There are several widely used and highly popular payment tools, such as PayPal, Venmo, and Zelle. With these services being so widespread, it is tempting to use them to collect rent. However, they are not designed to meet the specific needs of landlords and property managers.
Tools specifically designed to collect rent, like Apartment.com’s Rental Manager, are more suitable for landlords. The comprehensive features make property management a breeze, allowing you to take care of all your responsibilities in one place. Continue reading to see how Apartments.com compares to Zelle for rent collection.
Collecting Rent with Zelle
People love Zelle because it is quick and easy to use when sending money. However, its best use is for sending or receiving money with people you know, like friends or family. Zelle isn’t ideal for collecting rent because it lacks features designed for landlords. This is why many landlords choose to use Apartments.com. It has tools specifically created to make collecting rent simple and automated.
As of April 1, 2025, the standalone Zelle app has been discontinued. So, the only way to send money is through participating banks and credit unions. If your bank doesn’t offer Zelle, you won’t be able to use the service.
Fees and processing times on Zelle
Money sent or received using Zelle is usually available within minutes. Under certain circumstances, payments can take from one to three business days. Zelle allows you to send and receive money without any fees, but it’s a good idea to confirm that with your bank.
Limits on the amount you can transfer and receive may vary depending on your bank’s policies. For small business users, transaction limits and potential fees are determined by your bank. To find the relevant information pertaining to your situation and bank, visit your bank’s website or contact them.
Zelle for landlords
Landlords can utilize Zelle’s basic functions. All money moved through Zelle goes directly into your bank account. There’s no need to transfer it like on Venmo. There is a payment request feature, but you have to manually do it every time. Renters can schedule payments and set up repeat payments. But that is all on their side; you cannot schedule payments, send reminders, or set up late payments like on Apartments.com.
Partial or missing payments on Zelle
Zelle is primarily designed to be used with people you know. You can’t cancel or block payments once they’ve been sent. If your renter sends money to the wrong person, they won’t be able to get their money back. However, if the payment status is pending, then your renter can cancel the payment.
A best practice when it comes to eviction proceedings is to not accept any rent payments. If you use Zelle, you cannot stop someone from sending you money unless you unenroll from Zelle with your bank or change your linked contact information.
Using Zelle for roommates
Zelle doesn’t offer a dedicated way for roommates to split rent. You can request each roommate’s share individually or have one person pay the full amount and handle the split among themselves.
Collecting rent with Apartments.com
By collecting rent with Apartments.com, you’ll have tools to set up late fees, roommate payments, and automated payments. You’ll enjoy additional features like Express Pay, and with no hidden fees, collecting rent is no longer a chore.
Understanding processing times and fees on Apartments.com
Collecting rent on Apartments.com is completely free for landlords as renters pay any associated fees for card payments. There are two ways for your renters to pay rent: ACH payments and credit/debit cards.
ACH payments are free for renters to use, and it’s quick — most transactions finish in two days. Credit/debit cards are just as fast with an average processing time of two days. Renters will pay the 2.75 percent fee for credit/debit cards, not you.
No matter which method your renters choose to use, you can get paid even faster with Express Pay. You don’t even have to set anything up. The system identifies low-risk ACH payments and expedites them. You’ll get paid up to a day earlier with Express Pay.
Exploring rent collection tools on Apartments.com
Being a property manager is a full-time job with a lot of responsibilities. To make your job easier, Apartments.com has tools to help you collect rent with ease. Set up automated emails to let Apartments.com take over the task of sending reminders. This includes reminders about getting new renters to set up their payments, rent reminders before and on the day of it being due, payment on the way notifications, and emails if late fees have been added.
With automated rent payments, your renters won’t have to worry about being late or missing a payment. But just in case, you are able to set up to automatic late fees. Just set the amount and the grace period and you are done.
Managing partial rent payments with Apartments.com
No matter your situation, Apartments.com has got you covered when it comes to incorrect or partial payments. Simply end rent collection if you see an upcoming partial payment or one for the wrong amount. You don’t have to worry about receiving money when you don’t want too.
How roommates can pay rent on Apartments.com
It is just as easy to collect rent from roommates as it is from one renter on Apartments.com. All you have to do is create one rent collection for the entire apartment, add all the roommates, and enter the total amount of rent. From there, it’s on your renters to enter their portion and schedule payments. It’s flexible, where they can split the amount due however they would like.
Track Your Rental Property Income and Expenses on Apartments.com
When you use Apartments.com to collect rent, take advantage of the ability to track your expenses and income as well. You can enter detailed information for each expense, add a receipt, and select an IRS expense category. If your receipt contains several expenses, simply select “Add line item” to split it across multiple properties or categories. Do it all on one platform with Apartments.com.
FAQ
Will I get a 1099k form from Zelle?
Zelle will not send you a 1099-K form for payments on the Zelle network and does not report any money received to the IRS. However, if you use Apartments.com, you can export all your expenses and income on using the tracking feature and get sent a 1099-K form.
Can you send a security deposit back using Zelle?
As long as there are no local or state laws requiring a specific method to return a security deposit, you should be able to use Zelle.
Does Zelle offer any other tools for landlords?
No, Zelle is only an online payment service offered through banks and credit unions. If you want tools for landlords, check out Apartments.com Rental Manager. When you use Apartments.com you can:
