Venmo for rent collection?

[Chance Schrettenbrunner]

Hey BP! Closing on a deal in a couple weeks, its a duplex I will be inheriting a tenant. My first tenant! Was thinking for rent collection of using venmo? Is that a bad idea? Thank you for any feedback!

[Jasmine Delves]

I'd recommend using purpose-built property management software instead. Venmo (or Zelle, PayPal, etc.) fees tend to be high and you are unable to block partial payments.

The benefit of using property management software is that the online rent collection features automatically link with the accounting and reporting features too, so you won't need to manually enter data to do your accounting. You'll also have access to other useful features like tenant screening and linked bank feeds.