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Updated almost 6 years ago,

User Stats

21
Posts
6
Votes
Stephen G.
  • Property Manager
  • Buffalo, NY
6
Votes |
21
Posts

Online Rent Payment: Need Recommendations!

Stephen G.
  • Property Manager
  • Buffalo, NY
Posted

Hello BiggerPockets Community!

I wanted to both share a recent experience as well as ask for recommendations for electronic payment services for property managers and landlords.

For the longest time, I was using Venmo as a way for my tenants to pay me. However, I recently ran into a situation where my account was suspended due to suspected unauthorized activity. After emailing the company back and forth many times, I was told that receiving rent thru their platform is considered a violation of their Terms of Service since their app was solely designed for "peer-to-peer" lending and payments (and NOT rent or business transactions).. I was lucky enough to have my account zeroed out at the time, but the thought of potentially having thousands of dollars tied up in a 3rd party service made me too uncomfortable to use Venmo again.

I've been researching other options specifically intended for rent payments for landlords and property managers, however I haven't come up with one which I feel entirely comfortable with using. I've read some reviews on various different online rent platforms, and they either have notorious reviews for (purportedly) hanging on to funds for an unreasonably long period of time and/or missing payments, or charge far too much.

I understand that I probably won't get away from using another 3rd party service, however I would like to consider a well-vetted company that won't tie-up or "lose" funds.

Does anyone have any experience/recommendations for either a free/reasonably priced (and reputable) online software or app that is designed for processing rent payments to landlords and completes transactions in 1-2 business days (or less)? Or do you have another way you electronically receive rent for your personal portfolio? (loaded question - l know..)

Also, for the property management side of things, does anyone recommend a reputable way to make direct electronic payments to owners?

Thanks in advance!

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