Rent Collection Service Alternative

Our tenant and us have agreed to pay 12 months rent in two instalments. The first instalment was collected with the Rent Now package and the second instalment is due soon. We don’t want to give our bank details to the tenant directly and so we need a rent collection service. However, the Rent Collection Service from OpenRent only offers monthly rent collection and not collecting 6 months rent as we wanted. Does anyone have any suggestions?

PayPal money request.

Or

Give them bank details to an account that does not hold money iE a buffer account for receipt only.

Does PayPal charge for dealing with such large amount of money i.e. 6k-ish?

Can be done as a personal transaction with no fee.
I cannot confirm if there’s a limit though I don’t believe so.

cash is King. Get a rent book

Too much hassle for me…Just like it landing on the dot every month!

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I collect cash rent from a few all in the same area . Helps me keep an eye on the properties as well The rest are thru bank.

Be very careful with collecting rent 6 monthly or you could create a tenancy with a 6 month period, meaning that if you ever had to serve notice, it would be a minimum of 6 months.

Does that mean I have to serve notice 6 months in advance to end the 12 months AST? What if I collect all 12 months rent when I start the AST using Rent Now?

The period of the tenancy would still be capped at 6 months. If you dont know what youre doing then dont take lump sum advance rents.

Not seen that before. Been using PayPal for a very long time and as far as I am aware either the sender or receiver of funds pays the fees depending on how you set the transaction up. Happy to be shown the light.

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