The first of the month is creeping up again, and you find yourself faced with the daunting monthly task of figuring out, once again, how to pay your landlord for rent.
If you are like most other Americans, chances are you still pay rent the old fashioned way, using cash or having to mail or deposit a check.
But just before you start searching through your massive memory bank for where you last put your checkbook, you hear your friend’s voice in your head asking: “why not just pay your rent online“?
You know this voice, and you remember the question. In fact, this same voice and question come up every month like clockwork when it’s time to pay rent.
But this time is different. This time you are going to do something about it!
So while you sit there trying to answer this question and make your life easier, suddenly another memory flashes in your mind: “it’s easy, I just pay with an ACH transfer, it’s free for both me and my landlord” you hear that familiar voice again.
What is an ACH transfer? you ask. More importantly: “How can I use it to pay rent?” you wonder.
Luckily for you, you are not alone. There are thousands of people who are looking for an easier way to pay for rent using cards and ACH payments.
Since you and so many of your fellow tenants go through this exact scenario every month, we decided to shed some light on this foreign term and show you how you can use it to finally say goodbye to rent checks once and for all.
What is an ACH Transfer
To get technical (we’ll be brief here, promise), ACH stands for Automatic Clearing House, and the ACH network allows U.S. financial institutions to directly transfer information and money between bank accounts of the same, or different banks.
In simple terms, an ACH transfer is a bank to bank transfer of funds. In even simpler terms in the context of rent payment, an ACH transfer represents a transaction where a tenant sends rent money from his or her bank account directly to their landlord’s bank account.
This is sometimes referred to as a peer-to-peer (p2p if you want to sound like a pro) transfer, since money is being transmitted between people directly, without a financial institution or bank acting as a middleman.
Ok, got it, it’s a bank transfer. Why and how should I use it to pay rent?
Using ACH Transfers to Pay Rent
The main benefit of an ACH transfer is the low cost of transferring money. Since the paying and receiving banks are both on the same network, they are able to verify that you actually have the funds in your account and move your money without the use of expensive paper checks and human processing costs.
This means that unlike the standard fees you would incur when using a credit card to pay rent, if you can find a way to connect to your landlord via the ACH network there is a good chance neither of you will ever have to deal with a rent check again, for little or no cost.
In our experience, eliminating the rent check altogether is usually accompanied by an exponential increase in the happiness levels of tenants, property managers, and landlords.
Sounds great right? So how can you do this?
Pay Rent for Free on Zuby via ACH Transfers
There are a several ways paying rent online with an ACH transfer can be done, mostly in exchange for a small fee paid by either the tenant or the landlord.
There are even fewer services out there that make collecting rent easier by offering no-strings-attached-totally-free-for-you-and-your-landlord ACH rent payments, and there is only one that let’s you do so in a sleek, easy to use mobile app.
You’ve probably guessed this by now, but we’re referring to our very own Zuby app where online rent payment is free!
Happy Online Renting!
Assuming you’ve read this far into our fascinating article (thanks, we’re flattered), you probably reached your “Aha!” moment long ago and hopefully, you are well on your way to finally paying rent online.
Not only that, you are now armed with a brand new term in the old memory bank as a bonus (you’re welcome), so that next time your friend brings up ACH transfers you can put some pressure on them by testing their knowledge.
You might also be asking yourself now if paying rent online is secure, and we’ve got you covered on that too. Happy renting!