If you’ve ever had to chase down rent payments, you know why 6 out of 10 landlords prefer to collect rent online. With the rise of payment apps and rent collection software, landlords now have more options than ever. In this article, we’ll break down two collecting rent with Zelle vs. Baselane rent collection. Let’s see which one is the better fit for your rental properties.
Key Takeaways
- Baselane offers online rent collection with automated payments, reminders, and late fees.
- Zelle is used to send money between bank accounts, but it's not meant for rent payment collection and lacks key features like rent tracking and automatic payments.
- Baselane integrates banking, rent collection, and bookkeeping in one platform, making it easier for landlords to manage and track rental payments.
Baselane Overview
Baselane is an all-in-one finance and banking platform made for landlords. Whether you need to collect rent online, manage security deposits, or track rental income, Baselane has you covered.
Tenants can pay by ACH or card from any device and easily set up auto-pay. Besides online rent payments, Baselane can collect security deposits and other one-time or recurring fees.
Unlike Zelle, Baselane is linked to a landlord’s bank account to eliminate the chance of money being sent to the wrong person. Baselane also automatically tracks payment history and charges late fees to encourage on-time rent payments.
Baselane Key Features
- Collect rent online for free, including tenant payments, security deposits, and fees
- Automated rent collection reminders and late fees
- Payments deposited directly into bank account
- Tenants can pay rent online using debit cards, credit cards, and ACH transfers from bank accounts
- Baselane tenant portal to manage rent payments and set up auto-pay
- Real-time rental payment notification, tracking, and detailed payment history
- Auto-tagging rent payments to properties and categories
- Integrated banking and bookkeeping
Baselane Pricing
Baselane Pros and Cons
Pros
- Built for landlords and real estate investors
- Flexible tenant payment methods by ACH and card
- Earn interest on security deposits and savings
- Online rent payments via ACH
- Block partial payments
- Option to add additional fees (parking, pets, etc.)
- High payment limits
Cons
- No mobile app (coming soon)
- No tenant communication feature (coming soon)
Zelle Overview
Zelle is a peer-to-peer payment platform designed to send money between bank accounts. It's easy to use Zelle for rent payments if you and your tenant both have banks that support Zelle. Otherwise, weekly transfers are capped at $500.
You'll receive notifications for Zelle rent payment deposits but not for overdue payments. There's no option to track or set up fees for late rent payments.
Tenants paying rent with Zelle can only use ACH, and there is no fraud protection or refunds if they send money to the wrong person
Zelle Key Features
- Fast transfer of funds between supported bank accounts
- Available on most mobile banking apps
- Paying rent through Zelle using email or mobile number
- Instant payment notifications
Zelle Pricing
Zelle doesn’t charge fees to send or receive money. However, your bank or credit union may charge fees for Zelle transactions.
Zelle Pros and Cons
Pros
- Instant transfers with no processing fees through most banks
- Easy to use for landlords and tenants already banking with Zelle-supported institutions
- No setup required for Zelle rent payment
Cons
- Limited to Zelle-supported banks
- No payment option for debit or credit cards
- No rent tracking, payment reminders, or late fees
- No refunds for rental payments sent to the wrong person
- Low transfer limits for banks outside Zelle network
- Can't block partial payments
- No option to set up Zelle for rent auto payment
Baselane vs. Zelle
Final Thoughts: Zelle vs. Baselane
Baselane and Zelle offer flexible ways for tenants to pay rent online. The sign-up process is relatively the same, but there are some notable differences in functionality.
While Zelle can process quick payments, it lacks the property management features and financial organization that Baselane brings to the table.
Baselane integrates online rent payments, banking, bookkeeping, and rental payment tracking all in one place with no monthly fees, making it ideal for landlords who want to streamline their rental business and eliminate the hassle of managing multiple tools.
Get started with Baselane for free today!
FAQs
Why use rental property software?
Rental property software replaces multiple solutions and spreadsheets with a unified platform. In addition to landlord banking and bookkeeping, rental property software provides a safer, more reliable way of obtaining rental income. It also allows tenants the flexibility of multiple payment methods, instant invoices, and payment reminders.
What should you look for in rent collection software?
When choosing rent collection software, you want all the tools you need to manage and track your income and expenses in one place, including:
- Rent collection
- Payment tracking
- Expense management
- Property analytics
- Landlord Banking
How can I sign up for Baselane?
Create a free Baselane account in minutes:
- Sign up using an email, full name, and password
- Follow the instructions in the confirmation email
- Start exploring Baselane
