Zelle payment (by Andrea [OH]) May 17, 2019 11:13 AM|
Zelle payment (by Andrea [OH]) May 17, 2019 11:20 AM
Zelle payment (by RathdrumGal [ID]) May 17, 2019 11:32 AM
Zelle payment (by Andrea [OH]) May 17, 2019 11:52 AM
Zelle payment (by JB [OR]) May 17, 2019 12:18 PM
Zelle payment (by Busy [WI]) May 17, 2019 1:22 PM
Zelle payment (by Jeff [CO]) May 17, 2019 2:08 PM
Zelle payment (by Tim [IN]) May 17, 2019 2:29 PM
Zelle payment (by Rich [PA]) May 17, 2019 4:30 PM
Zelle payment (by WMH [NC]) May 17, 2019 4:40 PM
Zelle payment (by WMH [NC]) May 17, 2019 4:41 PM
Zelle payment (by GKARL [PA]) May 17, 2019 5:42 PM
Zelle payment (by Ponari [TX]) May 17, 2019 5:46 PM
Zelle payment (by 6x6 [TN]) May 17, 2019 6:12 PM
Zelle payment (by pmh [TX]) May 17, 2019 6:18 PM
Zelle payment (by Smokowna [MD]) May 18, 2019 6:17 AM
Zelle payment (by Vee [OH]) May 18, 2019 2:10 PM
Zelle payment (by Barb [MO]) May 18, 2019 11:06 PM
Zelle payment (by Lucy [IN]) May 20, 2019 1:30 PM
Zelle payment (by Robin [WI]) May 20, 2019 8:30 PM
Zelle payment (by Tris1968 [OH]) May 21, 2019 5:30 PM
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Zelle payment (by Andrea [OH]) Posted on: May 17, 2019 11:13 AM
What are your thoughts on allowing tenants to pay with Zelle or some other direct bank transfer?
Zelle payment (by Andrea [OH]) Posted on: May 17, 2019 11:20 AM
More specifically, I am wondering if there are any reasons NOT to allow it? I am thinking it might make my slow pay tenants more on track, or give me reason to not give them any slack on getting me payments on time. You can't use the "i'm stuck at work late, can't drop off rent" line if all you have to do is click a button on your phone. --72.49.xxx.xxx
Zelle payment (by RathdrumGal [ID]) Posted on: May 17, 2019 11:32 AM
Are you with a big national bank? My regional bank would only accept Zelle payments under $500, and I did not want to force tenants to make two payments. It was not on the Zelle network.
Now my regional is being absorbed into a larger bank. I will have to see if Zelle is a better option. I have used Zelle in my personal banking, and like it. --98.146.xxx.xxx
Zelle payment (by Andrea [OH]) Posted on: May 17, 2019 11:52 AM
RathdrumGal - Yes, I am with a national bank. I've used Zelle in the past for personal use but have no idea what their limits are. I'll look into that, thank you! --72.49.xxx.xxx
Zelle payment (by JB [OR]) Posted on: May 17, 2019 12:18 PM
We have a $2500 Zelle limit. Often, early on Zelle will limit you to $500 until you have established a record with them. We love it. --24.20.xxx.xxx
Zelle payment (by Busy [WI]) Posted on: May 17, 2019 1:22 PM
Love, love, love Zelle. One of my tenants is trying to get her daycare to start accepting Zelle payments. I have only ever done having tenants get the money into my bank account. At first (2012 was the year,) I gave tenants the account number to deposit rent into. That worked OK. But, when POP Money, and then Zelle came along, we switched to those, and it’s been great. I did have a couple of tenants that were reluctant, so I asked the banker where my tenants banked it they would talk them through it. The banker did, now everybody loves it.
My favorite feature is that everybody has proof of the transaction, and there are nice records to check, make sure everything is in. I still send a physical paper rent receipt , but, I like having the bank records too. Some of my tenants like to pay rent ahead , since they work seasonally, so I get money from them every payday, but not always the same amounts. They work at schools, so ‘bank’ rent to cover the periods when they won’t have a paycheck.
There may be concerns regarding evictions in some states, Because tenants have a means to deposit partial rent, and for some states, that can cause trouble. For me, my goal is to not ever see the inside of an eviction court, other than when I go to see how it works. But, that said, if I ever did get it that situation, I would need to look closely at my state and local laws, as well as how my local court commissioner and judges interprets. But, that isn’t a likely scenario in my very small landlord practice. --172.58.xxx.xxx
Zelle payment (by Jeff [CO]) Posted on: May 17, 2019 2:08 PM
It amazes me that some landlords still accept checks. --76.120.xx.xx
Zelle payment (by Tim [IN]) Posted on: May 17, 2019 2:29 PM
Just do it. Remove any and all obstacles to a tenant paying rent. Give them options... Except mailing it. --166.216.xxx.xx
Zelle payment (by Rich [PA]) Posted on: May 17, 2019 4:30 PM
What are the fees involved with Zelle?
I still do checks at my multi-unit properties (3, 4, 8 units). I'm not opposed to changing but I've had 100% on time rents for years. The tenants drop their checks in an on-site rent box at their respective buildings. I still property manage my places and all three buildings are located less than one mile from my home. Picking up the checks on the 2nd is not a huge deal. --100.6.xxx.xxx
Zelle payment (by WMH [NC]) Posted on: May 17, 2019 4:40 PM
LOVE LOVE LOVE Zelle.
SOME of my tenants can transfer up to $600 at a time, some can do full payment. I don't know why and I don't ask. The $600 ones transfer that on the last day of month and the second payment on the 1st (for those rents due on the 1st.) It works, I know exactly who paid so no extra record keeping at all really.
The FIRST payment can only be up to $500, after that most can send total payment. I don't know what drives the amounts but IT DOESN'T MATTER. They pay. And they LOVE IT.
One caveat: at my bank, only one account can receive Zelle payments. So I set up a generic "Pay" email address, everyone sends to this, goes to one account, and I transfer immediately to proper operating accounts per LLC. --50.82.xxx.xx
Zelle payment (by WMH [NC]) Posted on: May 17, 2019 4:41 PM
Oh and no fees at all. I don't know why. --50.82.xxx.xx
Zelle payment (by GKARL [PA]) Posted on: May 17, 2019 5:42 PM
Zelle is the way to go. --172.58.xxx.xxx
Zelle payment (by Ponari [TX]) Posted on: May 17, 2019 5:46 PM
I only accept Zelle or Venmo - thanks to the experienced people on this site I no longer take checks.
I was showing a house to a couple and two girls - all were prequalified by phone. The girls arrived first but were going back and forth talking about the size of the closets. The guy from the couple says can I fill in the application and send you the application fee. Pulls out his phone - boom!
They’ve been there for two years.
Once again, this site is amazing. Thank you all. --47.188.xx.xx
Zelle payment (by 6x6 [TN]) Posted on: May 17, 2019 6:12 PM
Rich, I don't know anything about Zelle or automatic payments yet myself but it sounds like what you do is working so I would say if it is not broke don't fix it. Seems to be a lot of people on here love it though. --73.120.xx.xxx
Zelle payment (by pmh [TX]) Posted on: May 17, 2019 6:18 PM
this is how my college student renters pay me. they have never cut a check & probably would not know how to. --107.77.xxx.xxx
Zelle payment (by Smokowna [MD]) Posted on: May 18, 2019 6:17 AM
I use VENMO, Zelle came after .
I would recommend it. I do not want checks and do not like accepting them although I still will. I also don't bother with cash.
The whole money collecting blah is something that can be avoided.
Something to consider. VENMO is instant. There is no lag. You won't have a statement to double check.
We are used to the bank providing a statement of what took place last month or even the month before. This is not the case with VENMO. You have full time access to everything on-line and everything clears right away. There are no floats.
You live and work in the right now.
(Zelle is a copy cat of VENMO assembled by the bigger banks. Same banks that have been charging fees and difficult to get loans from for all these years. I'm turning to Credit Unions and on-line banking so I avoid and turn away Zelle. But I bet it works and will save you time).
I've read that European countries are moving away from brick and mortar...not overnight but the trend has started.
I believe you will be pleased with Zelle
Zelle payment (by Vee [OH]) Posted on: May 18, 2019 2:10 PM
It works fine in my area of Ohio, after they been doing it on time for 6 months create a new lease for them with a 45bux cash convenience fee if they must do this and don't forget the late fees. --76.188.xxx.xx
Zelle payment (by Barb [MO]) Posted on: May 18, 2019 11:06 PM
I love Zelle!
I even set up an account with the USAA bank just to accept it (since my home town bank doesn’t currently use it). --64.251.xxx.xxx
Zelle payment (by Lucy [IN]) Posted on: May 20, 2019 1:30 PM
I really like Zelle and it works very well for me on the receiving end. Especially for a couple of properties not just down the street. I direct to which of my bank accounts it goes into the first payment they make, then it automatically goes there. I like that. (I accept a payment via paypal and I have to go in and direct it each time). One tenant had a 500 limit on sending money at first but he somehow got his limit upped and now just one payment comes in. I usually have locals just go uptown to the bank, but my newest tenant wanted to use Zelle. Fine by me. It's alot less hassle for millennials. --69.160.xxx.xxx
Zelle payment (by Robin [WI]) Posted on: May 20, 2019 8:30 PM
Several of our tenants use it. A little resistance at first from the technically challenged, but once they figure it out, they love it! I texted a tenant on the 3rd this month: "Rent?" Two minutes later: "OMG I forgot! Just sent it!" Boom the money was there. --204.210.xxx.xxx
Zelle payment (by Tris1968 [OH]) Posted on: May 21, 2019 5:30 PM
Question about accepting payments through Zelle.
I have my properties in an LLC and the Zelle account is attached to my personal checking.
If I use Zelle and rents go into my personal account, then transferred to my business account, would that be considered "co-mingling of funds"?
Don't want to muddy the line between business monies and personal monies. --76.188.xxx.xx
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