So I wanted to set up Zelle for our LLC but have noticed in the past that I cannot make transfers to other peoples LLC Zelle accounts if I have a debit card linked to my Zelle.
I am assuming that tenants will most likely be using a Zelle account with a debit card to pay rent.
What do you all use in this situation?
Thanks so much!
Cozy takes a certain number of businesses days for the funds to be available though right?
We use Quickbooks Online for our accounting, so I was using their payments. However, we utilize TenantCloud for our property management, so am moving to their payment system going forward.
All banks don't use Zelle inherently.
I transitioned my tenants from Cozy to Zelle a couple years ago. My newest 3 tenants pay with Venmo- I am good with this because even with the free transfer it is in my bank account the next day without exception.
@Tomas Satas We use cozy and it’s amazing! Currently have 6 properties.
We use Hemlane. I have used cozy in the past. I think both are solid choices you just need to decide on the features you are looking for.
I use Cozy/Apartments.com. One of my residents pays me via Cash App due to banking issues, but I then report it as a credit to their Cozy Account.
We were using Quickbooks payments, but last year they increased their processing fee from $1 to $3 per transaction, so I switched to Cozy.co and love it!
Yes, it takes a few days for the payments to clear, but we were seeing the same delay through Quickbooks so it hasn't been an issue. I do like that tenants can schedule payments, adjust the amount among roommates without my involvement, and easily see their lease end date and security deposit amount, and see how much their roommates have paid and when. I may be jumping to conclusions, but late payments seem to have decreased since changing to Cozy, I am assuming housemates being able to see that someone hasn't paid is a deterrent.