Has anybody used Dwolla for payments/collections?

Question

I'm looking for a cheap way to collect rent online directly through my website.  Anybody used Dwolla and have any feedback on them?

Account Closed · Answer

I think Dwolla is more of a payment processor than a rent collection application. They are like Paypal. I would suggest trying Cozy or OKUPIED (we used to use Cozy and now OKUPEID).  Cozy is free for 5 day settlements but charge $2.99 per transaction for 3 day settlement.  The free version is bad, because we had to wait 10  days sometimes just to get the money in our account (it's 5 business days, so if there is a holiday, and weekends, it can go to an extra 4-5 days).  Okupied is a a mobile app and they charge us $5 per property for unlimited transactions and next business day settlements. It also notifies you on your phone when a rent is late or if a payment is made right away.

Account Closed · Answer

No, never used Dwolla. I use Intuit Payment Network. Once signed up with them, you can put a button right on your site for them to pay their rent, application fees and security deposits. Only .50 per transaction. Works great for me.

Michael Seeker · Answer

Thanks Michelle Na , I'll check that out.

James and Shanti Kandasamy - $6 is way too much to charge per transaction.  With 15 units, I'm much better off collecting checks from the PO box.  Not worth $90/mo for me to skip that trip

Brian Wang · Answer

Dwolla is awesome.  All other rent payment services charge a lot more than Dwolla.

I know of several landlords and property management companies using their service. The only downfall is that the money doesn't appear immediately in your bank account.

Full disclosure: my company uses Dwolla to facilitate rent payments.

Victor N. · Answer

some banks such as Bank of America and Wells Fargo allow bank to bank payments. For example if both you and the tenant have a BoA account, the tenant can process a direct payment. You receive the payment instantly. The tenant can also chose to pay via the "email" option.

Jassem A. · Answer

ACH transfer is free. Going to the property and collecting cash or check usually works too so that you can insure the rent isn't "lost in the mail".  My bank only charges $5 for bounced checks and it takes about a week for me to figure out whether it will bounce.

James Kandasamy · Answer

My mistake, Its $3 per transaction.

James Kandasamy · Answer

Does Dwolla or intuit payment network send notices and receipts after the rent is paid. That is fully automated in rent monitor.

Aaron Montague · Answer

Dwolla is awesome.  Once the setup is complete, it runs smoothly.  The initial phase is similar to Paypal's; 3 or 4 days to verify their bank account.

It is always 25 cents per transactions.  Plus you get $10 in free transactions every time you sign up a new person (tenants :) ).

James Kandasamy · Answer

I use rent monitor.com for past 6 months. I believe they charge $6 per transaction. Me and my tenant love it so far. Its pretty intuitive. Check it out.