Accepting rent payments directly

What is the best way to accept rent payments directly (no agent) from the tenant? Interested in something like direct-debit rather than the tenant manually initiating payment every fortnight.

 

I would get the tenant to set up a regular payment on Internet banking.

 

Direct debit is the easiest!

 

I didn't realize individuals (not businesses) can do that?

 

My wife self manages a couple of IPs - the tenants just set up a direct debit. The funds hit out account each fortnight - easy peasy.

Cheers

Jamie

 

They can't, it has to be initiated from tenants end.

 

Sorry.. To clarify the tenants set up the direct debit as a regular transaction.

 

Looks like there is some confusion around actual Direct Debit and just setting up regular payment in internet banking. I was referring to Direct debit as in this definition - http://www.apca.com.au/about-payments/payments-today/direct-debit-and-electronic-transfers where the organization can actually vary the amount each payment period to account for water usage charges etc. Where as a regular payment can be setup by anyone in their internet banking and also cancel just as easily. With Direct-debit cancellation has to be agreed/informed.

 

Tenant initiated direct debit is essentially just a scheduled online banking payment.
Agent initiated direct debit is possible with certain banks. Doing this as a self manager is not possible as far as I'm aware as the banks put quite a few rules on it.

 

Suspected as much. Thanks, DT.