The days of driving to the landlord’s office to pay rent or sending a check in the mail are going away. Still about 70% of all rents are paid that way! Enough. There are better options that we have found for you. With our partner Checkbook(TM), you can pay your rents easily from your phone or computer. There is a little setup involved (like contacting your landlord to accept your payment), but it is worth it. We think this is the best choice for paying rent, it is free to you, and it is supported by all the major banks.
Is Checkbook better than ACH?
Digital Checks use the Check21 rails for settlement and clearing. They could also use ACH or combination of Check21 with image files and ACH.
- Check21 network has the ability to transmit images as opposed to ACH which is purely character based
- Digital Checks settled using Check21 network conform to UCC regulations and offer finality of settlement i.e. unlike ACH there are no Chargebacks
- Digital Checks offer clearing period of either overnight or 2 business days as opposed to ACH which is typically 3 business days. However with same day (it’s really overnight not same day ) ACH both systems will offer overnight settlement
- Checks and hence Digital Checks will work with all types of bank accounts whereas ACH may not. For e.g. ACH typically does not work for 50M+ plus Money Market Accounts
Digital Checks will have Check number and image of the Check in the Payor bank account as opposed to ACH which will have 16 characters of text
What exactly is Checkbook?
It is a simpler, easier and more secure payment solution enabling businesses and individuals to send payments via a “Digital Check”. Paper Checks have been around for a long time, and even though businesses have evolved, Paper Checks have not. Checkbook lets businesses move away from paper to deliver Digital Checks directly to a recipients email. This allows businesses to keep all their existing Accounts Payable (or Accounts Receivable processes ) in place while moving to a completely online solution.
Furthermore the recipient does not need to sign-up for any service, download any app or pay any fees to receive payments using a globally acceptable tender. In short we are solving not just the sender side but the recipient side of the payments problem.
Digital Checks can be deposited and cashed online after instantly verifying your banking credentials with one of our partner banks. Instead of paying high transaction fee on credit and debit cards, or collecting sensitive bank account and routing numbers to transfer money – simply send a Digital Check to anyone with a name and an email using Checkbook.
At Tenants.com, we are dedicated to helping tenants find the best ways to do things, such as paying their rent, dealing with their landlords, and handling roommate or pet issues. We appreciate your patronage and welcome your comments and suggestions at any time!