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aplast
Posts: 150
Registered: ‎06-20-2012
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Re: Paying Rent W/ CC (details inside)

the apartment complex I live in accepts Visa Mastercard and Discover. If you do a one time payment the fee is 5.00 bucks. if you set it up as a re-occuring item that fee is waived and I happily get 2% back just for paying my rent. It sure is a lovely system when we know how to use our cards to our benefit.

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GABrown
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Re: Paying Rent W/ CC (details inside)

my apartment complex has a website set up for renters with the added convenience of making rental payments online for $9.00 so check to see if that is something that is available to you. and congrats on your approval as well... or another suggestion that may work is buy a visa/mastercard gift card for $1000.00. dont know if that would work or not but i dont see why not good luck!!!!

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Established Contributor
ccnewcc
Posts: 560
Registered: ‎09-29-2012
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Re: Paying Rent W/ CC (details inside)


aplast wrote:

the apartment complex I live in accepts Visa Mastercard and Discover. If you do a one time payment the fee is 5.00 bucks. if you set it up as a re-occuring item that fee is waived and I happily get 2% back just for paying my rent. It sure is a lovely system when we know how to use our cards to our benefit.


Yep some complexs have this ability.

 

I actually think NOT having this ability is rather silly.

 

 

I think that in another 20 yrs not being able to pay rent via debit/credit cards are not going to be a problem anymore.

 

 

Who writes checks??  Lol.  Its been soo long since I have written a check, I don't think that I even know how to do it anymore lol!

 

Epays with no Transaction Fees is the Future.  Checks/Money Orders are soo 1999.  LOL!

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distantarray
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Registered: ‎09-25-2011
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Re: Paying Rent W/ CC (details inside)

yea points vs savings and additional costs wouldn't make it worthwhile, only time it could be worth it is using something like bill matrix just to pay your mortgage or rent just so you can ht the minimum spending requirement for sign up bonuses if you haven't hit it. you suck the cost then get a nice bonus =)

 

Myfriend had to do this cause he went on a app spree and he had to spend 10k in 3months all his cards combined for all the bonuses lol, and friends gave him cash so he can buy  a macbook on his card just to make things work lol. we convincned the friend itw as worth it to help a friend and get 1 year additional warrenty on her purchase lol (sapphire) and also buyer protection since she doesn't have credit cards.


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Regular Contributor
aplast
Posts: 150
Registered: ‎06-20-2012
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Re: Paying Rent W/ CC (details inside)


ccnewcc wrote:

aplast wrote:

the apartment complex I live in accepts Visa Mastercard and Discover. If you do a one time payment the fee is 5.00 bucks. if you set it up as a re-occuring item that fee is waived and I happily get 2% back just for paying my rent. It sure is a lovely system when we know how to use our cards to our benefit.


Yep some complexs have this ability.

 

I actually think NOT having this ability is rather silly.

 

 

I think that in another 20 yrs not being able to pay rent via debit/credit cards are not going to be a problem anymore.

 

 

Who writes checks??  Lol.  Its been soo long since I have written a check, I don't think that I even know how to do it anymore lol!

 

Epays with no Transaction Fees is the Future.  Checks/Money Orders are soo 1999.  LOL!


Aside from business - I cant remember the last time I wrote a check! I do think that more and more properties are getting onboard with an online payment portal. I mean not only is it convienient for the tenant, but less work for the apartment leasing agents and management.

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ccnewcc
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Re: Paying Rent W/ CC (details inside)

Not only less work for the landlords, but near instant cashflow and ability to montior tenant payment behavior.

 

 

I mean how long does it take for a landlord to find out if the tenants rent check is going to bounce?  At least several days.

 

 

But with debit and credit payments, authorization is sped up to near instantaneous processing.  

 

Its a no brainer in my view lol

 

 

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Revelate
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Registered: ‎12-30-2011
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Re: Paying Rent W/ CC (details inside)

[ Edited ]

ccnewcc wrote:

Not only less work for the landlords, but near instant cashflow and ability to montior tenant payment behavior.

 

 

I mean how long does it take for a landlord to find out if the tenants rent check is going to bounce?  At least several days.

 

 

But with debit and credit payments, authorization is sped up to near instantaneous processing.  

 

Its a no brainer in my view lol

 

 


No difference in paying with check vs. credit card'; you either paid on time or early, late, or not in full, or not at all.  They still aren't going to see any additional information regarding your financial status as they aren't privy to either the bank or transaction network details.

 

Also you are discounting the merchant fees of it, WH was absolutely right, why should my complex give up 30/mo from me and every other tenant give or take?  That's something like 50K/year, that makes no rational sense when it can be used to pay for another apartment manager.  Depending on location, turnover is a huge problem as your occupancy rate determines your profitability... and in my case, that'd be basically 4ish apartments sitting empty for the ENTIRE year.

 

Just doesn't make sense financially until they change the merchant fee structure.

 

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webhopper
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Re: Paying Rent W/ CC (details inside)


ccnewcc wrote:

Not only less work for the landlords, but near instant cashflow and ability to montior tenant payment behavior.

 

 

I mean how long does it take for a landlord to find out if the tenants rent check is going to bounce?  At least several days.

 

 

But with debit and credit payments, authorization is sped up to near instantaneous processing.  

 

Its a no brainer in my view lol

 

 


 

There's really no need to monitor tenant payment behavior. There is such a thing as late payment fees; evictions; and tenant screening services. As a landlord I would rather do those three things and have no bounced checks. I use wepay which is an ACH process... they don't make the money available to me until the funds have completely cleared. For me; as long as they pay by the 5th I'm fine. Ive never had to charge a late payment fee or evict anyone.... so something must be going right

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ccnewcc
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Re: Paying Rent W/ CC (details inside)


Revelate wrote:

ccnewcc wrote:

Not only less work for the landlords, but near instant cashflow and ability to montior tenant payment behavior.

 

 

I mean how long does it take for a landlord to find out if the tenants rent check is going to bounce?  At least several days.

 

 

But with debit and credit payments, authorization is sped up to near instantaneous processing.  

 

Its a no brainer in my view lol

 

 


No difference in paying with check vs. credit card'; you either paid on time or early, late, or not in full, or not at all.  They still aren't going to see any additional information regarding your financial status as they aren't privy to either the bank or transaction network details.

 

Also you are discounting the merchant fees of it, WH was absolutely right, why should my complex give up 30/mo from me and every other tenant give or take?  That's something like 50K/year, that makes no rational sense when it can be used to pay for another apartment manager.  Depending on location, turnover is a huge problem as your occupancy rate determines your profitability... and in my case, that'd be basically 4ish apartments sitting empty for the ENTIRE year.

 

Just doesn't make sense financially until they change the merchant fee structure.

 


Not sure what you're driving at?

 

I take business approach to transactions.

 

As in the rule of ASAP.

 

Pay ASAP.  Collect ASAP.  That is to say, as a business: Pay bills A SLOW As Possible & Collect money As SOON As Possible.

 

 

If I were a landlord, I would want to get paid today.  Not tomorrow, not after the grace period, not after I drive to the bank deposit the rent checks, wait for the checks to clear.  

 

Pay me in Cash if you want.  Why do some apartment complexs refuse to take cash?  

 

 

If you pay with a CC, I will Know if your Card is declined.  Gives me a aheads up that I might need to start looking for a new tenatent. 

 

if you use your debit card, I can run an autorization in real time or in batchs at the end of the night.

 

Checks are slow.  Epays are faster.  Cash is even faster.

Regular Contributor
aplast
Posts: 150
Registered: ‎06-20-2012
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Re: Paying Rent W/ CC (details inside)


ccnewcc wrote:

Revelate wrote:

ccnewcc wrote:

Not only less work for the landlords, but near instant cashflow and ability to montior tenant payment behavior.

 

 

I mean how long does it take for a landlord to find out if the tenants rent check is going to bounce?  At least several days.

 

 

But with debit and credit payments, authorization is sped up to near instantaneous processing.  

 

Its a no brainer in my view lol

 

 


No difference in paying with check vs. credit card'; you either paid on time or early, late, or not in full, or not at all.  They still aren't going to see any additional information regarding your financial status as they aren't privy to either the bank or transaction network details.

 

Also you are discounting the merchant fees of it, WH was absolutely right, why should my complex give up 30/mo from me and every other tenant give or take?  That's something like 50K/year, that makes no rational sense when it can be used to pay for another apartment manager.  Depending on location, turnover is a huge problem as your occupancy rate determines your profitability... and in my case, that'd be basically 4ish apartments sitting empty for the ENTIRE year.

 

Just doesn't make sense financially until they change the merchant fee structure.

 


Not sure what you're driving at?

 

I take business approach to transactions.

 

As in the rule of ASAP.

 

Pay ASAP.  Collect ASAP.  That is to say, as a business: Pay bills A SLOW As Possible & Collect money As SOON As Possible.

 

 

If I were a landlord, I would want to get paid today.  Not tomorrow, not after the grace period, not after I drive to the bank deposit the rent checks, wait for the checks to clear.  

 

Pay me in Cash if you want.  Why do some apartment complexs refuse to take cash?  

 

 

If you pay with a CC, I will Know if your Card is declined.  Gives me a aheads up that I might need to start looking for a new tenatent. 

 

if you use your debit card, I can run an autorization in real time or in batchs at the end of the night.

 

Checks are slow.  Epays are faster.  Cash is even faster.


You know,

 

Im not sure how many units some of these apt or condo owners have. Would it make sense to accept CC for 5 units? well, In my books yes, but I can understand the business approach of someone who doesnt. I highly doubt the fee is 30 dollars per person. that is about 2.75% of 1000 dollars which I guess is what folks are estimating rent to be. (just as a scenario) im sure there the apartment complex gets some type of break for the amount of volume processed every month. My complex that I live in has 200-250 units. I am good friends with one of the leasing agents and I will ask her tomorrow how their CC processing works and how many hard checks they recieve from tenants every month. I have another friend there who pays on the 5th every month and the check usually clears by the 7th. CC and debit are instant and if we think about it - CC instant approval or decline. less of a hassle in my opinion. My family owns a restaurant and we dont accept checks for that very reason. (unless its a huge catering deal or something like that)

 The reason most apartments dont take cash - I believe its a huge liability. lets say just 10% of the complex would pay cash. 200 units 1000-1200 AVERAGE rent (maybe higher) that would be 24k in cold hard cash right there, and the 10% is a conservative figure IMO. Imagine having 40-50k and being robbed. Yeah not fun. ALSO ** wouldnt you want a paper trail proving that you paid rent? and vice versa for the landlord?

 

but if I owned an apartment complex I would want to give the tenants as many SAFE ways to pay as possible.

 

anyways.. Im just thinking out loud and this is my .02 :smileyhappy:

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