Any downsides to getting rental income via e transfer rather than cheques?
Ole Gunnar IN!!!!
I promise not to cut your taxes but I won't raise them either.
May 28th, 2017 2:36 pm
May 28th, 2017 3:07 pm
May 28th, 2017 3:08 pm
May 28th, 2017 5:53 pm
May 28th, 2017 6:41 pm
May 28th, 2017 7:04 pm
And how is that worse than the tenant just not sending it to you at all?
May 28th, 2017 7:28 pm
May 28th, 2017 7:43 pm
May 29th, 2017 2:46 pm
May 29th, 2017 3:03 pm
May 29th, 2017 3:05 pm
May 29th, 2017 3:08 pm
HoTiCE_ wrote: ↑ The idea that post-dated checks are the safest method is old school thinking in my opinion. I use to live by it but less and less as the newer generation of tenants start renting.
A bad tenant who is financially unstable will NOT pay you whether it is with E-transfers or post-dated cheques (NSF)
A good tenant on the other hand will pay you no matter what.
Right now, I end up asking for 3-4 post-dated checks for new tenants to see how stable/good they are. If everything clears normally, I offer e-transfers afterwards.
May 29th, 2017 3:16 pm
Meh, someone can stop payment on a cheque too. They can also bounce a cheque. Never once had a problem with e-transfer. Quickest way to get your money.
May 29th, 2017 4:40 pm
You never had to chase anyone down because they "forgot" to send in their e-transfer? What percentage of your properties were paid by e-transfer? Just curious...
May 29th, 2017 4:44 pm
Nowhere near as many as had who didn't submit rent cheques. I'd say it was just getting popular in around 2012-2013 (when I stopped working in property management). More and more tenants were choosing it. I'd say it was less than 10% paid that way. I'm sure it is more and more common now.