Does anyone collect rent using Venmo?

[Jacob Jeb]

Does anyone collect rent using Venmo? If so, how has your experience been using it?

Thanks!

[Connie Chan]

@Jacob Jeb I have landlord friends who use a lot of the common payment apps. Venmo, PayPal, cash app, etc. but I have advised all of them to switch to landlord specific software. There are indeed downsides to using the non-real estate options. Here are a few: 1) really hard for tracking and bookkeeping which means you won’t scale as easily -- also Venmo has a wIthdraw daily maximum, 2) can’t block partial payments which means hard to do an eviction in some cities, 3) can’t automatically enforce late fees which means you have to be the one checking if rent came in and go ask for late fees if not, 4) takes more time in the long run (When you’re doing taxes or having to remember each month if someone is late, the time really adds up). I use an app called Tellus that lets my tenants pay but it’s made for landlords so it addresses those issues above and I get a notification automatically if rent is late.