Nice. I think https://cozy.co/ has been doing most of it. I didn’t do in depth comparison but looks similar from scanning. I used Cozy for some of my rent collection and do rental screening service.
Zelle makes it very easy to make payments. I guess the only thing we need is bookkeeping and tracking late or missing payments.
It still has daily limit of $2500 I believe. But I also uses it that with some my tenants.
I allowed 2 Zelle payments for the monthly rent payment. I am pretty liberal on the way they pay. Is there any potential issues?
The issue is that --I believe-- you cannot deny partial payment.
Let’s say someone owes you $3000 in past due rent, you post a 3 day notice asking for $3000. On the 3rd day, they send you $10. Normally you would not accept the $10 and instead move forward with the unlawful detainer.
But since the $10 came in with Zelle, now your 3-day notice is invalid and you need to file a new 3-day notice, this time for $2990. They can play this 30/3 = 10 times a month and pay you a total of 10*$10 = $100. Hey, if they’re tight, they might just send you $1 each time.
I too use Zelle, but I only give this option to my more trustworthy tenants.
I’m afraid I would need to close my Zelle account in a scenario as described above.
Of course, that beats giving them your actual bank account # and having to close a checking account!
Cozy and similar services will not allow partial payments, IIRC. I have used Cozy too.
That’s why I prefer cozy over Zelle