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.