A lot of landlords and property managers we’ve talked to over the years still collect their rent payments by providing their tenants with deposit slips so they can deposit the rent every month directly. It’s a surprisingly popular method, but one with a few inherent security flaws.
You’re Exposing Your Bank Account Information
Deposit slips, naturally, include your bank account information — so the money gets deposited in the right account. But that also means your tenants (and others) now have your bank account number and routing number, which is a potential security risk.
You Might Not Be Able to Evict a Problem Tenant
Giving tenants deposit slips means they can make partial payments. While that’s normally not a problem, if you begin the eviction process on a resident, they can potentially delay it by paying even a dollar. (Of course, you can also hedge your bets against a problem tenant by using Cozy to screen tenants!)
How You Should Collect Rent Instead
Collecting rent online is your most secure option. Cozy, even though it’s free, maintains bank-level security and 128-bit encryption. Your residents will never see or have access to your bank account details, and you can stop a partial payment at any time. If you haven’t yet, give Cozy’s free tenant screening and online rent collection a try. It won’t cost you anything, and signing up takes just a minute.