Dwolla is one of several popular peer-to-peer payment services, along the lines of PayPal and Venmo. Some landlords and tenants use Dwolla to send and collect rent each month, but there’s a better way: Cozy. Cozy offers much more than just free online rent payments.
Cozy is a service built from the ground up just for landlords and tenants, so it goes far beyond a peer-to-peer payments system.
Here are a few ways Cozy is different:
Deposit move-in costs into a separate bank account.
Some local laws require that landlords hold security deposits in escrow in a separate bank account for the duration of the lease (and, in some cases, pay yearly interest on that amount).
Process payments from multiple tenants seamlessly.
If you’ve got roommates, or you’re a landlord with multiple tenants in a unit, Cozy can help. Cozy collects rent from every tenant on the lease and sends the landlord one deposit every month. No more worrying about who paid and whether or not the amount adds up to the rent requested.
Screen tenants and run credit checks too.
Cozy is a complete rental management solution. In addition to free online rent payments, Cozy also offers secure tenant credit checks that don’t require the landlord to obtain a Social Security number and doesn’t harm the tenants’ credit scores.
And, best of all, it’s free!
Cozy charges for just one thing — credit reports, which cost tenants $19.95 when a landlord requests one. The rent payments and other tenant screening features are free, though, and you can always start using Cozy just for the free rent payments. Dwolla charges $0.25 per transaction, so in addition to all the other benefits of using Cozy, you’ll also be saving a bit of money!