PayDayRent Options
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PayDayRent Options (by James [GA]) Oct 12, 2017 5:17 AM
       PayDayRent Options (by razorback_tim [AR]) Oct 12, 2017 5:42 AM
       PayDayRent Options (by James [GA]) Oct 12, 2017 5:43 AM
       PayDayRent Options (by razorback_tim [AR]) Oct 12, 2017 6:00 AM
       PayDayRent Options (by S i d [MO]) Oct 12, 2017 8:10 AM
       PayDayRent Options (by DJ [VA]) Oct 12, 2017 7:56 PM
       PayDayRent Options (by BRAD 20,000 [IN]) Oct 12, 2017 10:44 PM
       PayDayRent Options (by Robin [WI]) Oct 13, 2017 2:47 AM

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PayDayRent Options (by James [GA]) Posted on: Oct 12, 2017 5:17 AM
Message:

For those of you that offer PayDay Rent options, do you give each tenant the option for the debit day?

So if they are on weekly and paid on Tuesday, do you debit every Wednesday?

Do you group all debits to a single day every week(tuesday or Friday, etc)?

--185.17.xxx.xxx




PayDayRent Options (by razorback_tim [AR]) Posted on: Oct 12, 2017 5:42 AM
Message:

I want to get their money before they blow it so I debit the same day their direct deposit is made. --70.182.xx.xx




PayDayRent Options (by James [GA]) Posted on: Oct 12, 2017 5:43 AM
Message:

Just to clarify -

If you have 20 tenants and they all want a different day(s), do you debit 20 days a month? --185.17.xxx.xxx




PayDayRent Options (by razorback_tim [AR]) Posted on: Oct 12, 2017 6:00 AM
Message:

In theory yes.

Monthly payers are set up for the 1st. That is a good chunk of them. I have one exception to that - a tenant gets their disability check on the 3rd Wednesday so they get drafted every 3rd Wednesday.

My pay day folks are all either Thursday/Friday or 1st/15th.

Iím drafting 9-11 days/month right now. --70.182.xx.xx




PayDayRent Options (by S i d [MO]) Posted on: Oct 12, 2017 8:10 AM
Message:

The majority of my renters still pay by taking $ to the bank, so I set up their due date as 1 day after their payday. But yes, for the few who auto-debit it can be whatever day...20 tenants could potentially equal 20 different debit days. Like razorback says, I want the debit/due date as close to pay date as possible. I want to be as flexible and profitable as possible. --173.19.xx.xxx




PayDayRent Options (by DJ [VA]) Posted on: Oct 12, 2017 7:56 PM
Message:

I just set up my newest "tiny house" tenants on a payday plan. They don't drive or have a computer/internet, But have been renting this house successfully for 6 years - so I want to help them be successful & stay a very long time. We figured the mail will take 3 days to get their money order to my credit union, so made the rent due every 2 weeks, 4 days after payday. They are thrilled with the idea of coordinating with paydays and never having to pay a late fee again.

So there are many ways to skin a cat. If it works, it works. They are still responsible for getting it into my account on time - I am just making it easy for that to happen.

Win-Win : ) --68.105.xxx.xxx




PayDayRent Options (by BRAD 20,000 [IN]) Posted on: Oct 12, 2017 10:44 PM
Message:

James,

My lease is clear: Fridays. Works so far!

My observation is that most employers pay with Friday in mind. Some pay is given on Thursday so they can pay their Friday bills when they work odd shifts.

We avoid SS income because we cannot garnish. That's legal in my area.

BRAD --68.50.xx.xxx




PayDayRent Options (by Robin [WI]) Posted on: Oct 13, 2017 2:47 AM
Message:

I will set their payment to auto-debit on whatever day of the month aligns with their paycheck. I also change it if they change jobs. I AM considering charging a fee for changing it, though, due to a couple of tenants who've consumed way too much of my life with their personal drama. --204.210.xxx.xxx



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