Zelle seems to not support multiple bank accounts to receive money. Once you set up your Zelle with Bank A, you always receive payment at Bank A.
Other than Zelle, is there a good way to receive payment electronically? Check payment has a lot of frictions, you have the risk of mail loss, mail delay, forgetting to deposit, also the labor of depositing.
Is it possible to let tenant set up direct deposit for rent payment? Is it any bad consequences?
Don’t use Zelle for tenants…If you evict they can deposit without your permission and screw up the eviction process…if you use it, you will need an account for each tenant
But accepting check payment is pretty cumbersome. Rental market will become slow. Landlords need to adopt new payment technique to attract and retain quality tenants.
Electronic payment has many advantages and I personally really like the convenience and reliability it provides.
Just have an account for each tenant…not that big a deal…But Zelle is $2500 mx per day and $4000/max per month
Me use zelle, rent more than $4000
Does your tenant pay the rent in 2 payments each month in 2 separate days?
One account for each unit seems to be excessive. What happens if you buy a 50 unit building?
There’s a need for better payment app for small businesses. Zelle seems to be geared towards consumers.
I collect money personally…I like to see the units and my tenants and get feedback…Besides most pay cash, no bank accounts…
You need to account your total hours of rent collection visit and appointment scheduling, multiplied by your hourly rate. It might be more expensive than eviction cost.
If you insist on personal pickup for busy professionals, they may move to @hanera’s Zelle house.
They can mail a check…
Obviously one payment
I’ve used Venmo as well with good success, although you run into similar daily transaction limits.
Do not use Zelle.
I use cozy.co. It’s free and there is no limit, but it does take several days to process (you do get a notification that your tenant has paid though). I believe it’s also recurring and automated for the tenants.
Does cozy charge a fee for tenants? It mentions that it’s 100% free for landlord. How do they make money?
It’s free for tenants as well. They have paid service for both landlord and tenants such as debit/credit card payments, background and credit check for tenants, faster payments etc.
How can you stop a cozy tenant from paying?
I haven’t done this before, but I searched on cozy and saw that you can end payments:
https://helpdocs.cozy.co/article/190-how-do-i-end-a-lease
Maybe cozy is the best rent payment tool