Venmo limits....any way of increasing these

28 Replies

I have many rentals and have started really getting hurt with Venmo's limits on how much you can transfer out of venmo on a weekly basis.

I can only transfer $19k per week to my bank. I have alot more than than coming in through Venmo.  Holding those funds really doesn't work.

Anyone else run into this? Any ideas?  

thanks

So far as I’m aware, you can’t- it’s part of their risk models similar to their ach transfer limits (which is automatically set). at a lot of banks... I guess Congrats, at 19k a week you need to move to a more formal payment solution,

@Eric Ippolito     I know I know.  But still hurts when you're trying to pay quite a few mortgages.

My tenants are students so I'm trying to show them how to simple use their online banking to send rent. But they love an "APP".  

@Andy Basler Venmo is designed for smaller person-to-person transactions. If you have $19K+ income per week, you are running a full scale business. Neither Venmo, Zelle or Cash app are designed for business use. I would say if you are running a business, move to a system designed for businesses. You could use Cozy.co or Erentpayments.com or Zillow to collect rent electronically. But honestly at your size, you may want to consider a true property management software that has rent payment built in. I would evaluate a three or four. 

I know you say you don't worry about a fancy portal or website, but if you are collecting $20K per week, that is over a million per year. You should have a web portal with account summaries, ways to schedule payments, ways to invoice added charges, etc. These type of systems also provide financial statements and store history on each tenant. 

Lots of businesses scale and people try to run a large business like they did when they were a mom and pop startup. That leads to problems over time. Not criticizing, because you are knocking it out of the park, but just trying to offer advice to help as you keep growing.

@Andy Basler I have used roof.io with success.  Easy to setup and easy to use, also has an app. Sends reminders to them as well as a maintenance message board so you can stay on top of any repairs.  Pretty easy to divide it up by each property as well!

@Aaron Zimmerman Zelle does not always work well either. That had been my preferred method but some institutions, such as credit unions, don’t appear to utilize it and others have limits on transactions as well. I stared to run into issues with that. In addition, my bank started charging $15 per incoming transfer. That was the final straw and I started switching to cozy. Cozy seems to work fine but is painfully slow compared to Zelle unfortunately. May have to upgrade to the ‘pay for timeliness’ option with them.

@Andy Basler Time for an upgrade or change. I’ve seen others have already mentioned Cozy or Zelle. Good options. If you’re pulling in $19k a week in rent, maybe you can develop (or have some develop for you) your own app or website they can pay on. I don’t know how much those cost, though. Just an idea.

@Andy Basler a number of people have said in this thread they use cozy.co

I use it as well. This solved my max limits from venmo/paypal/zelle.

Good portal access on the site, super simple to use, free for basic services like rent collection. Tenant can submit repair/maintenance tickets to you as well.

Biggest downside is that they hold your rent for a few days (4-5?) before the transfer into your bank. You may be able to upgrade out of that delay.

I have not found a more elegant solution yet.

Good luck

I used Venmo before for my rental property but the transaction limit really annoyed me and it's hard to track my rent. I now use Tellus and it's designed for rental property so the rent collection feature is really awesome, my tenants pay me through their app and I can track every incomes and expenses now easily in the app. 

Originally posted by @Andy Basler :

I have many rentals and have started really getting hurt with Venmo's limits on how much you can transfer out of venmo on a weekly basis.

I can only transfer $19k per week to my bank. I have alot more than than coming in through Venmo.  Holding those funds really doesn't work.

Anyone else run into this? Any ideas?  

thanks

 Try staggering your lease agreements: make different due dates. Usually all rents are due on the first of the month that’s why it’s over limits.

If your rents due on 7th, 14th, 21st etc - then it will be transferred without hassle.

However, if your rents are totaling more than $90K/month, this won’t work either

I've been looking at other options as well. Did I read right that for the free transactions Cozy takes 6 business days to deposit your money to your bank account? And for $2.99 a month per unit, it still takes 3 business days to get you your money? Because I use PayPal right now, mostly since almost everybody already has an account. After the initial verification of about 5 business days for a tenants first time using it, I've been getting my money within 24 hours. Now, do I need my money in 24 hours? Well, no. But I also don't feel the need to have somebody else holding my money for 3-6 business days. Also, I do still allow a check to be mailed to my P.O. Box. It's not that inconvenient since you can do deposits via a smart phone, and I need to head to the P.O. Box about once a month for other mailings anyway. 

I would not prefer using Venmo for rent transaction since it is designed for person to person transactions and for small amount of money but not for rental.