If you are a landlord and want to collect rent payments slightly easier than having physically arrive at the place and collect a check, there are a few apps that can make it more convenient for you. As a student, I myself have found that I have had to use an app to pay not only my landlord, but also my roommates for utilities through various apps. Apps make it a lot more convenient because you can send it at any time, and at your own convenience. This means you do not have to even be in the same time zone as your tenants if you want to collect a rent payment. This is definitely useful for those who live in different areas than where your property is, but still want to make sure and track all of the payments that are sent to you. Although it is definitely not commonplace for landlords to accept rent payments through all of these apps, I definitely see a future where landlords are moving away from paper checks, and more willing to accept money through some of these ways.
Without a doubt, some of the most important aspects I looked for when constructing this list was how easy it was to actually send money. You want to make sure all of your tenants will be able to figure out how to do it, without needing to jump through hoops in order to make a payment. In addition to that, I wanted landlords to have the ability to track payments, request payments, and have it all handy at the tap of their fingers. So without further introduction, here are what I consider to be the best apps to collect rent payments.
- Square Cash
Square Cash takes the number five spot on our list for a number of reasons. Square Cash allows you to instantly send and receive cash from your bank account. Deposits on average show up the next business day. In addition to simply receiving payments, you can also request a Visa card that will allow you to use your Square Cash balance as a debit card. Square Cash guarantees its customers the best security, so that their wallets cannot get compromised from within. For extra security, you can even add a password or fingerprint to your Square Cash account, so you can have that extra layer of security on your end.
Square Cash is great if you need to send money quickly. Square Cash has also partnered with Snapchat, so if you have a Snapchat account, you can send money through the Snapchat app with Square Cash. One of the main downsides that prevents Square Cash from moving up on the ranking, is the 1% fee when you want to cash out your balance to your bank account. That was really a turn off, and those rent payments will definitely add up even if it is just a 1% fee.
- Google Wallet
Google Wallet takes the number four spot for collecting rent checks, simply because of how simple it is to use, and that it is backed up by Google. With Google Wallet, you can instantly send money to anyone inside the United States, even if they do not have a Google Wallet account. You can also use the request money feature, which is a huge benefit to landlords who wish to collect rent payments. You can also automatically send money to your bank account, for absolutely no fee.
One of my favorite features with Google Wallet is the ability to actually use your phone to pay with your Google Wallet balance. If any store you are in accepts tap to pay, you can instantly use your Google Wallet balance, making it a good way to pay for things when you are on the go. Google Wallet takes the edge over Square Cash because it does not have any fees, and has Google’s promise of security.
Extremely popular in college communities, Venmo is a great option for landlords in order to collect rent checks. Venmo allows you to easily send money from your bank account, to someone else’s Venmo account. In addition to that, there is absolutely no fee when you want to withdraw your balance to your bank account. Venmo also allows you the ability to request money at the tap of a button, which is another great benefit for collecting rent payments.
Venmo takes the number three spot because of how widely used it already is. There are already a ton of people who know the name Venmo, so it is easy to get people on board, especially if they already use it. Venmo also claims to have the same amount of cyber security as a bank, making it really safe for you to use. Though, Venmo has some social media style features that are not appealing to everyone, those can be turned off and used strictly for business if you please.
- Chase Quick Pay
Chase Quick Pay takes the number two spot because it has the added benefit of being through a commercial bank. Chase Quick Pay allows you to do a number of awesome features that will definitely benefit landlords collecting rent payments. First of all, you can request money from your tenants, and set the same request to go off every month. In addition to that, you can also deposit any checks that you receive from your tenants through the app, so if they use the conventional method, you can still use this app to collect the money.
Chase Quick Pay takes the number two spot because of how easy it is to use for both sides of the rent payment. In addition to that, anyone can use Chase Quick Pay regardless of whether they are a Chase member or not.
Lastly, perhaps the most widely known app of all of the above is Paypal. Paypal is one of the oldest money transferring services available, and for a good reason. Paypal already has a good reputation for being extremely reliable, with the ability to process requests in send money in a matter of seconds. You can use a Paypal business account to send and request money in a matter of seconds.
Paypal without a doubt should be the go to app for requesting rent payments from tenants if you wish to go the app route with your business. It is extremely reliable, and has already become the standard for some industries when it comes to sending and receiving money. You can use Paypal anywhere in the world, making it extremely convenient for those who travel a lot, and wish to collect payments from anywhere in the world.