What is the best way to accept payment?

[jmk909er]

What is the best way to accept payment for a rental and also to return a deposit when renting?

Paypal, Venmo, Zell, etc What is the best way to do the financial transaction?

Thanks, Joe

 

[VacationForever]

As an owner, I prefer to accept Wire, since the $ cannot be disputed and clawed back. Because of my status with the bank, it does not cost to wire in or out. If I have to return the money, similarly I wire it back to the renter. You can also Zelle which is free. I use Venmo only if that is the only option that the other party dictates (not rental related). I dislike Paypal. To avoid fees, you can use Friends and Family option.

 

[dioxide45]

Good old fashioned check will work too.

 

[Ski-Dad]

Venmo only works if both parties have a US based cell phone. I was in the USA this past January and discovered that it is impossible without a US based #.

For Canadians, Interac email money transfer is super easy. It is a bank account to bank account transfer that works between all our banks. It is either free or $1.50 based on your banking package. The $$ cannot be clawed back, but in the case of fraud, the authorities can immediately identify the owner of the receiving account.

 

[MULTIZ321]

Hi Joe,
Zelle only works if both parties Banks or Credit Unions accept
Zelle, not all do. Also, there is usually a daily limit on the amount that can be transmitted. Furthermore some Banks and Credit Unions have a Policy that once a sender transmits money, the transaction cannot be canceled.

Richard