Electronic rent payment vendors - eRentPayment or alternatives

16 Replies

Hi, I am currently using eRentPayment. I have just leased to a new tenant and this is a tech guy but he was having a hard time getting it set up. I am partly to blame as I didn't send him the email template that I got 2 years ago when I set up with the first tenant (who would remember something from 2 years ago!). I simply use the eRentPayment link to send the instruction but apparently he needed a renter code. I have to ask their customer services.

Pros: (1) once it is set up, it is pretty much all automated. (2) email customer service is usually pretty quick turnaround within 1 day. (3) $3.00/transaction is pretty reasonable for 1 property

Cons: (1) can be hard to set up for tenant because you need to remember to send them a renter code (2) takes 7 days to get the deposit in the bank (3) no phone support, email only.

I'm wondering if anyone else use a different vendor.  Note: Zelle is not an option for high rent payment. Zelle caps the very first time between two parties at $250 and subsequent transactions max at $2500.

I saw someone else posted about Cozy reversing rent. I have not run into problem but keeping that in mind as well.

I used ClearNow for several years, see: ClearNow

So far, I'm happy with the service. They have a monthly fee of $14.95, and $2.00 for each additional tenant. They are not the cheapest, but they don't accept part payments. They debit the tenant account on the first, and credit my account 3 business days later.

I'm enrolled with them. To enroll tenants, there's a form I can have the tenant fill out, sign, return it to me, and I fax it back to them. Then it's set up the same day. Believe it or not, many tenants are not tech savvy, so this process makes it nice and easy, and suits me just fine.

Updated about 2 years ago

This is info from the ClearNow site for the current month: The ClearNow account you are viewing debits your tenants on the 1st of each month. If this day is not a banking day, then the debit occurs on the next banking day. Credits to your bank account occur 3 banking days later. The date when your tenants were just debited was July 01, 2019. The date when your bank account will be credited is July 05, 2019. The next date when your tenants will be debited is August 01, 2019. For the upcoming processing period, the deadline to: Change the rent amount for an enrolled tenant is 12PM (noon) Eastern Time July 22, 2019. (NOTE: This deadline complies with Federal Regulation E.) Submit complete enrollment materials for a new tenant is 5PM Eastern Time July 22, 2019. Log-in and finalize a new tenant enrollment is 12PM (noon) Eastern Time July 24, 2019. Update a lease-end date is 12PM (noon) Eastern Time July 24, 2019. Unenroll a tenant or block the upcoming debit is 12PM (noon) Eastern Time July 31, 2019.

I used eRentPayment until they kept one months rent from me and other customers when their third party payment processor went bankrupt. Their response to the incident was nothing less than amateur. Since then I have gone to Cozy and have been far happier. I would be very cautious with eRentPayment, as they were not at all responsive to landlord loss during the initial bankruptcy. 

I still use erentpayment and have not had the issue that many other people have. I was looking to change however I like how erentpayment's online application is customizable. Most of the genetic applications are terrible imo. I think it looks sloppy directing applicants to erent for applications, rent prep for screening then another to collect payments.

Also you can find and edit your renter code in the property tab online

Originally posted by @David Stumpf :

I still use erentpayment and have not had the issue that many other people have. I was looking to change however I like how erentpayment's online application is customizable. Most of the genetic applications are terrible imo. I think it looks sloppy directing applicants to erent for applications, rent prep for screening then another to collect payments.

Also you can find and edit your renter code in the property tab online

 I think the problem with most of these applications is requiring people not accustomed with computers to fill out forms. I was a IT guy, system analyst, programmer for many years, and some people can use an application intuitively, and the last guy I trained in QuickBooks require written steps on everything little thing he does, yes, every small step including even if he has to click "ok", and he says he needs to go through it dozens of times, else he screws up. 

I don't know whether ClearNow is good or bad compared to others, but I found a way for tenants to enroll with little or no effort on their part. 

First, on their website they have a printed enrollment form, for people with no email to manually fill out, that I can download. This is available on their FAQ page for people with no email.

I fill it out for the tenant, then have them sign it, return it to me with a voided check, or their most recent statement. Can be done the same night they sign the lease, and have the checkbook with them.

Finally, I scan and email the form with the bank info to ClearNow, via their support link.

It takes the tenant a minute to sign it, and as soon as their give me a voided check, takes me another few minutes to scan and email it. Yes, their staff would then have to input the info and set the tenant up. If you think about it, all I have to do to sign the tenant up is for him or her to sign on the dotted line. And once you're enrolled as the landlord, the upper half of the enrollment form with landlord name, property address is already filled in.

I don't have to customize anything, like the online application, get any renter codes. I'm not sure other services cater to non savvy people, some with no email, no computer experience, but if they can do it this way, they would get a lot more business.

@Jackie Hung I'm using Tellus for my rent payment now. It's designed for rental property, so it has all the great features we need for rent. Obviously, rent is charged automatically and always sent reminders to my tenants when payment day is coming. There's no transaction limit and also I could record everything on the app, such as my leases, rent roll, expenses and incomes and other financial reports. 

Originally posted by @Jackie Hung :

Hi, I am currently using eRentPayment. I have just leased to a new tenant and this is a tech guy but he was having a hard time getting it set up. I am partly to blame as I didn't send him the email template that I got 2 years ago when I set up with the first tenant (who would remember something from 2 years ago!). I simply use the eRentPayment link to send the instruction but apparently he needed a renter code. I have to ask their customer services.

Pros: (1) once it is set up, it is pretty much all automated. (2) email customer service is usually pretty quick turnaround within 1 day. (3) $3.00/transaction is pretty reasonable for 1 property

Cons: (1) can be hard to set up for tenant because you need to remember to send them a renter code (2) takes 7 days to get the deposit in the bank (3) no phone support, email only.

I'm wondering if anyone else use a different vendor.  Note: Zelle is not an option for high rent payment. Zelle caps the very first time between two parties at $250 and subsequent transactions max at $2500.

I saw someone else posted about Cozy reversing rent. I have not run into problem but keeping that in mind as well.

 Zelle is primitive in its offering compared to Venmo.  Venmo, unlike Zelle, is a standalone app, and you can add multiple banks as receivers and multiple as sender. I have currently 3 banks added, and use it for my real estate as well as personal expenses.  One of my rentals is $2500 townhouse, and I can use Venmo just fine. 

I used to use erentpayment, but I don't see the point in paying $3.00 fee per transaction. It can add up quickly if you have multiple doors. 

Originally posted by @Chinmay J. :
Originally posted by @Jackie Hung:

Hi, I am currently using eRentPayment. I have just leased to a new tenant and this is a tech guy but he was having a hard time getting it set up. I am partly to blame as I didn't send him the email template that I got 2 years ago when I set up with the first tenant (who would remember something from 2 years ago!). I simply use the eRentPayment link to send the instruction but apparently he needed a renter code. I have to ask their customer services.

Pros: (1) once it is set up, it is pretty much all automated. (2) email customer service is usually pretty quick turnaround within 1 day. (3) $3.00/transaction is pretty reasonable for 1 property

Cons: (1) can be hard to set up for tenant because you need to remember to send them a renter code (2) takes 7 days to get the deposit in the bank (3) no phone support, email only.

I'm wondering if anyone else use a different vendor.  Note: Zelle is not an option for high rent payment. Zelle caps the very first time between two parties at $250 and subsequent transactions max at $2500.

I saw someone else posted about Cozy reversing rent. I have not run into problem but keeping that in mind as well.

 Zelle is primitive in its offering compared to Venmo.  Venmo, unlike Zelle, is a standalone app, and you can add multiple banks as receivers and multiple as sender. I have currently 3 banks added, and use it for my real estate as well as personal expenses.  One of my rentals is $2500 townhouse, and I can use Venmo just fine. 

I used to use erentpayment, but I don't see the point in paying $3.00 fee per transaction. It can add up quickly if you have multiple doors. 

Don't know how up to date your info on Zelle is. I have accounts at Citi, Chase, TD and so does members of our family. This past year we've been notified by these banks that are now part of the Zelle system. Sending and receiving money is now built into the bank apps, both on-line and the mobile apps. All you have to do to enroll is to go into the "Payment and Transfer" where Zelle is located, enroll, and you're ready to go.

We enrolled in it, and tried it out. In the past, I have all these bank accounts linked bank to bank via external transfer set ups, and still have it. Transfers this way take from one to two business days. This past weekend, my daughter needed $50 extra for her shopping trip, I Zelled it to her from Citi to TD on Saturday. On my bank mobile app, I Zelled it, and immediately got a text message on from Citi saying $50.00 sent to my daughter. Then, 90 seconds later, she got a text message from TD saying "$50 Zelle received from Dad" which is the nickname I assigned to myself. And a few times, it took 5 to 7 minutes, which is still not bad. And the funds are immediately available with her checking her bank mobile app.

Is this process primitive? You tell me. But they pointed out there is a standalone Zelle app, where funds transfers could take up to a day or two, if the banks are not part of the Zelle system.

The problem pointed out is I would have to check with my bank what the daily transfer limits are, and they appear to be too small to do rentals.

As to my rentals, I have them for nearly 40 years and currently mortgage free. For the SFR, monthly rent is $2,300, below market, and monthly taxes run $800, and $100 for mowing, tenant pays utilities. If I have to pay $2 more to do electronic banking, would it suddenly become unprofitable? Don't think so. I could always raise the rent by $2.00.

As to using Venmo, my daughter used it while in college, and was advised the daily limits may be too small for me to do rentals.

Updated about 2 years ago

Just to mention, I can have ClearNow debit the tenant for electronic banking fees, $2.00 if the tenant agrees to it.

Originally posted by @Frank Chin :
Originally posted by @Chinmay J.:
Originally posted by @Jackie Hung:

Hi, I am currently using eRentPayment. I have just leased to a new tenant and this is a tech guy but he was having a hard time getting it set up. I am partly to blame as I didn't send him the email template that I got 2 years ago when I set up with the first tenant (who would remember something from 2 years ago!). I simply use the eRentPayment link to send the instruction but apparently he needed a renter code. I have to ask their customer services.

Pros: (1) once it is set up, it is pretty much all automated. (2) email customer service is usually pretty quick turnaround within 1 day. (3) $3.00/transaction is pretty reasonable for 1 property

Cons: (1) can be hard to set up for tenant because you need to remember to send them a renter code (2) takes 7 days to get the deposit in the bank (3) no phone support, email only.

I'm wondering if anyone else use a different vendor.  Note: Zelle is not an option for high rent payment. Zelle caps the very first time between two parties at $250 and subsequent transactions max at $2500.

I saw someone else posted about Cozy reversing rent. I have not run into problem but keeping that in mind as well.

 Zelle is primitive in its offering compared to Venmo.  Venmo, unlike Zelle, is a standalone app, and you can add multiple banks as receivers and multiple as sender. I have currently 3 banks added, and use it for my real estate as well as personal expenses.  One of my rentals is $2500 townhouse, and I can use Venmo just fine. 

I used to use erentpayment, but I don't see the point in paying $3.00 fee per transaction. It can add up quickly if you have multiple doors. 

Don't know how up to date your info on Zelle is. I have accounts at Citi, Chase, TD and so does members of our family. This past year we've been notified by these banks that are now part of the Zelle system. Sending and receiving money is now built into the bank apps, both on-line and the mobile apps. All you have to do to enroll is to go into the "Payment and Transfer" where Zelle is located, enroll, and you're ready to go.

We enrolled in it, and tried it out. In the past, I have all these bank accounts linked bank to bank via external transfer set ups, and still have it. Transfers this way take from one to two business days. This past weekend, my daughter needed $50 extra for her shopping trip, I Zelled it to her from Citi to TD on Saturday. On my bank mobile app, I Zelled it, and immediately got a text message on from Citi saying $50.00 sent to my daughter. Then, 90 seconds later, she got a text message from TD saying "$50 Zelle received from Dad" which is the nickname I assigned to myself. And a few times, it took 5 to 7 minutes, which is still not bad. And the funds are immediately available with her checking her bank mobile app.

Is this process primitive? You tell me. But they pointed out there is a standalone Zelle app, where funds transfers could take up to a day or two, if the banks are not part of the Zelle system.

The problem pointed out is I would have to check with my bank what the daily transfer limits are, and they appear to be too small to do rentals.

As to my rentals, I have them for nearly 40 years and currently mortgage free. For the SFR, monthly rent is $2,300, below market, and monthly taxes run $800, and $100 for mowing, tenant pays utilities. If I have to pay $2 more to do electronic banking, would it suddenly become unprofitable? Don't think so. I could always raise the rent by $2.00.

As to using Venmo, my daughter used it while in college, and was advised the daily limits may be too small for me to do rentals.

And.. who knew Zelle could be used as a verb..  LMAO..

The reason why I used the word primitive is that if I am using Zelle in my Capital One Bank account, then I cannot use it with my SunTrust account.  This is a real life example BTW   Both of the banks are members of Zelle's service.  This is because primarily, the Zelle app sits inside your bank's system. So obviously if it's being used by Cap One, you won't be able to use it with SunTrust.  Now you do bring up the point that you can use Zelle standalone app.  The last time I checked, you can only use your debit card.. So this is treated as debit card payment and not ACH payment.  Oh so now you want me to have debit card for every account I have? I find having too many debit cards inherently risky.  I have several checking accounts, but only 2 debit cards, which are locked up in my safe.  I don't even carry them on me. 

Venmo says.. Here is our app. Download it from App Store or Google Play.. You can add banks to it as you like, and pay your friends and family. We will just sit outside of your Financial Institution as long as we can verify them, and let you silly geese play with each other.. Smarter.. 

Both Zelle and Venmo do have limits on transactions, because the makers of the apps wanted them to be used for personal finances, and not commercial use. Perhaps venmo can make a product to be used for commercial finances and charge a subscription fee.  

Originally posted by @Chinmay J. :
Originally posted by @Frank Chin:
Originally posted by @Chinmay J.:
Originally posted by @Jackie Hung:

Hi, I am currently using eRentPayment. I have just leased to a new tenant and this is a tech guy but he was having a hard time getting it set up. I am partly to blame as I didn't send him the email template that I got 2 years ago when I set up with the first tenant (who would remember something from 2 years ago!). I simply use the eRentPayment link to send the instruction but apparently he needed a renter code. I have to ask their customer services.

Pros: (1) once it is set up, it is pretty much all automated. (2) email customer service is usually pretty quick turnaround within 1 day. (3) $3.00/transaction is pretty reasonable for 1 property

Cons: (1) can be hard to set up for tenant because you need to remember to send them a renter code (2) takes 7 days to get the deposit in the bank (3) no phone support, email only.

I'm wondering if anyone else use a different vendor.  Note: Zelle is not an option for high rent payment. Zelle caps the very first time between two parties at $250 and subsequent transactions max at $2500.

I saw someone else posted about Cozy reversing rent. I have not run into problem but keeping that in mind as well.

 Zelle is primitive in its offering compared to Venmo.  Venmo, unlike Zelle, is a standalone app, and you can add multiple banks as receivers and multiple as sender. I have currently 3 banks added, and use it for my real estate as well as personal expenses.  One of my rentals is $2500 townhouse, and I can use Venmo just fine. 

I used to use erentpayment, but I don't see the point in paying $3.00 fee per transaction. It can add up quickly if you have multiple doors. 

Don't know how up to date your info on Zelle is. I have accounts at Citi, Chase, TD and so does members of our family. This past year we've been notified by these banks that are now part of the Zelle system. Sending and receiving money is now built into the bank apps, both on-line and the mobile apps. All you have to do to enroll is to go into the "Payment and Transfer" where Zelle is located, enroll, and you're ready to go.

We enrolled in it, and tried it out. In the past, I have all these bank accounts linked bank to bank via external transfer set ups, and still have it. Transfers this way take from one to two business days. This past weekend, my daughter needed $50 extra for her shopping trip, I Zelled it to her from Citi to TD on Saturday. On my bank mobile app, I Zelled it, and immediately got a text message on from Citi saying $50.00 sent to my daughter. Then, 90 seconds later, she got a text message from TD saying "$50 Zelle received from Dad" which is the nickname I assigned to myself. And a few times, it took 5 to 7 minutes, which is still not bad. And the funds are immediately available with her checking her bank mobile app.

Is this process primitive? You tell me. But they pointed out there is a standalone Zelle app, where funds transfers could take up to a day or two, if the banks are not part of the Zelle system.

The problem pointed out is I would have to check with my bank what the daily transfer limits are, and they appear to be too small to do rentals.

As to my rentals, I have them for nearly 40 years and currently mortgage free. For the SFR, monthly rent is $2,300, below market, and monthly taxes run $800, and $100 for mowing, tenant pays utilities. If I have to pay $2 more to do electronic banking, would it suddenly become unprofitable? Don't think so. I could always raise the rent by $2.00.

As to using Venmo, my daughter used it while in college, and was advised the daily limits may be too small for me to do rentals.

And.. who knew Zelle could be used as a verb..  LMAO..

The reason why I used the word primitive is that if I am using Zelle in my Capital One Bank account, then I cannot use it with my SunTrust account.  This is a real life example BTW   Both of the banks are members of Zelle's service.  This is because primarily, the Zelle app sits inside your bank's system. So obviously if it's being used by Cap One, you won't be able to use it with SunTrust.  Now you do bring up the point that you can use Zelle standalone app.  The last time I checked, you can only use your debit card.. So this is treated as debit card payment and not ACH payment.  Oh so now you want me to have debit card for every account I have? I find having too many debit cards inherently risky.  I have several checking accounts, but only 2 debit cards, which are locked up in my safe.  I don't even carry them on me. 

Venmo says.. Here is our app. Download it from App Store or Google Play.. You can add banks to it as you like, and pay your friends and family. We will just sit outside of your Financial Institution as long as we can verify them, and let you silly geese play with each other.. Smarter.. 

Both Zelle and Venmo do have limits on transactions, because the makers of the apps wanted them to be used for personal finances, and not commercial use. Perhaps venmo can make a product to be used for commercial finances and charge a subscription fee.  

Ok, I see where you're coming from, as I toyed with setting multiple accounts up. We're talking about banks that part of the Zelle system, especially setting up a Zelle account in each.

I used Citibank as my primary disbursement account and enrolled in it first. My daughter had a TD account, I enrolled her in it as well. I used my email address as the userid for the Citi account and she used her cell number as her userid at TD as her Zelle handle. Tested sending and receiving, all went well.

Then Chase had ZellePay, and I had my investments there, sometimes I had to cash out and move money into Citi. I had external accounts set up in both, I can do ACH transfers, but thought it would be nice to have ZellePay set up as well, as backup.

At first, it was a no go, used the same email address I used at Citi, and Chase Zelle enrollment said "sorry you already have a Zelle account at Citi". Being a former IT guy, programmer, said to myself, I got plenty of email addresses, so let me try another. I typed in another one of my email addresses as my userid, and I have Zelle set up at Chase.

After each setup, I do a test run, I tested sending $1.00 from Citi to Chase, and sending $1.00 from Chase to Citi and it was a success.

I guess the best way to describe a unique Zelle setup is "A Zelle account is: "one email (or cell number), "one bank", "one bank account#". So NO using the same ID at two different banks.

I like your comment about Zelle being a verb. Last weekend, my daughter said "can you Zelle me $50". Last night, my wife visiting her mom on the west coast, called and ask "I'm going to the ATM tomorrow to take out $300, do we have enough or do you have to Zelle something in".

One other thing I like to mention about Chase. I don't often transfer funds out of Chase elsewhere. But recently I did, and they have an option for transfer, beside next business day, scheduled transfer, they also have "real time transfer", when I chose that, the money went immediately to the recipient bank. I logged out of Chase, logged into Citi, and it was there. And it wasn't through Zelle.

Originally posted by @Frank Chin :
Originally posted by @Chinmay J.:
Originally posted by @Frank Chin:
Originally posted by @Chinmay J.:
Originally posted by @Jackie Hung:

Hi, I am currently using eRentPayment. I have just leased to a new tenant and this is a tech guy but he was having a hard time getting it set up. I am partly to blame as I didn't send him the email template that I got 2 years ago when I set up with the first tenant (who would remember something from 2 years ago!). I simply use the eRentPayment link to send the instruction but apparently he needed a renter code. I have to ask their customer services.

Pros: (1) once it is set up, it is pretty much all automated. (2) email customer service is usually pretty quick turnaround within 1 day. (3) $3.00/transaction is pretty reasonable for 1 property

Cons: (1) can be hard to set up for tenant because you need to remember to send them a renter code (2) takes 7 days to get the deposit in the bank (3) no phone support, email only.

I'm wondering if anyone else use a different vendor.  Note: Zelle is not an option for high rent payment. Zelle caps the very first time between two parties at $250 and subsequent transactions max at $2500.

I saw someone else posted about Cozy reversing rent. I have not run into problem but keeping that in mind as well.

 Zelle is primitive in its offering compared to Venmo.  Venmo, unlike Zelle, is a standalone app, and you can add multiple banks as receivers and multiple as sender. I have currently 3 banks added, and use it for my real estate as well as personal expenses.  One of my rentals is $2500 townhouse, and I can use Venmo just fine. 

I used to use erentpayment, but I don't see the point in paying $3.00 fee per transaction. It can add up quickly if you have multiple doors. 

Don't know how up to date your info on Zelle is. I have accounts at Citi, Chase, TD and so does members of our family. This past year we've been notified by these banks that are now part of the Zelle system. Sending and receiving money is now built into the bank apps, both on-line and the mobile apps. All you have to do to enroll is to go into the "Payment and Transfer" where Zelle is located, enroll, and you're ready to go.

We enrolled in it, and tried it out. In the past, I have all these bank accounts linked bank to bank via external transfer set ups, and still have it. Transfers this way take from one to two business days. This past weekend, my daughter needed $50 extra for her shopping trip, I Zelled it to her from Citi to TD on Saturday. On my bank mobile app, I Zelled it, and immediately got a text message on from Citi saying $50.00 sent to my daughter. Then, 90 seconds later, she got a text message from TD saying "$50 Zelle received from Dad" which is the nickname I assigned to myself. And a few times, it took 5 to 7 minutes, which is still not bad. And the funds are immediately available with her checking her bank mobile app.

Is this process primitive? You tell me. But they pointed out there is a standalone Zelle app, where funds transfers could take up to a day or two, if the banks are not part of the Zelle system.

The problem pointed out is I would have to check with my bank what the daily transfer limits are, and they appear to be too small to do rentals.

As to my rentals, I have them for nearly 40 years and currently mortgage free. For the SFR, monthly rent is $2,300, below market, and monthly taxes run $800, and $100 for mowing, tenant pays utilities. If I have to pay $2 more to do electronic banking, would it suddenly become unprofitable? Don't think so. I could always raise the rent by $2.00.

As to using Venmo, my daughter used it while in college, and was advised the daily limits may be too small for me to do rentals.

And.. who knew Zelle could be used as a verb..  LMAO..

The reason why I used the word primitive is that if I am using Zelle in my Capital One Bank account, then I cannot use it with my SunTrust account.  This is a real life example BTW   Both of the banks are members of Zelle's service.  This is because primarily, the Zelle app sits inside your bank's system. So obviously if it's being used by Cap One, you won't be able to use it with SunTrust.  Now you do bring up the point that you can use Zelle standalone app.  The last time I checked, you can only use your debit card.. So this is treated as debit card payment and not ACH payment.  Oh so now you want me to have debit card for every account I have? I find having too many debit cards inherently risky.  I have several checking accounts, but only 2 debit cards, which are locked up in my safe.  I don't even carry them on me. 

Venmo says.. Here is our app. Download it from App Store or Google Play.. You can add banks to it as you like, and pay your friends and family. We will just sit outside of your Financial Institution as long as we can verify them, and let you silly geese play with each other.. Smarter.. 

Both Zelle and Venmo do have limits on transactions, because the makers of the apps wanted them to be used for personal finances, and not commercial use. Perhaps venmo can make a product to be used for commercial finances and charge a subscription fee.  

Ok, I see where you're coming from, as I toyed with setting multiple accounts up. We're talking about banks that part of the Zelle system, especially setting up a Zelle account in each.

I used Citibank as my primary disbursement account and enrolled in it first. My daughter had a TD account, I enrolled her in it as well. I used my email address as the userid for the Citi account and she used her cell number as her userid at TD as her Zelle handle. Tested sending and receiving, all went well.

Then Chase had ZellePay, and I had my investments there, sometimes I had to cash out and move money into Citi. I had external accounts set up in both, I can do ACH transfers, but thought it would be nice to have ZellePay set up as well, as backup.

At first, it was a no go, used the same email address I used at Citi, and Chase Zelle enrollment said "sorry you already have a Zelle account at Citi". Being a former IT guy, programmer, said to myself, I got plenty of email addresses, so let me try another. I typed in another one of my email addresses as my userid, and I have Zelle set up at Chase.

After each setup, I do a test run, I tested sending $1.00 from Citi to Chase, and sending $1.00 from Chase to Citi and it was a success.

I guess the best way to describe a unique Zelle setup is "A Zelle account is: "one email (or cell number), "one bank", "one bank account#". So NO using the same ID at two different banks.

I like your comment about Zelle being a verb. Last weekend, my daughter said "can you Zelle me $50". Last night, my wife visiting her mom on the west coast, called and ask "I'm going to the ATM tomorrow to take out $300, do we have enough or do you have to Zelle something in".

One other thing I like to mention about Chase. I don't often transfer funds out of Chase elsewhere. But recently I did, and they have an option for transfer, beside next business day, scheduled transfer, they also have "real time transfer", when I chose that, the money went immediately to the recipient bank. I logged out of Chase, logged into Citi, and it was there. And it wasn't through Zelle.

Yes, Chase does allow you to instantly transfer money from your Checking Accounts to other banks. My understanding is (however, I could be wrong) it only allows to only transfer money to your own account held at a different Financial Institution (FI). 

If a company can provide just the infrastructure of how transactions are routed and allow the bank to integrate that with their existing UI (user interface) then you really wouldn't even need an app like Venmo and Zelle to conduct your business. You could just go to a tab in your bank's online banking and initiate a transfer to another person using their phone #/ email address and it would come to you in realtime. 

The truth is that P2P (person 2 person) payments have been around for a long time, but somehow they never got traction until Zelle and Venmo came along. 

@Chinmay J.

You said "Both Zelle and Venmo do have limits on transactions, because the makers of the apps wanted them to be used for personal finances, and not commercial use. Perhaps venmo can make a product to be used for commercial finances and charge a subscription fee. "

Didn't comment on this point in my last post. If you are willing to pay a subscription fee, why not just pay ClearNow or some of these other rent collection services the $2.00 for each collection. Might come out cheaper.

Originally posted by @Frank Chin :

@Chinmay J.

You said "Both Zelle and Venmo do have limits on transactions, because the makers of the apps wanted them to be used for personal finances, and not commercial use. Perhaps venmo can make a product to be used for commercial finances and charge a subscription fee. "

Didn't comment on this point in my last post. If you are willing to pay a subscription fee, why not just pay ClearNow or some of these other rent collection services the $2.00 for each collection. Might come out cheaper.

 I didn't know anything about ClearNow. Will look into it. I am much in favor of paying set $20-30 per month for unlimited doors instead of paying per transaction. 

Originally posted by @Chinmay J. :
Originally posted by @Frank Chin:
Originally posted by @Chinmay J.:
Originally posted by @Frank Chin:
Originally posted by @Chinmay J.:
Originally posted by @Jackie Hung:

Hi, I am currently using eRentPayment. I have just leased to a new tenant and this is a tech guy but he was having a hard time getting it set up. I am partly to blame as I didn't send him the email template that I got 2 years ago when I set up with the first tenant (who would remember something from 2 years ago!). I simply use the eRentPayment link to send the instruction but apparently he needed a renter code. I have to ask their customer services.

Pros: (1) once it is set up, it is pretty much all automated. (2) email customer service is usually pretty quick turnaround within 1 day. (3) $3.00/transaction is pretty reasonable for 1 property

Cons: (1) can be hard to set up for tenant because you need to remember to send them a renter code (2) takes 7 days to get the deposit in the bank (3) no phone support, email only.

I'm wondering if anyone else use a different vendor.  Note: Zelle is not an option for high rent payment. Zelle caps the very first time between two parties at $250 and subsequent transactions max at $2500.

I saw someone else posted about Cozy reversing rent. I have not run into problem but keeping that in mind as well.

 Zelle is primitive in its offering compared to Venmo.  Venmo, unlike Zelle, is a standalone app, and you can add multiple banks as receivers and multiple as sender. I have currently 3 banks added, and use it for my real estate as well as personal expenses.  One of my rentals is $2500 townhouse, and I can use Venmo just fine. 

I used to use erentpayment, but I don't see the point in paying $3.00 fee per transaction. It can add up quickly if you have multiple doors. 

Don't know how up to date your info on Zelle is. I have accounts at Citi, Chase, TD and so does members of our family. This past year we've been notified by these banks that are now part of the Zelle system. Sending and receiving money is now built into the bank apps, both on-line and the mobile apps. All you have to do to enroll is to go into the "Payment and Transfer" where Zelle is located, enroll, and you're ready to go.

We enrolled in it, and tried it out. In the past, I have all these bank accounts linked bank to bank via external transfer set ups, and still have it. Transfers this way take from one to two business days. This past weekend, my daughter needed $50 extra for her shopping trip, I Zelled it to her from Citi to TD on Saturday. On my bank mobile app, I Zelled it, and immediately got a text message on from Citi saying $50.00 sent to my daughter. Then, 90 seconds later, she got a text message from TD saying "$50 Zelle received from Dad" which is the nickname I assigned to myself. And a few times, it took 5 to 7 minutes, which is still not bad. And the funds are immediately available with her checking her bank mobile app.

Is this process primitive? You tell me. But they pointed out there is a standalone Zelle app, where funds transfers could take up to a day or two, if the banks are not part of the Zelle system.

The problem pointed out is I would have to check with my bank what the daily transfer limits are, and they appear to be too small to do rentals.

As to my rentals, I have them for nearly 40 years and currently mortgage free. For the SFR, monthly rent is $2,300, below market, and monthly taxes run $800, and $100 for mowing, tenant pays utilities. If I have to pay $2 more to do electronic banking, would it suddenly become unprofitable? Don't think so. I could always raise the rent by $2.00.

As to using Venmo, my daughter used it while in college, and was advised the daily limits may be too small for me to do rentals.

And.. who knew Zelle could be used as a verb..  LMAO..

The reason why I used the word primitive is that if I am using Zelle in my Capital One Bank account, then I cannot use it with my SunTrust account.  This is a real life example BTW   Both of the banks are members of Zelle's service.  This is because primarily, the Zelle app sits inside your bank's system. So obviously if it's being used by Cap One, you won't be able to use it with SunTrust.  Now you do bring up the point that you can use Zelle standalone app.  The last time I checked, you can only use your debit card.. So this is treated as debit card payment and not ACH payment.  Oh so now you want me to have debit card for every account I have? I find having too many debit cards inherently risky.  I have several checking accounts, but only 2 debit cards, which are locked up in my safe.  I don't even carry them on me. 

Venmo says.. Here is our app. Download it from App Store or Google Play.. You can add banks to it as you like, and pay your friends and family. We will just sit outside of your Financial Institution as long as we can verify them, and let you silly geese play with each other.. Smarter.. 

Both Zelle and Venmo do have limits on transactions, because the makers of the apps wanted them to be used for personal finances, and not commercial use. Perhaps venmo can make a product to be used for commercial finances and charge a subscription fee.  

Ok, I see where you're coming from, as I toyed with setting multiple accounts up. We're talking about banks that part of the Zelle system, especially setting up a Zelle account in each.

I used Citibank as my primary disbursement account and enrolled in it first. My daughter had a TD account, I enrolled her in it as well. I used my email address as the userid for the Citi account and she used her cell number as her userid at TD as her Zelle handle. Tested sending and receiving, all went well.

Then Chase had ZellePay, and I had my investments there, sometimes I had to cash out and move money into Citi. I had external accounts set up in both, I can do ACH transfers, but thought it would be nice to have ZellePay set up as well, as backup.

At first, it was a no go, used the same email address I used at Citi, and Chase Zelle enrollment said "sorry you already have a Zelle account at Citi". Being a former IT guy, programmer, said to myself, I got plenty of email addresses, so let me try another. I typed in another one of my email addresses as my userid, and I have Zelle set up at Chase.

After each setup, I do a test run, I tested sending $1.00 from Citi to Chase, and sending $1.00 from Chase to Citi and it was a success.

I guess the best way to describe a unique Zelle setup is "A Zelle account is: "one email (or cell number), "one bank", "one bank account#". So NO using the same ID at two different banks.

I like your comment about Zelle being a verb. Last weekend, my daughter said "can you Zelle me $50". Last night, my wife visiting her mom on the west coast, called and ask "I'm going to the ATM tomorrow to take out $300, do we have enough or do you have to Zelle something in".

One other thing I like to mention about Chase. I don't often transfer funds out of Chase elsewhere. But recently I did, and they have an option for transfer, beside next business day, scheduled transfer, they also have "real time transfer", when I chose that, the money went immediately to the recipient bank. I logged out of Chase, logged into Citi, and it was there. And it wasn't through Zelle.

Yes, Chase does allow you to instantly transfer money from your Checking Accounts to other banks. My understanding is (however, I could be wrong) it only allows to only transfer money to your own account held at a different Financial Institution (FI). 

If a company can provide just the infrastructure of how transactions are routed and allow the bank to integrate that with their existing UI (user interface) then you really wouldn't even need an app like Venmo and Zelle to conduct your business. You could just go to a tab in your bank's online banking and initiate a transfer to another person using their phone #/ email address and it would come to you in realtime. 

The truth is that P2P (person 2 person) payments have been around for a long time, but somehow they never got traction until Zelle and Venmo came along. 

I didn't get into it, but at one time, I was a programmer, and one of the things I programmed is doing ACH transactions, where you debit someone's account at one bank and debit someone else's account at another bank.

Besides the programming aspect, there is a legal aspect, the bank involved would have to receive the approval of the person or organization whose account it is. That was over 20 years ago, I did EDI programming with EDI translators, and programs are written where if you have approval, it will automatically debit one account and credit another one at another bank. I recall having to test run the program with our bank, which happens to be Chase. At the time, it was for the payment of goods.

As to my transfer of funds from Chase to Citi, it is from one personal account of mine to another. But in the commercial arena, where you are debiting the accounts of your customers, or the case of real estate, tenants, it's takes on another level of complexity. 

I have been using Cozy for 2 1/2 years and love it. It is free and the only issues I have had with it are minor. Both of the issues I have had I think are unique to my circumstances. I am renting on the extended stay market which means the apartments are leased months before occupancy. The two problems I have run into is that when the tenant is setting up automatic monthly payments, Cozy defaults to today's date for the first payment. I try to remind the tenants to correct that to be the actual occupancy begin date but they still don't always remember. The other issue is that the first month rent is due so long in the future that I had a tenant forget what the Cozy payment was for and cancelled the payment! Neither of these issues are likely to be problems for long term rentals which are usually leased right before the occupancy date.

I use tenantcloud for my rental and am liking it so far.  The only complaint I have is it takes around 7 business days for the rent to hit my bank account but it is only $90/year.  Creating a lease on there is easy and it can be e-signed.  It also has basic accounting.