Venmo to collect rent payment?

[Marc Dufour]

I wonder if anyone used Venmo to collect rent payment? Is there any fee associated?

[Matt B.]

I've been using www.erentpayment.com for a few years now. Nothing but good things to say.   It costs $3 for each monthly transaction or if you have a lot of properties you can pay a monthly fee of like $10 for all.   The tenant submits payment by ACH transaction to erentpayment and then they send it to whatever account you want.  You can have separate accounts for each property if you want and erentpayment sends the email reminders to tenants when rent is due and when its late.  You can set it up so it will only accept full payments and have the late fees built in after a certain day of the month.   If you are really cheap, you can even defer the $3 fee to the tenant.    In addition, if you are the type of landlord to not want rely on unreliable tenants, you can make a tenant sign an authorization that automatically drafts money from their account each month and the tenant cant change or stop the auto drafts or have to be involved at all.   If for some reason they want out, their only recourse is to close the account if its within the scope of the authorization they signed.  

Just having the email reminders and the ability to only accept full payment is easily worth the $3.