Rental Property Investor · Lewiston, NY · Member since 2014 · 192 posts · 97 votes
Has anyone tried using Venmo, Zelle or Square Cash for your rental payment options? We have been considering it and just wanted to see if anyone out there had any experience. We were thinking it may making it easier that going to the mailbox which a few tenants have difficulty doing. Thanks in advance.
Realtor and Investor · Scottsdale, AZ · Member since 2017 · 1k+ posts · 1k+ votes
8y
ZELLE all the way! Zelle is a direct link to our account. Many of our tenants pay us this way. Payments are in real time, FREE (no fees), and tracked. Did I mention NO FEES?!
You can request money too so if tenants are late, you can send them an invoice.
Most banking institutions are hooked up to Zelle, so anyone can use it. You just need their email address or phone number.
The ONLY issue is that if the tenant's bank imposes a daily limit on how much they can send, they have to originate the rent a day early so they can break it up in two payments. We have one tenant who has to do this. It's not that big of a deal, but I thought I would mention it. It is something that comes from the originating bank, so I don't know how any of the other systems would get around this.
Royal Oak, MI · Member since 2015 · 257 posts · 230 votes
8y
I just got 3 Venmo payments today and the money will be in my account tomorrow morning. I like it, and all my tenants already have it so it works for everyone.
Realtor and Investor · Scottsdale, AZ · Member since 2017 · 1k+ posts · 1k+ votes
8y
ZELLE all the way! Zelle is a direct link to our account. Many of our tenants pay us this way. Payments are in real time, FREE (no fees), and tracked. Did I mention NO FEES?!
You can request money too so if tenants are late, you can send them an invoice.
Most banking institutions are hooked up to Zelle, so anyone can use it. You just need their email address or phone number.
The ONLY issue is that if the tenant's bank imposes a daily limit on how much they can send, they have to originate the rent a day early so they can break it up in two payments. We have one tenant who has to do this. It's not that big of a deal, but I thought I would mention it. It is something that comes from the originating bank, so I don't know how any of the other systems would get around this.
Rental Property Investor · Biddeford, ME · Member since 2018 · 30 posts · 10 votes
8y
Venmo's fine print explicitly states it should not be used for business transactions and people you don't know. The only potential issue i see with a service like Venmo or Zelle is a tenant could send you partial rent. By you automatically accepting partial rent you cannot start the eviction process. We have a few tenants in our town that are notorious for doing this.