Electronic payment methods

[Marvin Meng]

Hi BPers! 

I've posted this question before and never did anything with it but I figure maybe the information has changed anyway. I still use the mom&pop rent collection method (mailing checks). But since most of our tenants are under the age of 90 they would probably prefer a 21st Century solution. What methods do you use to collect rent and (if you don't mind sharing) what are some of the pros and cons of those methods?

I was looking into Venmo but if I understand correctly a defaulting tenant can use it to pay any amount ($1.00 for instance) thus forestalling foreclosure indefinitely. Is that accurate and if so are there solutions?

Thank you!