Peer to Peer Payments ie Venmo or Zelle

[Joseph Catalano]

Has anyone tried using Venmo, Zelle or Square Cash for your rental payment options?  We have been considering it and just wanted to see if anyone out there had any experience. We were thinking it may making it easier that going to the mailbox which a few tenants have difficulty doing. Thanks in advance.

Joseph

[Cara Lonsdale]

ZELLE all the way!  Zelle is a direct link to our account.  Many of our tenants pay us this way.  Payments are in real time, FREE (no fees), and tracked.  Did I mention NO FEES?!

You can request money too so if tenants are late, you can send them an invoice.

Most banking institutions are hooked up to Zelle, so anyone can use it.  You just need their email address or phone number.

The ONLY issue is that if the tenant's bank imposes a daily limit on how much they can send, they have to originate the rent a day early so they can break it up in two payments.  We have one tenant who has to do this.  It's not that big of a deal, but I thought I would mention it.  It is something that comes from the originating bank, so I don't know how any of the other systems would get around this.