Online Rent Payment Zillow

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Hi Everyone!  Has anyone noticed that Zillow offers online rent payments?  I just discovered this, looks like its free for landlords to use, ACH check payments don't cost the tenant anything, credit and debit transactions do.  I was really excited when I found this on Zillow until I got to thinking, what does Zillow get out of this?  Is anyone ever skeptical when something like this is presented, like I've been looking high and low to find an ACH processor at a reasonable price, from a trustworthy company, and this pops up?  I have to wonder, what does Zillow get out of doing this?  It must be something...right?

Also, I noticed they now offer rental application screening.  Zillow is stepping up their game for landlords.  

I don't feel comfortable doing online rent at the moment after the whole e-rent payment fiasco, but I would love to hear from others, does anything find this interesting?  Appealing?  Will you use it?  Do you use it?

Thanks,

Stephanie

@Stephanie D. Thank you for your post, I had no idea Zillow was offering this service. That is great they are stepping up and capitalizing in a time where we landlords can use them in a busy time. Will be following this thread for any user testimonies!

Thats really cool. My business partner has us setup using cozy which does the same thing. I guess they make their money off of the background check and then they offer the renter other things like renters insurance etc, which is also a revenue stream. 

Its great for landlords since its free and only costs the tenant that initial screening fee which they probably would have paid with any application. 

@Stephanie D.  Personally I love the concept that Zillow came up with for the common application however for me, it's not fit for purpose yet.  I'd gladly accept an app if someone sent it through  & will look at this again in the future however for me, there is not enough information on application status to help folks when they encounter issues...  In my test using the app I ended up with multiple applicants fustrated thinking they had submitted apps & noting was sent to me.  Support took a couple of days to respond which was frustrated & created a lot of back and forth.

Payments, what issues did you have with e-rent?  I personally use Quickbooks Payments to allow tenants to submit ACH payments

@Mason DeJarnett - Sorry for the delay here, I didn't see your question until now.  With the Quickbooks version I use (Simple Start) they don't allow automated invoicing however I believe with the essentials & Plus versions they do allow reoccurring invoicing but I've not seen it in action.  For me, I still use quickbooks for accounting, but I'm in the process of moving the invoicing over to Cozy which after testing seems to get the job done pretty well.  I also like the background & credit checks that Cozy offers as part of the screening process, support has also been pretty responsive.

They don’t need to charge you to make money.  They holds the funds for a day or two making interest.  This is a small amount until they are processing billions of dollars of rent payments then it becomes very lucrative.  This is how the pay check processing companies work.  

I was looking into this and debating using this service. I have used their screening service, it is just okay. I still had to request additional information because their application service does not make required fields apparently. 

I heard cozy is pretty good, but I also heard it takes up to 5 days to get payment which seems a bit long. Not sure if that is actually the case though.

I also noticed that cozy and zillow use the same background and credit check system (Checkr and Experian), but Zillow is cheaper for the applicant. 

We recently had a failed payment from Zillow to our bank account. We can see that it made it from the renters account to Zillow. No email notifying us of the issue and certainly no explanation. We opened an online case and they keep automatically closing them. There is no phone number for Zillow customer support. Given this is such a high profile company I’m shocked how bad their customer service is. I would not recommend Zillow for rental payments.

@Stephanie D.

I use an app called RentRedi. It allows the tenant to make an ACH payment directly to me. I believe it has other payment methods as well.

It also allows you to create a property profile where it automatically lists across some of the major websites. It has applications, maintenance requests and push notifications (which I find helpful for rent reminders for the tenants).

It has made managing my three properties pretty painless. It sounds like Zillow is doing the same thing. So I would think either one is definitely worth it!

JT