only charged when ClearNow attempts to debit a tenant.

Monthly debit: $14.95/month for one debit. Each additional debit is just $2/month.

Biweekly or semimonthly debit: $4/debit.

Additional account for monthly debit on a different day: $7.95/month for one debit. Each additional debit is just $2/month.

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RentTrack:

LINK

LINK

Allows for rent payments through echecks, credit cards, and netspend prepaid debit cards (a hassle, we were given these in college for our refund checks).

Screen Tenants, but does not say if this is a free services, like clearnow, and I don't see a price for this anywhere.

Online applications for potential renters

reports to all three major credit bureaus

Can have up to 24 months of back payments reported.

Price:

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On Rent Track, a tenant's credit score is easily monitored by the renter, to assure the accuracy of the reported payments. The service costs a monthly fee of $9.95 for single deposit accounts or $1.95 for multiple deposit accounts, payable by either the tenant or property manager.

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It should also be noted that your tenant will have fees under this arrangement, too, especially if paying with credit card. Echeck is 2.95 per check charged to lessee

Pay Your Rent:

LINK

Pay with ACH or CC. Zero day hold. Integrated maintenence request in the program, along with bank information. Allows for online applications and application payments through a website. Ability to run credit, criminal, and eviction background checks during online application process. Customized log in with your brand.

Price:

ACH only:

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No setup or monthly fees Small, flat fee per ACH transaction paid by manager or resident. (Fee based on unit volume, Contact Us to get a custom price quote) Next day deposits directly into the property’s account*

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Credit Card:

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No setup fees $8.95/mo credit card merchant account fee Small, flat fee per ACH transaction paid by manager or resident. (Fee based on unit volume, Contact Us to get a custom price quote) Next day deposits directly into the property’s account*

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Along with a 2.75 fee on all CC transactions paid for by Landlord, or Tenant.

PayLease:

LINK

Websites too confusing to really pull great information out. Offers online payment with echeck, check scanning, credit card, and cash payment at over 25,000 locations (cool feature, if there is one near you).Integrates utility expense management, and tenant billing.

Price:

Cant find price anywhere. Looks to be targeted at larger scale owners/managers. Appears to offer three different product "suites", as opposed to one all inclusive platform just for using their services. Probably the least-likely candidate.