What App do your tenants use to pay rent?

General Landlording & Rental Properties
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What App do your tenants use to pay rent?

Tomas Satas
Investor · Berwyn, IL · Member since 2015 · 64 posts · 8 votes

So I wanted to set up Zelle for our LLC but have noticed in the past that I cannot make transfers to other peoples LLC Zelle accounts if I have a debit card linked to my Zelle.

I am assuming that tenants will most likely be using a Zelle account with a debit card to pay rent.

What do you all use in this situation?

Thanks so much!

Tomas

2Reply
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Most Popular Reply

Brian Phillips
Member since 2021 · 25 posts · 19 votes
5y
I use Cozy. That platform allows me to share documents with the tenants and do some other things are convenient. My bank doesn't let me use Zelle for a business account.
4Reply
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27 Replies

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  • Brian Phillips
    Member since 2021 · 25 posts · 19 votes
    5y
    I use Cozy. That platform allows me to share documents with the tenants and do some other things are convenient. My bank doesn't let me use Zelle for a business account.
    4Reply
  • Tomas Satas
    OP
    Investor · Berwyn, IL · Member since 2015 · 64 posts · 8 votes
    5y

    Cozy takes a certain number of businesses days for the funds to be available though right?

    0Reply
  • Brian Phillips
    Member since 2021 · 25 posts · 19 votes
    5y
    Normally it takes about 5 days. But for $2.99 a month, you can get the money in about 2 days. I know that Zelle would be faster, but I like some of the other features with Cozy. 
    0Reply
  • Christopher B.
    Investor · Southeast, MI · Member since 2016 · 425 posts · 184 votes
    5y

    We use Quickbooks Online for our accounting, so I was using their payments.  However, we utilize TenantCloud for our property management, so am moving to their payment system going forward. 

    All banks don't use Zelle inherently.  

    1Reply
  • Patrick M.
    Rental Property Investor · Red Bank, NJ · Member since 2017 · 1k+ posts · 1k+ votes
    5y

    I transitioned my tenants from Cozy to Zelle a couple years ago. My newest 3 tenants pay with Venmo- I am good with this because even with the free transfer it is in my bank account the next day without exception. 

    1Reply
  • Chandler Calvert
    Rental Property Investor · Member since 2019 · 19 posts · 10 votes
    5y

    @Tomas Satas We use cozy and it’s amazing! Currently have 6 properties.

    2Reply
  • Eric Sullivan
    Developer · Salem, MA · Member since 2018 · 83 posts · 68 votes
    5y

    We use Hemlane. I have used cozy in the past. I think both are solid choices you just need to decide on the features you are looking for.

    0Reply
  • Jeanette GreenePro Member
    Member since 2020 · 1 post · 0 votes
    5y

    I use Cozy/Apartments.com. One of my residents pays me via Cash App due to banking issues, but I then report it as a credit to their Cozy Account. 

    0Reply
  • Kelly N.
    Investor · SE, MI · Member since 2013 · 1k+ posts · 461 votes
    5y

    We were using Quickbooks payments, but last year they increased their processing fee from $1 to $3 per transaction, so I switched to Cozy.co  and love it! 

    Yes, it takes a few days for the payments to clear, but we were seeing the same delay through Quickbooks so it hasn't been an issue.  I do like that tenants can schedule payments, adjust the amount among roommates without my involvement, and easily see their lease end date and security deposit amount, and see how much their roommates have paid and when.  I may be jumping to conclusions, but late payments seem to have decreased since changing to Cozy, I am assuming housemates being able to see that someone hasn't paid is a deterrent.

    2Reply
  • Account Closed
    Investor · Chicago, IL · Member since 2014 · 169 posts · 29 votes
    5y

    I use Zelle and it works great. I don't have an LLC though. Some new tenants have to call their bank on the first month and have them accept the payment but after that it's seamless and easy for my tenants.

    1Reply
  • Justin Phillips
    Lender · Phoenix, AZ · Member since 2018 · 440 posts · 256 votes
    5y

    I use Venmo, and it's great. We have a personal account, and a business account that we're able to keep separate. 

    4Reply
  • Michael Perner
    Real Estate Agent · Houston · Member since 2021 · 6 posts · 1 vote
    5y

     Timely, informative topic, thanks.  I just got my license, but am still paying a Realtor to manage my rentals.  They are all rented so at this point, I would only need to collect the rents and do the accounting.  I will start researching Cozy.  Thanks again.

    1Reply
  • Jill F.
    Investor · Akron, OH · Member since 2016 · 2k+ posts · 4k+ votes
    5y
    We use our pm software Buildium. It is my understanding that accepting rent via zelle, cashapp, or venmo is technically a violation of their terms of service (if you aren't signed up for a business account which has fees)-- Operating outside the terms of service seems risky to me if a tenant decides contest a payment.
    1Reply
  • Melissa Catena
    Real Estate Agent · Walnut Creek, CA · Member since 2018 · 4 posts · 2 votes
    5y

    Another vote for Cozy/Apartments.com. No complaints so far.

    1Reply
  • Jacob Laird
    Rental Property Investor · NC · Member since 2020 · 12 posts · 9 votes
    5y

    @Tomas Satas Hey Tomas! My tenants use RentRedi to make payments. It’s a great platform that I’ve been using for the past couple of months. The only complaint I had was the 2-4 business days for funding to deposit, but after requesting same day funding, I was granted it in a day. The customer service is great!

    2Reply
  • Dave PoeppelmeierBusiness Member
    Realtor · Maumee, OH · Member since 2015 · 491 posts · 722 votes
    5y

    We used to use Cozy prior to having a Bookkeeper who uses Rent Manager, but otherwise you can just use Venmo/CashApp/etc for easy online payments. Whatever you use, just be clear it's the one they have to use. The big thing is they need to be able to have a checking account for the ACH transfer. 

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    1Reply
  • Ola Dantis
    Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
    5y

    You can check with Zelle on that. Other options are CashApp, Venmo, PayPal. 

    Or just get the tenant to set up an ACH to your Bank Account, just get your tenant to set it up on their end. 

    0Reply
  • Ryan Keenan
    bethel, CT · Member since 2015 · 335 posts · 57 votes
    5y

    @Tomas Satas

    I like cozy, you can setup automatic late fees.

    0Reply
  • Tom HarkinsPro Member
    Rental Property Investor · DC Area · Member since 2019 · 100 posts · 54 votes
    5y

    @Tomas Satas Another Cozy user. I also offered my tenants a small incentive (rent discount) to set up auto-pay. So far so good. 

    0Reply
  • Ali L.
    Investor · Brooklyn, NY · Member since 2016 · 121 posts · 31 votes
    5y

    @Tomas Satas Cozy! One downside is no voice technical support. Less tech savvy tenants run into issues and ideal to be able to give them a # to call.

    0Reply
  • Jason Butts
    Rental Property Investor · Cambridge Ohio · Member since 2019 · 34 posts · 8 votes
    5y

    @Tomas Satas

    Venmo hands down. Personal

    Account so no fees.

    Back up is PayPal sent as “friends and family” so no fees.

    Back up back up, Cash App but I don’t really like it because it don’t confirm a send and so I’ve sent money to the wrong person on accident

    0Reply
  • Holly HamiltonPro Member
    Fayetteville, AR · Member since 2018 · 11 posts · 9 votes
    5y

    @Tomas Satas We use cozy for our rentals (7 doors). Easy to setup for payments/deposits and also easy for tenant applications and screening. We do have one tenant that pays cash, and Cozy allows for me to log it in as such. Very easy to download all rents by property for taxes.

    0Reply
  • Aigo Pyles
    Flipper/Rehabber · Memphis, TN · Member since 2020 · 758 posts · 285 votes
    5y

    I used Zelle, paypal or electronic banking. Cozy seems great also.

    0Reply
  • Keisha D Dobney-Boykin
    Rental Property Investor · Fort Mill, SC · Member since 2021 · 22 posts · 12 votes
    5y

    @Tomas Satas I've used Cozy for a few years now never had an issue and everything is tracked.

    0Reply
  • John Garcia
    Member since 2021 · 39 posts · 22 votes
    5y

    @Tomas Satas

    I’m actually using Zillow to have my tenants pay.

    Although it’s a 5 day turnaround.

    But it’s been great so far.

    0Reply
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