@Kayla Jones hello there...I personally use Venmo. However to track everything for my rentals I use Stessa. It is pretty straight fwd and you can manually add stuff as well as scan receipts and all paperwork.
I understand Venmo has a business account feature but I have not used it yet.
Standard automatic bank transfer works well. I set up my bank to print an echeck every month and mail it to my landlords bank when I was subleasing from him and running an Airbnb from his rental unit. Worked great!
I'm using Venom for my tenants that asked. It seems to work fine. Slight charge for instant transfer, its free for 1-3 day transfer. I've been getting mine in 1 day.
I primarily use PayPal and Venmo. The trouble is that I think they may develop restriction for use into a business account. I am considering a switch to Cozy or Zillow in 2021. None of them have fees. They get their income from holding and using your money for a couple days.
@Sandra Andrews excellent point. I believe Zelle would be similar, since it connects directly to bank accounts it probably follows there are transfer limits.
I've been using Cozy for all my rentals and I am very happy with it. ACH direct payment transfer when rent is due from Tenant's bank account to my rental checking account once it is set up. You can set it to collect the late fee automatically as well. I don't use Venmo or Zelle unless it is absolutely necessary since I want to automate my rent collection as much as possible.
I like their listing syndication to major rental platforms, tenant application and background check features as well. Best thing is it doesn't cost me anything :)
There's always the tried and true good old paper check:) But we use Rent Perfect, its also a background screening tool for credit and criminal history.
We are using Rentler app since last year after dealing with mailed checks/Venmo/Cash app etc. Definitely changed my life, I get notifications once payment is processed and, if its late, it will automatically add late fee to the tenant and notify him. Payment can be routed to a specific bank account if you have different accounts for each property. It also does background checks, you can list your place and easy to track portfolio. Best of all - it's free! 馃榿
I heard they are working on adding full accounting option as well. I currently use Stessa for that, bit would be cool to have it all in one place!
@Account Closed Venmo is also not supposed to be for business and rentals are a business, that could have compounded the issue for you. If she is evicting for holdover from December you are month to month I guess? That will make it difficult for you to win an eviction. If it is a lease check your laws might be best to have rent in escrow.
@Account Closed interesting how long after the venmo issues? I am assuming he is not HUD exempt by living there? or if he is there are other state laws that apply? You are now a holdover tenant on a M2M from December who per another thread got a 7k check for rent relief. While you could win a discrimination suit and I hope you do if you are in the right, I would think twice on cashing that check. It isn't yours if you didn't pay rent and you could be prosecuted for fraud. For housing I doubt they could make him rent to you indefinitely but would you want to?
As for fraud, Venmo fraud is a real issue I prefer zelle because if I get a fraud on a bank account I get to talk to someone. Actually my bank solved my Venmo fraud issue.