Some landlords choose to use Venmo to collect rent for income properties but they don’t realize the limitations they’re facing since Venmo is a peer-to-peer platform.
Below is an infographic illustrating the differences between Venmo and our rent collection platform Rent Cloud Solutions which is made specifically for solving the headaches associated with rent collection from income properties. Keep reading to learn more about how Rent Cloud Solutions can help with your rental property business.
Venmo allows renters to choose the amount they want to send. When you give tenants the ability to enter the amount, you’re opening a door for negotiation. For example, has a tenant ever held rent in exchange for services from you, the landlord?
They will normally say something like this: “If you don’t fix _____ then I’ll get it fixed, and I’ll take it out of next month's rent” ...does that sound familiar?
With Rent Cloud, tenants have no ability to change the amount of rent each month. This variable is set by you, and tenants do not have access to change it. The only option tenants have is choosing which bank account they want to use to pay rent.
Venmo also allows tenants to send rent on their own schedule because there’s no option to set a recurring payment. Without a recurring payment option, you may receive late rent or you will need to remind tenants to pay. Late rent can often screw up your cash flow as bills are paid, and having to remind tenants to send rent is just another task to cross off your list. With Rent Cloud, the payment date is set by you - this means late payments no longer exist.
Rent Cloud Solutions prevents payment holds and disputes by using ACH transfers. By using our simple ACH authorization, tenants can set up their recurring rent payments quickly and easily. For more information, contact us to speak with a support person today.
Additionally, landlords are able to exercise annual rent increases automatically when using Rent Cloud. When it’s time to raise rents, simply email your in-office contact and we’ll adjust your new rent to be collected the following month. No negotiations, no hassles.
We take precautions to secure your rent income by providing early notifications for potential rent payment issues. If a tenant attempts to disconnect their bank account from Rent Cloud, you’ll be notified that you may have a potential non payment next month. Allowing you start any legal proceedings sooner.
Your simple landlord dashboard saves your bookkeepers time - they no longer need to sift through expenses and other revenue channels that pour into the same bank statement. All time rent payments are logged and available to view in your landlord dashboard for easy bookkeeping. The end of the year is even more simple because you won’t need to download multiple monthly statements - in your dashboard, you can see all rent payments from the time you started with Rent Cloud.
If you’re ready to make the move from Venmo, and simplify your rent payment process, request information to speak with Rent Cloud today.