[joshuaheard]

I have six rental properties as a landlord and I use Bank of America small business accounts which have an email payment system using ACH. The tenant receives an automated email invoice and can pay the invoice by ACH with a few clicks after a one-time setup. I receive an email from the bank when they have paid. It's completely paperless. No other bank was offering this at the time I set it up a few years ago. It's been working great except for the few luddite tenants who can't seem to get the simple setup to work. For them, I have them send a check to a B of A PO box and the bank processes the check for me.

[mrfusion]

That's interesting about the payment processing. Does BOFA charge a lot for this?

Do you think it could also work for a property management company collecting HOA fees from a few hundred homes?

[joshuaheard]

The cost is $15 per month for one account, but you can add other accounts for free if you keep a min bal of $3k. And you can manage all accounts on one page of their website. It can be used by any business, including an HOA.