Are you considering collecting or paying rent with Zelle? What advantages a service like PayRent offer over using other peer-to-peer platforms like Venmo, Cash App, or Zelle for rent collection? While these platforms are great at sending funds quickly and securely, they aren’t the best option for landlords or tenants. Read on for more information about the advantages of using PayRent to collect rent online.
While Zelle is great for sending money to family and friends, collecting and paying rent with Zelle is not ideal. You’ll want to find a rent collection service that meets your needs as a landlord.
PayRent is more than just a way to receive money. The rent collection app allows private landlords and property managers to get a clear picture of all of their rent funds. Payment reminders and automatic payments help renters to pay their rent on time and avoid costly late fees. Additionally, landlords can set up automatic late fees and send past due notices with just a few clicks.
Bookkeeping is also simple using PayRent’s balance tracking and downloadable reports. Landlords have a full transaction record of each transaction for a unit. Landlords can be notified each time a payment is made. Renters also receive receipts after each payment. Payments that happened offline can be entered into the platform to generate a paper receipt for the renter.
Signing up for PayRent is simple for landlords and even easier for tenants. After creating your landlord account, you’ll add your rental units and invite your tenants to pay online. PayRent will send them an invitation and in just minutes your renters can create their account and submit payment to you.
PayRent keeps your personal information private so you’ll never have to share banking details or your full name with your renters. Tenant’s financial information is also private and never visible to their landlords.
Splitting your dinner check with Zelle is a great idea; collecting and paying rent with Zelle, not so much.