Online Payments and Receiving Rent

[Kendall Vrana]

Hey everyone! 

Got another question for you all. @Raymond Northcutt and I are hoping to hit the road in about a year, and we're trying to prepare for the issue of collecting rent. As of now, we are just having tenants mail in a check. Obviously, this will be somewhat of an issue when we're traveling. 

I have tried a number of different online payment systems. Paypal and Wave both have very convenient invoice scheduling systems that automatically email tenants when rent is coming up, and allow them to pay with a click of the button. Awesome-- until we noticed the amount they took per transaction. We're now wondering if there are any technologies, or systems, that can be easily implemented to meet our needs, that are either free (ha), have a one time purchase fee, or a small enough transaction fee that it is worth it (aforementioned services have a 2.9% processing fee). 

Has anyone tried using Venmo? I read that you can collect up to $2999 per week. We heavily use it in our personal lives and find it extraordinarily convenient. 

If there are any better methods, we'd love to hear them. Thanks in advance! 

Best,

Kendall 

[Tom Goodwin]

We have 10 renters, and we only accept electronic payments.

Venmo is our preferred payment method, and the majority pay that way. We also use Venmo in our everyday life to ship money between friends. So fast and easy.

Those that don't use Venmo, use PayPal. PayPal is actually free, if you use it in the right way. You can send money to friends and family for free, so you just need to have people send it to you via your email address and to "friends & family," and you get 100% of the money.

Hope that helps.