Real Estate Investor · Fenton, MI · Member since 2008 · 946 posts · 153 votes
A tenant has suggested we use the services ZELLE or Venmo to collect rents. Currently we use snail mail to our P.O. box to collect rent checks. Is anyone familiar with these services, and can you tell me how they work? If these two services are not recommended what do you prefer? I don't want to pay a fee, and I don't want my tenant to know my account numbers. Thank you for all help offered.
Investor · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
8y
I would never use PayPal. Too many horror stories (including 2 or three of mine personally)
Venmo seems to be popular here. Both you and your tenant need to sign up for Venmo and link your checking/savings account. They (or anyone) can pay you and you can request money. It’s pretty much instant. Jonathan Orana has an interesting point - I’ve never read or checked.
I use Cozy. Easy and free. And focused towards tenant/landlord. The only downside is a 5-6 day delay from tenant deposit to deposit into your account.
Investor · Prescott/Tempe, AZ · Member since 2013 · 73 posts · 57 votes
6y
Zelle limits payments to up to 500 a day for the first week. After that they pay the full amount. I use Zelle and I love it. I’ve been using it for six months without issue.
Rental Property Investor · Canton, OH · Member since 2017 · 1k+ posts · 1k+ votes
6y
@Mark Forest
I use Venmo. It's great to pay contractors with too! I was going to use Zelle, but unfortunately my bank can't link it to my business account (only my personal account) so I don't use it.
Lender · Farmington, CT · Member since 2015 · 542 posts · 321 votes
6y
@Mark Forest i use venmo, cash app, zelle, apple pay etc. they are all seamless and take very little brain waves to use. venmo is by far my favorite. i also give out my account number to allow tenants to stop at my bank and deposit directly too.
steps to use venmo:
1. download app (free)
2. set up your profile on app
3. link bank accounts (i have about 7 accounts linked for different properties/personal)
4. tell the tenant to find you on the app and make a payment (free)
5. the payment doesn’t auto deposit but you will receive a notification on your phone. go onto the app after the you get the notification and go to “transfer balance” and select the desired account you wish to transfer to (free)
6. payment will be in your account the next day
this app has been instrumental in my business. i love it.