Venmo to collect rent payment?

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Matt B.
Investor · Richmond, VA · Member since 2016 · 13 posts · 6 votes
9y

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.  

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  • Chris Clark
    Cardiff By The Sea, CA · Member since 2012 · 2 posts · 1 vote
    12y

    I recently heard about another landlord who uses Venmo to collect rents. I signed up the other day and plan to start using it for a multi-family building I own. There is no fee according to the other landlord that is using it.

    1Reply
  • Corbin H.
    Rental Property Investor · Houston, TX · Member since 2014 · 12 posts · 5 votes
    12y

    I use Venmo to collect my rent currently and I have no complaints. The renters deposit their money using the app and it is immediately available for me to "cash out" into my account. It takes a few days to go into my account, but there are no fees. I would recommend it. Hope this helps.

    1Reply
  • Chad Ballard
    Civil Engineer · Orange County, CA · Member since 2012 · 189 posts · 45 votes
    12y

    I am trying this out as well since my tenants are mostly students. They like the online options rather than writing a check which is good since I rather do that then chase down rent.

    There is also a feature where you can send out a request for payment and remind them. This request goes right to their phone then in a few clicks they can pay rent. I sent out rent reminders anyways to the students so this is not a big deal for me, now if they only had a reoccurring reminder option to send it out automatically each month.

    1Reply
  • Account Closed
    Investor · NY · Member since 2014 · 74 posts · 49 votes
    12y

    I bank with Chase so my tenants pay me via Chase Quickpay. I also gave them the option to pay with Venmo or Amazon payments. Makes my life much easier.

    0Reply
  • Michael Lee
    Investor · Las Vegas, NV · Member since 2014 · 50 posts · 7 votes
    12y

    I enjoy venmo a lot. It can actually be used for more than just rents as well.  

    0Reply
  • Account Closed
    Dallas, TX · Member since 2013 · 4k+ posts · 744 votes
    12y

    Vermo might be ok but what would scare me is no business address or business phone number on their website.

    Joe Gore

    0Reply
  • James Vermillion
    Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
    12y

    I know this is a little off-topic but I just started using WilliamPaid and it has worked very well so far...not sure how it stacks up to Venmo. 

    0Reply
  • George P.
    Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
    12y

    William paid here! 

    0Reply
  • Mary Ann Casey
    Lafayette, CA · Member since 2013 · 91 posts · 45 votes
    11y

    I just logged onto the WilliamPaid website to look into it for electronically processing rent payments and found this message on the home page.  With WilliamPage no longer an option, what are you using now for electronic rent payments?  

    "Dear WilliamPaid Customers,

    After 5 years, it is with deep regret that we share with you that WilliamPaid will stop processing rent payments.
    As of today, a new user will be unable to create a new account. If you are an existing user of our service, we will stop processing new payments at 11:59PM CST, March 5, 2015."

    0Reply
  • Ryan Fisher
    Realtor · San Diego, CA · Member since 2015 · 30 posts · 10 votes
    10y

    I am curious if anybody has ever experienced any horror stories from using Venmo, because I am considering using it to collect rent from our tenants in a 4-unit complex....

    0Reply
  • Jeff Gates
    Investor · Cathedral City, CA · Member since 2014 · 481 posts · 170 votes
    10y

    There are very big horror stories. Use google and you will find them. Hacker prey on these peer to peer services. It is possible your bank account will show up empty one morning. 

    0Reply
  • Mark Kelley
    Investor · Raleigh, NC · Member since 2016 · 82 posts · 34 votes
    10y

    @Ryan Fisher Just pulled up the thread searching Venmo to see if others use it. I've had nothing but good experiences collecting rent payment with Venmo for about 18 months now. 

    Venmo has been especially useful for me since I am currently a nomad without an easy way to receive physical checks.

    As far as the security the @Jeff Gates mentioned above, there is definitely risk. As some of my colleagues in security have said, there are two types of companies, those that have been breached and those that will be breached. For this reason, I drain my Venmo account each month to $0. I don't let money site in there.

    Also, Venmo only allows transfers to your bank of $3,000 at a time, but you can make as many $3,000 transfers as you want in succession. It's not a hassle, but it makes me skeptical about using Venmo at a greater scale. 

    0Reply
  • Mark Kelley
    Investor · Raleigh, NC · Member since 2016 · 82 posts · 34 votes
    10y

    Also, there could be fees on the renters side, depending on their bank card. I don't know which banks or what types of cards charge, but I know that when you try to pay for something with more money than you have in your Venmo account, you get a message indicating that there may be charges. 

    0Reply
  • Susan C.
    Baltimore, MD · Member since 2016 · 41 posts · 7 votes
    10y

     I've been using Venmo for rent collection 2 years now without any problems.  my renters (millenials) love it and so do I

    0Reply
  • Allen Clark
    Investor · Seattle, WA · Member since 2015 · 100 posts · 59 votes
    10y

    I give my tenants a choice and many use Venmo, some use Chase QuickPay, and others mail me a check. Venmo is owned by PayPal if that makes you feel any better. 

    I only have four units so I am not looking for scale. 

    0Reply
  • Joshua Massari
    Rental Property Investor · Costa Mesa, CA · Member since 2015 · 53 posts · 23 votes
    10y

    I have been using Venmo to collect rents and have not had any issues. It works out really well because I have 4 tenants on the lease and they each pay their own portion to me directly. It is safe, secure and quick. The best part is that there are no fees to me and no fees to the tenants, unless they use a CC to make payment instead of a checking account. 

    This is not something that I require, but it was an option I gave them and since they are all in their mid 20's it was their preferred method of payment. You probably won't have as many people willing to pay with Venmo amongst the older generations. 

    1Reply
  • Gulliver R.
    Rental Property Investor · Seattle, WA · Member since 2016 · 524 posts · 148 votes
    9y

    I currently use venmo for my rental property as well. Does anyone know if  there are any tax-related problems for using Venmo?

    0Reply
  • Bill Briscoe
    Accountant · Thornton, CO · Member since 2011 · 170 posts · 33 votes
    9y

    What kind of tax related problems?  You should be claiming all rental income on your schedule E already  so if you do, then Venmo shouldn't have any effect on your taxes.

    0Reply
  • Zac Schmelzer
    Investor · Galloway, OH · Member since 2014 · 11 posts · 2 votes
    9y

    I was instructed by my attorney that all rent checks need to be written to my LLC or direct deposit into company accounts. They specifically said do not have tenants write checks to your personal name incase of lawsuits.

    How would Venmo apply in this situation? 

    Note: Each property has it's own bank account too.

    1Reply
  • A.J. D'Asaro
    Investor · Chicago, IL · Member since 2016 · 49 posts · 46 votes
    9y

    Venmo is a godsend for the small time landlord. No more collecting rent checks or depositing them. Record-keeping is a breeze, and I can send reminders to pay right to tenants' mobile phones. I have only had 2 late payments in 3 years as a result. Usually younger tenants already have the app, but I've had no problem teaching older tenants to use it. There is a withdrawal limit of $3k/day for me, some will that not be feasible but for small time landlords works just fine.

    1Reply
  • Matt B.
    Investor · Richmond, VA · Member since 2016 · 13 posts · 6 votes
    9y

    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.  

    3Reply
  • Zak Parks
    Rental Property Investor · Jacksonville, FL · Member since 2016 · 91 posts · 70 votes
    9y
    I've used venmo for years in school with my friends(dues, fast food stops, tickets, books, etc). Nowadays I'm a landlord its continued to be a great tool for collecting rent.
    1Reply
  • Daniel HymanBusiness Member
    CPA · Milwaukee, WI · Member since 2016 · 2k+ posts · 1k+ votes
    9y
    Zak Parks in your experience, is Venmo the payment method of choice for college students? Currently, we are using Cozy. But students have been asking about Venmo. My philosophy has always been to make it as easy as possible for tenants to pay.
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    0Reply
  • Zak Parks
    Rental Property Investor · Jacksonville, FL · Member since 2016 · 91 posts · 70 votes
    9y

    @Daniel Hyman absolutely. 9 out of 10 of my friends have Venmo. I'm 22 and graduated 6 months ago. We would've loved for our landlord to collect rent with venmo. 

    1Reply
  • Jessica Hawkins
    Rental Property Investor · Springdale, AR · Member since 2017 · 27 posts · 5 votes
    9y

    @Daniel Hyman, I was looking up options on how people collect rent.  I have had my eye on Cozy for a couple of years, just haven't needed it because I have had the same renters in my condo since I bought it.  My old tenants are moving out in August so I am looking for a new way to collect rent.  Wondering if you are still liking Cozy after 6 months of using it?

    0Reply
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