What is the best way to collect rent online?
I need a legitimate and convenient way to collect rent online. I want something geared towards real estate or business rather than something like Venmo. Any suggestions are greatly appreciated.
@Justin Wroblewski
I only have one unit so far, but my tenants are OK with going to the local bank and Depositing the rent.
I have also used Zelle.
Originally posted by @Sandhya Gorman:
@Jeremy Marshall i use Venmo - no cost for anyone and easy to transfer to bank account (owned by PayPal).
Venmo is getting rid of their website and going only phone app based. It sounds like they will be phasing themselves out even more soon. I've so far used Venmo, Square Cash, Paypal, and Zelle and haven't yet found one that I love for collecting rent. Thinking of trying Cozy or Appfolio.
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BiggerPockets
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I've been using Tellus (tellusapp.com). It's a real estate platform and has more advanced features than peer-to-peer payment systems. For example, Tellus can automatically enforce late fees and track your rental income. It's also easy to add expenses and see your overall cash flow.
Originally posted by @Tami R.:
I should have started using Cozy years ago... just started last month when I purchased 86 new doors. I agree down side the 5 days but sometimes it would take me 5 days to do a deposit and go to bank.
86 doors!! Wow! That's great! How's it going?