Simple tenant payment tracking software

Simple tenant payment tracking software

Its a simple website which can examine your online banking accounts for you and check to see if a tenant has missed a payment to you, and can be set to notify (via email or sms) you (or the tenant) if a payment is missed. i.e. you set up 'I expect to be paid X on the 23rd' and if you don't you hear about it!

a) First Direct offer a weekly phone text showing all transactions for free.

b) Then there are monthly bank statements

c) This is followed closely by cashpoint machines and statement machines that provide screen or paper details of movements on the account.

 

2. Standing Order payments are not always paid in on the same day each month due to bank hols, different lengths of months, weekends.

 

I have a dedicated bank account just for my residential properties.

Great to hear something like this could be of some help.

The security is handled by a web service called Yodlee. They provide online banking access to a variety of websites like mint.com and lovemoney.com. Your online banking credentials would be stored by Yodlee, not by my site. My app would be allowed to make readonly requests to your bank account, but is not able to make any payments or get access to the passwords once they have been entered. This is the level of security that is used by large sites, so is hopefully acceptable.

As for how much it should cost - well I don't know! This, among other aspect of the app are some of the things I'm looking for input on.

Regarding security, you are right to be vigilant. The nature of my service requires it to view statements and store them (although I would expect to keep the statement data encrypted in my database). The greater concern would be if the site were compromised and payments out of your account could be made. This would not be possible, unless Yodlee were compromised. Similar security that described at https://www.lovemoney.com/onlinebanking/securityfaq.aspx would be put in place. Ultimately it would depend what each customer is comfortable with.

Absolutely - when you set up the expected payments you enter a 'due-by' date (which it will try to figure out from previous payments) and BH and WE days would be taken into account.

If everything is running smoothly, you should receive a weekly or monthly digest, saying all payments had been met. If payments are missed (or you receive an overpayment), you would receive a daily digest.

I hope the service will save landlords both time and money. I appreciate that the task of notifications of missed payments, and reminders for tenants is a simple one to do yourself, but it is time consuming. An overlooked missed payment, only noticed a month or two later could slip into requiring a repayment plan and all sorts of bother - obviously you will know more about this than I do, and have a better idea of how valuable the service would be to you.

There are a number of costs in setting up the business, and I'm thinking that an annual subscription would have be in the 3 digit range for one of the larger customers in order to make this a viable business. I'm very keen that there would be a 60-day money-back guarantee. If, at this price, the service is a "waste of time" as Richlist puts it, now is the time to let me know!