Collect rent with Venmo?

[DJ Daller]

I'm closing on my first property at the end of this month. Of course...I have a thousand details to figure out. Rent collection is at the top of my list. I made a profile on Tenant Cloud and there is some good info there. They use paypal and other services to collect, but they charge fees. I wondered if anyone has ever used Venmo. I have used it among friends to send cash here and there, but nothing business related. Thanks, DJ

[Sharlene Mulchandani]

As far as I know, for Paypal and Venmo, you will require a business account to collect rent, since by using a personal account, you are in direct violation of their User Agreements. Also, through the use of a business account, you're likely to encounter fees to collect these payments. I suggest looking into a free property management software company for rent collection instead of using these apps.