Accepting rent through Venmo can seem like an easy solution, and one often requested by renters. However, what might seem like a simple solution can open you up to issues with rent collection & cause additional work down the road.
See below how Azibo can help streamline rent collection, simplify your accounting & offer your renters key benefits. With Azibo you gain all these benefits plus the ability to screen tenants, generate leases, and manage your bookkeeping all in one place.
Free ACH payments
ACH payments on Azibo are free for property owners and tenants
Venmo’s Terms of Service require you collect rent and security deposit payments via a business account, which costs you 1.9% + $0.10 per transaction
Scheduled payments
Auto-pay allows your renters to “set it & forget it” leading to on-time payments and no-effort rent collection
Venmo relies on renters sending a new transaction every month, leading to late payments and extra work to remind them.
Automatic reminders
Renters receive automatic reminders to pay rent.
You’ll have to manually remind your renters to pay rent.
Automatic late fees
Late fees will automatically be added to late rent invoices and not optional for renters to pay.
Even if late, tenants paying with Venmo can simply send you the rent amount due, leaving you chasing them for late fees.
Blocking partial payments
Partial payments make it hard to evict tenants, and tenants know this. Azibo allows you to choose to accept or block partial payments.
Tenants will often Venmo part of the rent to avoid eviction - and there is nothing you can do to block it.
Itemized payouts
Each rent payment gets paid out individually with the tenants name in the description - allowing easy reconciliation.
With all rent payments going into one account, you are forced to initiate multiple payouts or manually reconcile on the back end.
Payment limits
Unlimited
$5,000 per transfer and $19,999 per week.
Credit boost
Tenants can choose to report rent payments to credit bureaus to increase their credit score by simply paying on time.
Venmo does not offer credit reporting for rent
Renters insurance
Renters can purchase renters insurance directly through Azibo, helping you add an additional layer of protection to your business.
You may require it, but tenants can lie or cancel policies without you knowing.
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