Collecting rent with Venm
Click here for Top Ten Discussions. CLICK HERE for Q & A Homepage
Receive Free Rental Owner Updates Email:  
MrLandlord Q & A
     
     
Collecting rent with Venm (by Virgin landlord [MA]) Jun 26, 2019 6:04 AM
       Collecting rent with Venm (by bet [MA]) Jun 26, 2019 6:42 AM
       Collecting rent with Venm (by gevans [SC]) Jun 26, 2019 7:02 AM
       Collecting rent with Venm (by myob [GA]) Jun 26, 2019 8:17 AM
       Collecting rent with Venm (by WMH [NC]) Jun 26, 2019 8:50 AM
       Collecting rent with Venm (by Virgin landlord [MA]) Jun 26, 2019 9:15 AM
       Collecting rent with Venm (by bet [MA]) Jun 26, 2019 9:45 AM
       Collecting rent with Venm (by CJ [MO]) Jun 26, 2019 10:18 AM
       Collecting rent with Venm (by myob [GA]) Jun 26, 2019 11:21 AM
       Collecting rent with Venm (by Barb [MO]) Jun 26, 2019 4:09 PM
       Collecting rent with Venm (by Pmh [TX]) Jun 26, 2019 5:49 PM
       Collecting rent with Venm (by 6x6 [TN]) Jun 26, 2019 7:23 PM
       Collecting rent with Venm (by Tim [IN]) Jun 26, 2019 9:43 PM
       Collecting rent with Venm (by Barb [MO]) Jun 26, 2019 10:39 PM
       Collecting rent with Venm (by Taylor [TX]) Jun 26, 2019 11:27 PM
       Collecting rent with Venm (by Virgin landlord [MA]) Jun 27, 2019 5:23 AM
       Collecting rent with Venm (by gevans [SC]) Jun 27, 2019 7:05 AM
       Collecting rent with Venm (by Johnny B. [MA]) Jun 27, 2019 7:11 AM
       Collecting rent with Venm (by BRAD 20,000 [IN]) Jun 27, 2019 7:13 AM
       Collecting rent with Venm (by myob [GA]) Jun 27, 2019 8:25 AM
       Collecting rent with Venm (by CGB [MI]) Jun 27, 2019 3:32 PM
       Collecting rent with Venm (by Virgin landlord [MA]) Jun 27, 2019 8:53 PM
       Collecting rent with Venm (by Drew [CO]) Jun 27, 2019 10:57 PM
       Collecting rent with Venm (by 6x6 [TN]) Jun 28, 2019 6:01 PM
       Collecting rent with Venm (by Ray-N-Pa [PA]) Jul 1, 2019 7:41 AM
       Collecting rent with Venm (by Drew [CO]) Jul 1, 2019 9:39 AM
       Collecting rent with Venm (by Rob [MA]) Jul 7, 2019 7:21 PM
       Collecting rent with Venm (by mike [CA]) Jul 13, 2019 5:12 PM

Click here to reply to this discussion.
Click Here to send this discussion to a friend

Collecting rent with Venm (by Virgin landlord [MA]) Posted on: Jun 26, 2019 6:04 AM
Message:

Has anyone tried this? What's been your experience?

--108.26.xxx.xx




Collecting rent with Venm (by bet [MA]) Posted on: Jun 26, 2019 6:42 AM
Message:

I answer your question, no. Sometimes we will use paypal

to take deposits. We use Clear now and the rent is deducted from their account. I like a system where we take the money on our schedule, not when they decide to pay. Also they have to unenroll or block the deduction, weeks before the rent is due if they want to stop payment and then we know about it in advance. --73.227.xxx.xxx




Collecting rent with Venm (by gevans [SC]) Posted on: Jun 26, 2019 7:02 AM
Message:

No. But I am using Square for a couple. That is working very well. --69.80.xx.xxx




Collecting rent with Venm (by myob [GA]) Posted on: Jun 26, 2019 8:17 AM
Message:

Haven't tried that.

How about this novel idea? Pre printed envelopes with your Co name on the front? 3 lines top left corner for return address and on top right (small print) needs correct postage. You can even bar code it for your mail box.

Cost is 50.00 for 3K. We include 13 envelopes in the Lease package along with directions to the nearest post office.(Our post office)

To us sometimes easy peasey-- well it's not! Gets complicated as indicated here on these posts because we as LL's are making it complicated.

Trying to prove you (the LL) is SO HIGH TECH isn't working to well from posts here. --99.103.xxx.xxx




Collecting rent with Venm (by WMH [NC]) Posted on: Jun 26, 2019 8:50 AM
Message:

I use Zelle and it works great so far. About half are doing it, maybe more these days. The rest carry the rent to my bank and deposit directly.

Collecting checks is way more complicated, MYOB, and then having to go to the bank? I never go to the bank! --50.82.xxx.xx




Collecting rent with Venm (by Virgin landlord [MA]) Posted on: Jun 26, 2019 9:15 AM
Message:

Myob, I ask because it seems like millennials don't use checks or snail mail anymore. They always pay online and never even carry cash. I'm not a dinosaur so I think I can keep up with the "high tech".

Bet, thanks, I'll look into Clear! --108.26.xxx.xx




Collecting rent with Venm (by bet [MA]) Posted on: Jun 26, 2019 9:45 AM
Message:

I can write you paragraphs about why Clearnow is the best system that has worked for us, or I can just tell in 7 yrs since we started using it for 25 apts, we have never gone to housing court for non payment. Its a game changer. Sending checks, pre addressed envelopes, are for the dinosaurs. --73.227.xxx.xxx




Collecting rent with Venm (by CJ [MO]) Posted on: Jun 26, 2019 10:18 AM
Message:

We prefer ACH and about half of them let us ACH. Rest of them deposit into our bank account because they are old tenants or bank balance is unpredictable. --97.91.xxx.xxx




Collecting rent with Venm (by myob [GA]) Posted on: Jun 26, 2019 11:21 AM
Message:

bet MA, I can see why people use it and other servicers. I use the Ol "Walton" method for my business. Not sure if you ever read his book. what impressed me was each and every day he and his secretary would check the books-- his books.

My father, when he owned his bakery, instilled this in my brain. He made the same dough and mixtures every single day. His receipt books were in German--- in the 10 years of watching him bake--- I saw him make one mistake on a receipt-- he put in salt instead of sugar. HE NEVER mixed by memory-- always with the receipt book opened.

So I (and some others here) are Dinosaurs and will probably never change. There just some things you can't delegate at this level, in my opinion, and that's the books and rent collection. I just don't trust it.(others to do it no matter how fancy they make their names) --99.103.xxx.xxx




Collecting rent with Venm (by Barb [MO]) Posted on: Jun 26, 2019 4:09 PM
Message:

Most of mine pay through Clearnow, where we take it on the appointed day.

A few pay via Zelle.

Two pay by ACH push into my account, one of them a travel nurse housing company

The only check I should receive for July is from another travel nurse housing company.

I do still keep my rent deposit account active at my bank, and can still direct a failed transfer to deposit there, or if I get a travel nurse in town without Zelle. --64.251.xxx.xxx




Collecting rent with Venm (by Pmh [TX]) Posted on: Jun 26, 2019 5:49 PM
Message:

my renters do not know what a check is. they pay Venmo. my kids have never seen one. I canít remember last time I bought a postage stamp or cut a personal ck. I am 3x older than my millennial renters...just amazes me LL here donít stay current with the easiest ways to collect rents. make it easy for them to pay you....lol. --70.119.xxx.xxx




Collecting rent with Venm (by 6x6 [TN]) Posted on: Jun 26, 2019 7:23 PM
Message:

I'm with myob on this. I like using the mail because I don't trust the other. Isn't there a charge for doing the other?

That being said my millennial tenants I now have wan't to do ACH so I will probably try that but would rather not. Who knows I may like it.

Myob, what book might you be referring to? --73.120.xx.xxx




Collecting rent with Venm (by Tim [IN]) Posted on: Jun 26, 2019 9:43 PM
Message:

Trust the mail!?!?? This is a joke, right?

True story:. Commercial account sends a check for March rent last year. I call, where is your rent. It's in the mail ... Week goes by,nothing. Call again. They do a stop payment and ach it. ACH from then on. Come Christmas time, I get a bag from the postal service "sorry".... Enclosed is half a check and half of an envelope. Yep, that was March rent check six months later.

Do ACH, zelle or have them pay at the bank. But forget the postal service. --107.77.xxx.xxx




Collecting rent with Venm (by Barb [MO]) Posted on: Jun 26, 2019 10:39 PM
Message:

6X6 - yours won't do ACH?

Mine EXPECT it!

They LOVE not having to worry about their rent, that we just take it from their account. --64.251.xxx.xxx




Collecting rent with Venm (by Taylor [TX]) Posted on: Jun 26, 2019 11:27 PM
Message:

Yes. I take venmo, Apple pay, and Zelle. Love all three.

I don't take checks or certified checks or cash.

--73.115.xx.xxx




Collecting rent with Venm (by Virgin landlord [MA]) Posted on: Jun 27, 2019 5:23 AM
Message:

Just to follow up: in researching this further yesterday, I found that Venmo will charge a 3% transaction fee for business transactions. If they come to suspect that you are using it for business transactions they can retroactively charge that 3%. I think I'll be looking into Cozy next. Anyone have experience with Cozy? --108.26.xxx.xx




Collecting rent with Venm (by gevans [SC]) Posted on: Jun 27, 2019 7:05 AM
Message:

Just a reminder: all our tenants agree to ACH for some or all of the following:

cable or satellite

internet

VISA payment

car payment

electric bill

furniture payments

alimony

court payments

garnishment

subscriptions of any kind...

Why would you NOT require it for rent payment???

--69.80.xx.xxx




Collecting rent with Venm (by Johnny B. [MA]) Posted on: Jun 27, 2019 7:11 AM
Message:

Zelle is a great service and itís free. Money hits the account instantly. --24.147.xx.xxx




Collecting rent with Venm (by BRAD 20,000 [IN]) Posted on: Jun 27, 2019 7:13 AM
Message:

Our customers have changed and WE must keep up.

Competitors have upgraded and we must keep up.

Key point: We switched from WAITING and HOPING and standing IN LINE to be paid behind their car repairs, funerals, "check's in the mail", etc to TAKING the rent on the appointed day.

Did this 20 years ago. People LOVE it and now EXPECT it. When we sign a lease they ASSUME we will TAKE the rent like their other bills are paid. This is sooo simple to convert and reduces the LL's workload.

If a LL is still demanding checks or money orders to be delivered he/she is frustrating their residents. They have to pay for check printing and pay a fee for money orders. Then they have to drop everything and spend gas money drive to the LL, often to the LL's personal home (YIKES!!).

No more checks to bounce. No more "Lost in the mail" to delay evictions. No more "I was late because my car broke down" or "My boyfriend has the money order but had to work late".

I had a conversation yesterday with a prospect who said he passes if the apt/Landlord website is not set up to handle his rent payments online.

Most people do not have checks, so we're asking for something they don't have. Most people don't have stamps. Millennials (40% of rental market) often do not know how to address, stamp, and mail a letter.

At a recent lease signing the new res told me she does not know how to write a check if she had one.

My factory worker residents are paid directly into their checking account and use a debit card for purchases. No checks ever involved.

BRAD

--73.102.xxx.xxx




Collecting rent with Venm (by myob [GA]) Posted on: Jun 27, 2019 8:25 AM
Message:

6x-- biography of Sam Walton.

--99.103.xxx.xxx




Collecting rent with Venm (by CGB [MI]) Posted on: Jun 27, 2019 3:32 PM
Message:

I agree with all of the above. Clear Now is awesome. It literally takes the signature of a one page form at lease signing which is emailed to Clear Now. Voila - it is now set up. I also have a tenant who set up to pay with Chase quick pay (zelle) automatically on the 23 of each month. I also except paypal (friends and family so no fees) and square to accept credit cards in an emergency (have not had to use yet). In my lease, cash, personal checks or checks endorsed by a third party are specifically prohibited. If you want to go paperless, it is easy and way more convenient. Does venmo charge fees? --50.77.xxx.xxx




Collecting rent with Venm (by Virgin landlord [MA]) Posted on: Jun 27, 2019 8:53 PM
Message:

CGB, I read that with Venmo you can do the person to person thing, but if they come to suspect that it's being used for business transactions they charge a 3% fee, go back retroactively, and boot you. Venmo is free for person to person. --108.26.xxx.xx




Collecting rent with Venm (by Drew [CO]) Posted on: Jun 27, 2019 10:57 PM
Message:

I take Venmo, typically as a last resort. My preference is Zelle. Actually I'd prefer Bitcoin or another top cryptocurrency, but since this hasn't taken hold yet, Zelle is great and Venmo I have not had any problems with either. I also have deposit cards that I can give tenants and they can go to my bank and deposit only at teller or ATM. --172.58.xx.xxx




Collecting rent with Venm (by 6x6 [TN]) Posted on: Jun 28, 2019 6:01 PM
Message:

Barb(MO), My current tenants do want to do ACH or some type of auto payment. I am going to try it when there pre-paid funds run out but I will have to learn how to set it up and do it. I was saying I would rather not do it but I am going to.

Brad, you make some good points.

Myob, thank you. --73.120.xx.xxx




Collecting rent with Venm (by Ray-N-Pa [PA]) Posted on: Jul 1, 2019 7:41 AM
Message:

How does Ven Make money --24.101.xxx.xx




Collecting rent with Venm (by Drew [CO]) Posted on: Jul 1, 2019 9:39 AM
Message:

Ray-n-Pa, I think Venmo makes money with its immediate transfer option where there is a fee. Technically otherwise there is a 1-3 day delay in receiving funds. Although I always seem to receive within 24 hrs anyway. --172.58.xx.xx




Collecting rent with Venm (by Rob [MA]) Posted on: Jul 7, 2019 7:21 PM
Message:

Love it. Zero excuses. I have them pay the holding deposit with it and if they wont I keep looking. --99.203.xx.xxx




Collecting rent with Venm (by mike [CA]) Posted on: Jul 13, 2019 5:12 PM
Message:

regardless of the tech, i REQUIRE my tenants to HAVE a checking account. if they don't it's because they have bounced too many or the revenoo-ers are after them.

am going to look at clear though as it sounds like a vacuum form an account. i also demand they have overdraft protection on their account. again, if they cannot get overdraft they are a roach and have made their bed --76.176.xxx.xxx



Click Here to send this discussion to a friend
Report discussion to Webmaster


Reply:
Subject: RE: Collecting rent with Venm
Your Name:
Your State:

Message:
Collecting rent with Venm
Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. Do not add your address more than once per thread/subject. By entering your email address here, you agree to receive notification from Mrlandlord.com every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible to readers.
Email Address: