Accepting Deposit to Hold Via Venmo -- Is it a bad idea?

[Christopher Freeman]

Howdy all,

We're trying to iron out a kink in our new tenant onboarding process. We currently follow Brandon Turner's advice to require initial payments via cashier's check or money order. While we see the good reason behind a certified funds policy, we find that it is very clunky. Most of our accepted applicants are working adults and (especially in our somewhat rural area), expecting them to find time to get to a bank within banking hours and hand deliver a cashier's check seems burdensome.

My question is whether or not Venmo might be a viable alternative. It is my understanding that (unlike Paypal), Venmo can't reverse payments without consent from both parties, and the funds can only transfer if they exist.

What are people's thoughts on this practice?

--Chris