I was at a REI Club meeting the other night and a friend shared his "new idea" about helping his tenants and mortgagees's with their payments as well as getting his money on time.
I don't know if it really is "new", but it really helped me and maybe it can help someone else.
1. First, ask your occupant if they would agree to have their rent payments payroll deducted. Then, divide their yearly payments by the number of paychecks and that is the amount to be deducted. If they are paid twice a month, they don't have to worry about trying to save up for the monthly payment and possibly falling short.
2. Set up a savings account (at thesame bank you have your business account) in BOTH of your names. That is the only way the employer will make the deduction and transfer for them (it has to be their account). You have the statements sent to your address. You may have open the acct. with a small amount of money just to keep it open.
3. On the same day the deposit is made, you can transfer on line (from anywhere) the amount into your business account. That way the occupant doesn't acutally get access to those funds.
Most people are paid, weekly (ususally Friday), every two weeks (ususally on Friday) or 1st and 15th. So, if you have a lot of payers, you will be making transfer on those days. And of course, if you are out of town, you don't have to worry about being there to collect and deposit rents.
I don't know about you, but this "uncomplicates" things for me.
"...and the Israelites dwelled in the land of Goshen...they acquired land... and they prospered..." (Jan's paraphrase)