3) Effective July 20, 2021, users who receive payments that are identified by senders as for goods and services will be charged a seller transaction fee of 1.9% + $0.10.

For the last 51 months I have helped build VENMO, I saw Venmo as a solution to my BB&T bank accounts which were simply filled with mistakes and fees.

I'm saddened that as we watched Venmo grow, Venmo chose to reward us with fees.

Something tells me that the platform doesn't need this extra income,.

During this West Nile Ebola Bird Flu I've never charged a late fee, nor have I increased prices or done anything similar.

Modern day on-line banks are not the same as stores of yesterday with customer service. With 5G coming on-line I wonder who will be the next Venmo, How soon will Bitcoin take over our rents?

Post Script Does anyone have any experiences with a company called WISE, formally transferwise?

I think this kind of thing is to be expected.

This is why I go ahead and require my residents to sign up for Clearnow's rent debit service that we offer. Yes, there is a cost to me, but I'm paying WAY less than 2%.

For my most expensive transfer, a resident that pays rent of $258 every other week, I pay $4 for each of their transfers. So, I receive $254 out of the $258. This is 1.55% of the cost of the debit.

For my monthly rents, I typically pay under 0.5%. On June 1, Clearnow collected $7852 and charged me $38.95 in service charges. That is .00496, which is 0.496% of the fund collected.

I have a couple of people doing Zelle, but I'm trying to get them to switch to Clearnow so that I don't have to send them a request when they forget. :)

I've started charging my residents an extra $10 per rent payment when they do NOT sign up for Clearnow. When my Clearnow residents have their rent collected, it is right there in the dashboard for me to see and allocate.

I COULD do direct debits myself through my bank, but I'm enjoying being able to place the blame on Clearnow if there is an issue. Basically, if they tenant forgets to put the hold on the debit, it is NOT MY FAULT!

If you don't pay the instant transfer fee, your transaction is "subject to review" and if it's deemed goods or services, they can extract the fee. I guess they always could, now they will.

I’ve been using Clearnow for over 15 years. No problems ever. Customer service great. Prices have never increased.

I started a long time ago requiring it. If a tenant doesn’t like the idea then I’m not renting to them. I have never had anything but positive responses as good tenants like the idea I can autodraft.

is anybody using google pay? I started looking into venmo and google pay.

Currently, have 2 tenants pay as a friend on Paypal. The rest of the tenants pay at the bank.

It's my understanding if you're set up on Venmo as "friends" with tenants, and do a "Transfer among friends" rather than "payment for service", there will be no charge. Of course that's subject to change.

Our tenants pay via Zelle, Venmo, or direct deposit at our credit union. Zelle is still free, and if we can't get around Venmo's fee, we'll re-direct tenants to the other two methods.

I understand TenantCloud, TurboTenant, Cozy, Zillow, and most. if not all, online property management platforms have payment methods for a price. They integrate those payments into the ledgers of each properties.

Many years ago, I opened a "tenant rent" (checking) account at Chase bank & required my tenants to deposit their rent into said bank account. I chose this method because: #1. It's free #2. They used to offer "employee deposit cards", also free, which helped track payments, but became too much of a hassle for me #3. Chase scans all deposit slips & they become part of your banking record - I require all tenants to put their name at the top of the deposit slip to ensure proper credit. #4. The receipt from the bank/deposit becomes their rent receipt #5. In California, at the time, as long as there was a Chase Bank within 5 miles of the rental you can require the tenants to deposit the rent.

Yes/correct. In California, if you accept rent from a tenant on whom you have filed eviction, your time clock starts over, as they have indeed made a payment. That clause "may" help shield you in court to continue with the already filed eviction, as you are denying acceptance of said payment in advance. Immediately write them a check & send the payment back with an explanation letter, of course & document it. I've never had a tenant try to sneak in a payment to restart the clock, but in a LL friendly state, I'm confident it would provide adequate protection.

Thank you all. Loads of information shared above.

I have Cash App started however I believe I'm going to have to start Zelle as well.

A side note. I said I would not use Zelle as it was tied to the banks whom I really don't care for these days. I'm still salty that they took my 813 credit score and said I'm still not good enough to partner up with.

However, I need to use the banks they way they use my mortgage interest. Zelle stands to save me money and some of my Teni use it.

(On a side note. some years back I opened another bank account for the purpose of tenants making deposits. Imagine.That bank does not use deposit slips, they also don't scan the transaction. Even after speaking with the branches they tellers won't identify who made the deposit).