I'm wondering if Zelle or Venmo are options? I know Zelle links straight to a bank account, unlike Paypal - but I'm unsure of the paper trail it can provide for accounting/tax/reporting needs.
@Tracy Cummins I’ll keep looking into those more and see. As long as its going into the property business account, maybe it would work! Thank you for your comment!
@Tracy Cummins This is looking promising! https://www.zibo.co/payments.html?referrer=/&utm_source=google&utm_medium=cpc&utm_campaign=02_rent_collection_mobile_(search)&utm_term=online%20rent%20collection%20software&device=m&placement=&gclid=Cj0KCQjwrsGCBhD1ARIsALILBYq1CgTdLPsD2Wvs2q9V_iOXNkWdshodoAxBUnIievuQKX8L96V3HPwaAq-1EALw_wcB
@Michael Plante Thank you! I’m just learning about Cozy! And I just read about Zibo, which is suppose to be like Cozy, but there are no fees. We shall see!
@Michael Plante Thank you! I’m just learning about Cozy! And I just read about Zibo, which is suppose to be like Cozy, but there are no fees. We shall see!
I’ve never paid a fee with cozy
My tenents have never said they paid a Fee expect for the background check
@Kayla Jones@Tracy Cummins Cozy, Venmo, and Zelle all work just fine for rent collection (and are free). Personally, I'd stay away from PayPal. Too easy for the tenant to do a chargeback and have the payment(s) reversed. Here's just one of the multiple posts on here where someone's reported that happening: Beware of accepting Paypal
@Kayla Jones I use Cozy.co for collecting rent payments. It's free and good enough. Everything else I track in QuickBooks, so I don't need anything more from a property management software at this time (I only have 1 rental). My tenant pays with ACH so it's free, but I believe the other options might have a fee.
I use Cozy and recommend it to all my clients! My tenants have it set to auto pay each month so rent comes in like clockwork each month. I also use it to run the background/credit applications.
@Kayla Jones Just a quick note on Venmo - it's actually against their terms to use the platform to collect rent unless you register as a landlord / business. If you do, it starts to incur a 3% transaction fee.
Tons of landlords use Venmo without registering in that way and for what it does it's great, so you may be okay, but just be aware of the risk you run.
I use Zillow rent manager. For collecting rent it’s free for you and the tenant. Once the tenant pays it’s takes about a week for your deposit.
This way I can also list the property for rent and keep all the management out of one service. ie...listings, applications, background checks, and then rent collection.
I use zelle at times, it is free, immediate and you can link it to your property account.....
For most of the other options like cozy etc - they hold your funds for 3-5 days which to me is unacceptable.
If you are a business with over 10 units you can also do ACH via your bank. This is also immediate but you need to do the transactions each month, not your tenants.