If you’re a landlord, you probably know that collecting rent is one of your biggest expenses. Collecting rent can be a hassle, but it is important to get it done on time every month. In this blog post, Andrew Shader explains why landlords should never use Venmo or PayPal to collect rent.
Neither Platform Offers Any Protection for Landlords
Venmo and PayPal are great for online payments, but they don’t offer any protection for landlords. If a tenant doesn’t pay their rent on time, the landlord has no way to recoup the money. This reality can be an immense problem if you have tenants who are constantly late on their rent payments.
Both Platforms Extract Fees
Another big downside of using Venmo or PayPal to collect rent is that there are often fees associated with using these platforms. These fees can eat away your profits and make it more difficult to collect rent on time.
It’s Easy for Tenants to Dispute Payments
If a tenant disputes a payment made online, the landlord has no way to resolve the issue. Disputes cause delays and can be a major headache for landlords.
It’s Not a Professional Way to Collect Rent
Maintaining a professional image is important when you’re a landlord. Using Venmo or PayPal to collect rent from your tenants doesn’t exactly scream “professional.” To be viewed seriously as a landlord, use a more traditional method of collecting rent.
It’s Not the Most Secure Way to Collect Rent
It’s important to note that using Venmo or PayPal to collect rent is not secure. When handling sensitive information like credit card numbers or bank account information, you must do so securely.
It Can Be a Big Hassle for Landlords
Using Venmo or PayPal to collect rent can be a big hassle for landlords. If you constantly have to hunt down payments, then it’s not worth the trouble.
It’s Not Worth the Risk
All in all, using Venmo or PayPal to collect rent from your tenants is not worth the risk. Too many potential problems can arise, and it’s just not worth the hassle.
If you’re looking for a convenient and secure way to collect rent, you should consider using an old-fashioned check. It may not be as convenient, but it’s the safest and most secure way to collect rent from your tenants.
Overall, it’s best to avoid using Venmo or PayPal to collect rent from your tenants. There are better solutions out there that can offer you more protection and peace of mind.
If you require a tried-and-true way to collect rent, Andrew Shader recommends using a service like RentPayment. With RentPayment, you can rest assured knowing that your rent will always be collected on time — without fees.
Who Is Andrew Shader?
Shader enjoys discovering value-added properties and applying corrective action to help them achieve their full market potential. Andrew’s innovation, foresight, and real estate know-how are what separates him from other developers who sit around waiting for appreciation to increase their property’s value.
Andrew Shader depends on a variety of skills to compete in the modern real estate marketplace. He exploits market openings wherever he finds them, using his leadership and management skills, strategic forecasting, budget analysis, and financial planning. Shader has held many positions throughout his career, from office manager to CFO.