Quote from @Jason Heirtzler:
If you're a landlord with only a couple of properties, how do you accept electronic payments? I would love to hear what you're doing.
Zelle has the advantage that it's fast and has no transfer fees, and although there are no limits to how much you can receive as a landlord, there are sender limits. Banks like Wells Fargo and Bank of America only allow you to send $3,500 per day so you could end up splitting the rent into payments over 2 days. Zelle is also tied to your phone number so doesn't keep the accounts separate. Wire transfer is an option but it typically takes a few days and nothing happens during weekends and bank holidays. I have used wire transfers in the past but if someone pays 2-3 days late it often takes more than a week before the funds are received and cleared. Both require you to keep a manual ledger which might be okay, but only for small landlords.
There are platforms like RentRedi and the like. What do you use?
I'd like to try to avoid any fees for my tenants and make it as frictionless as possible.
@Jason Heirtzler I hope this article will be helpful for you. Zelle/venmo certainly has their challenges in rent payments.
Rent collection options for you to consider: Azibo, Avail, Innago, Apartments.com, Hemlane, Turbotenant, Rentredi, Tenant Cloud, eRentpayment, Zillow
Hope it helps!
