Any Landlords use Venmo to receive rent?

Question

The tenants of a new property I just acquired asked if they could pay their rent via Venmo. Now I'm considering offering this option to all my other tenants. I have not used Venmo much so I'm not too familiar with it, but wanted to see if there's any landlords out there with experience and if there are any drawbacks?

Thanks!

Patrick O'Brien · Answer

I use eRentPayment.com for my unit. I like this option as it is only $3/transaction. Rent is automatically withdrawn from my tenants accounts on the 1st and auto deposited into mine about 5 business days after.

Dorothy Ma · Answer

@Kelly N. - thanks for the info. That's good to know because I was wondering if I can switch all my units over which would definitely exceed that amount.

Kelly N. · Answer

When I talked to Venmo about switching over, they indicated their service isn't to be used for business.  There was also a limit of transferring $2999/week OUT of their accounts into mine, which just won't work for us.

So, for one or two units, it might be just fine, but be aware of the limitations.

Wes Brand · Answer

I use it for receiving my housemate's share of the rent. I've used it for the past 3 or so years without issue. It's convenient and they can pay by credit card for a fee charged to them, or by debit card / balance transfer from a bank for free. Free for you to use.

Courtney M. · Answer

I don't, but I don't see why it would be a problem. I use venmo for everything. And I mean - if it keeps them paying the rent on time, why not?!

Any Landlords use Venmo to receive rent?

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