Jump to content
mattd

Payment For Rent

Recommended Posts

Our company rents out executive suites to a few different businesses and I'm looking for an inexpensive, but secure method for our tenants to be able to pay their monthly rent via credit card or by a bank draft.

 

Just looking for any suggestions. Most of the tenants can write a check and hand it over, but some have them mailed in which results in late payments, etc. We'd like the option for them to be able to pay online- without them having to pay large fees for the processing.

 

Any suggestions?

 

Thanks,

Matt

Share this post


Link to post
Share on other sites

Welcome to the forums Matt :)

 

You will need a merchant account and a shopping cart program. Or you can use paypal. Check hotscripts.com I'm sure you will find something.

Share this post


Link to post
Share on other sites

I thought about Paypal- but the fees are quite high.

2.9% + 30 cents up to 3,000.

 

So one tenant pays 550 a month- that'd be $16.25 just to process it. That's awfully high.

 

I know this is completely different- but when I pay bills online (mortgage, car payment, etc) I don't have to pay more than if I were to write a check. Is there not a way to get around paying such high fees? It kind of defeats the purpose of it being a convenient payment method if it costs that much.

Share this post


Link to post
Share on other sites

I just looked at a couple other payment methods- and even down to 1.19% is high.

One tenant of ours has 4 offices, and the rent is just shy of 4,000 a month. At 1.19% that'd be almost 50 bucks just to pay online.

 

Is there a way to have a direct bank draft? I may have to contact our bank directly to see if they have options, but I thought I'd check here since I'd like for them to be able to pay online through our website.

 

Thanks,

Matt

Share this post


Link to post
Share on other sites

Well I really don't know how you can get around fees. I tend to pay my bills online through my bank not directly to the intended party.

Share this post


Link to post
Share on other sites

The fees to use Paypal or any other merchant services are charged to you the recipient not the payer.

Share this post


Link to post
Share on other sites

The fees to use Paypal or any other merchant services are charged to you the recipient not the payer.

 

I realize this, but if there were fees involved we wouldn't pay them- they would. (We'd just add the fee on the invoice)

 

Hopefully the bank will have a solution for us with minimal fees.

Share this post


Link to post
Share on other sites

I just looked at a couple other payment methods- and even down to 1.19% is high.

One tenant of ours has 4 offices, and the rent is just shy of 4,000 a month. At 1.19% that'd be almost 50 bucks just to pay online.

 

Is there a way to have a direct bank draft? I may have to contact our bank directly to see if they have options, but I thought I'd check here since I'd like for them to be able to pay online through our website.

 

Thanks,

Matt

 

 

Hi Matt~

This is a good question. I, too, would rather make money. I would like to suggest going to your bank and finding out about getting the payments deposited into your checking account, if possible. i.e.: direct deposit.

I know that renters prefer at times to use credit cards. There's little to do there, as there will always be merchant services charges. Do a search for 'merchant services' and you come up with a variety to choose from. Scanning just now, I found one for 1.09%, there're probably better out there. I'll be doing my own search soon. Good luck in your hunt.

jaci

Share this post


Link to post
Share on other sites

Difference between PayPal and a merchant account...

 

- a merchant account charges a monthly fee, and a transaction fee per transaction. The monthly fee is regardless of use. PayPal does not charge a monthly fee for online transactions.

 

- a merchant account will require you to have a SSL certificate. SSL security is included with PayPal

 

 

Just a couple other things to consider in the cost process. I find PayPal is the best route for low volume (say less than $5000 to $10000 a month) activity versus a merchant account.

Share this post


Link to post
Share on other sites

Difference between PayPal and a merchant account...

 

- a merchant account charges a monthly fee, and a transaction fee per transaction. The monthly fee is regardless of use. PayPal does not charge a monthly fee for online transactions.

 

- a merchant account will require you to have a SSL certificate. SSL security is included with PayPal

 

 

Just a couple other things to consider in the cost process. I find PayPal is the best route for low volume (say less than $5000 to $10000 a month) activity versus a merchant account.

 

good points re: PayPal

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now


×