Collecting Rent Using Cash App

[Sam Lofton]

Hello,

      My tenants asked to use Cash App to send rent. Does anyone have experience with this application for rent collection and any pros/cons they'd like to share? 

Thanks!

Sam
     

[Josh Hostetler]

If you use Cash App be sure to move your rent payments into an FDIC insured bank account quickly because cash app is not FDIC insured. My sister-in-law accepted payments for her business with Cash App and she lost $3,000 when her account was hacked.

I've found Zelle is a good way to accept payments because they are deposited directly into my FDIC insured account. Zelle is available directly in many banking apps.