Debit Order Setup

[dbz0e]

Hi Guys, I would like to use a debit order system for my tenant. I would I go about dong this. Whats the process and whats costs? And how does work when rental amount varies???
PS. Last tenant gave me so much problems with paying their rent...

 

[gfmalan]

Most DO companies require you to give them a deposit of more than the monthly DOs combined. They use this if the DO is unpaid.

It's cheap and easy, every month you submit the amount to be deducted with the date. The company I use require 2 business days notice before 10am.

And then I receive monies 3 business days after the deduction.

Why not arrange a stop order with the tenants banker? That way it's a push transaction from the tenants bank, and its not your worry?!

 

[dbz0e]

Thanks for that information
I see SagePay is R200 per month, and R2.50 per 100 transactions (my range)

Is there anyone cheaper?

 

[Billy]

Look at Rentmaster to handle the rent.

www.rentmaster.co.za

They Vet tenants and rent comes on 1st of Month like clockwork.

 

[gfmalan]

Thanks for that information
I see SagePay is R200 per month, and R2.50 per 100 transactions (my range)

Is there anyone cheaper?

I use SagePay (the amount that you deduct may be an issue) they like the small amounts (R2000 etc) R10k you need special approvals

Then I use Stratcol for the larger amounts

 

[NarrowBandFtw]

Hi Guys, I would like to use a debit order system for my tenant. I would I go about dong this. Whats the process and whats costs? And how does work when rental amount varies???
PS. Last tenant gave me so much problems with paying their rent...

A potential alternative you could consider: when I rented in the past my landlord was happy with me providing proof that I've set up a stop order with my bank for the monthly rental payment. Of course I could change it at any point in time, but at least if you know a stop order has been set up you know there will be monthly payments unless the tenant specifically went back to the bank to cancel the stop order.

 

[Micdew]

Have you spoken to your acc manager at sage pay about the larger amount? I just gave them the mandate then it was fine