Author Topic: Who has tried zelle for rent payments?  (Read 786 times)

Papa bear

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Who has tried zelle for rent payments?
« on: July 27, 2017, 07:57:12 PM »
Just noticed that my bank is part of a system called Zelle for transfers of funds. It claims to have the transfer happen in just a few moments between 2 parties.

I've hesitated to use the free $$ transfers, like Venmo (for collecting rent). What is everyone's experience here with this new service?

I am hopeful that this works well; it's through traditional banking and does not have a 2-3 day clearinghouse period like other payment systems I've used in the past.



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Neo

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Re: Who has tried zelle for rent payments?
« Reply #1 on: July 27, 2017, 09:31:22 PM »
I work in the Payments division of a large regional bank. We are all very optimistic about Zelle and think it will be well adopted bc it exists within your bank's app vs being a 3rd party app. People see this as more trustworthy and we are hoping it will catch on with groups outside of millennials, which have been the sole users of other payment apps like venmo. That said most of my renters are elderly and/or low income folks who often dont even have a smartphone. If you have younger renters you could have success with Zelle. Sadly I dont think I will be able to use it for rent collection anytime soon.

Papa bear

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Re: Who has tried zelle for rent payments?
« Reply #2 on: July 28, 2017, 05:16:57 AM »
I work in the Payments division of a large regional bank. We are all very optimistic about Zelle and think it will be well adopted bc it exists within your bank's app vs being a 3rd party app. People see this as more trustworthy and we are hoping it will catch on with groups outside of millennials, which have been the sole users of other payment apps like venmo. That said most of my renters are elderly and/or low income folks who often dont even have a smartphone. If you have younger renters you could have success with Zelle. Sadly I dont think I will be able to use it for rent collection anytime soon.

My cohort of renters is for the most part college students.   I have a more difficult time getting someone to write a check!  I used to use sparkrent (before quickbooks absorbed it) but I hadn't been satisfied with other payment systems since. 

Thanks for the information.


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Jon Bon

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Re: Who has tried zelle for rent payments?
« Reply #3 on: July 28, 2017, 06:19:50 AM »
Zelle aka Chase Quickpay aka Clear Exchange Network is a godsend.

I use it all the dang time. I get as many rent/water bill payments through it as possible. Waiting on the mail, versus having someone pay you from their phone is no contest.

I also have started using venmo. Its fine but I dont like it as much. Its NOT a bank so you dont have FDIC protection and such. You just have to remember to clean out your venmo account every month.

Speaking of which....

NoNonsenseLandlord

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Re: Who has tried zelle for rent payments?
« Reply #4 on: August 02, 2017, 11:01:27 PM »
I have used PayPal and Google Wallet. Any on-line payment system should work, but it may take a few days the first time.

J Boogie

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Re: Who has tried zelle for rent payments?
« Reply #5 on: August 03, 2017, 07:41:32 AM »
I use Zelle with both my renters (I use usbank) and it works great.

kellyincville

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Re: Who has tried zelle for rent payments?
« Reply #6 on: August 03, 2017, 03:34:30 PM »
I use Cozy.co; it's well known and accepted amongst my renter pool.   

Another Reader

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Re: Who has tried zelle for rent payments?
« Reply #7 on: August 03, 2017, 07:48:22 PM »
The tenants that pay me directly bank with Chase and use Quick Pay.  I believe Zelle is integrating with that.  Quick Pay works well.

msheldon

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Re: Who has tried zelle for rent payments?
« Reply #8 on: August 03, 2017, 11:19:41 PM »
The one concern I have with most of these online payment systems is that there's no way for you to disallow your tenants to deposit money in your account.

This is supposedly important in the (rare) scenario where you need to evict someone for non-payment of rent. If the day before a court hearing they deposit money into your account, they can claim you accepted a partial rent payment from them. I haven't experienced this first hand, but my lawyer has relayed enough stories of landlords messing up evictions by not following the exact protocol that I want the ability to stop rent deposits if needed.

I've heard cozy has a feature to prevent tenants from depositing money into your account. Does Zelle?

Papa bear

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Re: Who has tried zelle for rent payments?
« Reply #9 on: August 04, 2017, 08:26:12 AM »
The one concern I have with most of these online payment systems is that there's no way for you to disallow your tenants to deposit money in your account.

This is supposedly important in the (rare) scenario where you need to evict someone for non-payment of rent. If the day before a court hearing they deposit money into your account, they can claim you accepted a partial rent payment from them. I haven't experienced this first hand, but my lawyer has relayed enough stories of landlords messing up evictions by not following the exact protocol that I want the ability to stop rent deposits if needed.

I've heard cozy has a feature to prevent tenants from depositing money into your account. Does Zelle?

Great point on declining payments. Thanks for bringing that up. 


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dpc

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Re: Who has tried zelle for rent payments?
« Reply #10 on: August 07, 2017, 12:01:43 PM »
It's what I use to pay my rent. I've been using the Wells Fargo transfer service and they switched to Zelle. Apart from the name on the site, it doesn't look any differnet to me.