mattd Posted May 10, 2010 Share Posted May 10, 2010 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 Quote Link to comment Share on other sites More sharing options...
TCH-Bruce Posted May 10, 2010 Share Posted May 10, 2010 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. Quote Link to comment Share on other sites More sharing options...
mattd Posted May 10, 2010 Author Share Posted May 10, 2010 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. Quote Link to comment Share on other sites More sharing options...
mattd Posted May 10, 2010 Author Share Posted May 10, 2010 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 Quote Link to comment Share on other sites More sharing options...
TCH-Bruce Posted May 10, 2010 Share Posted May 10, 2010 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. Quote Link to comment Share on other sites More sharing options...
TCH-Dick Posted May 10, 2010 Share Posted May 10, 2010 The fees to use Paypal or any other merchant services are charged to you the recipient not the payer. Quote Link to comment Share on other sites More sharing options...
mattd Posted May 10, 2010 Author Share Posted May 10, 2010 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. Quote Link to comment Share on other sites More sharing options...
TCH-Thomas Posted May 11, 2010 Share Posted May 11, 2010 Welcome to the forum, Matt. Quote Link to comment Share on other sites More sharing options...
joats984 Posted June 25, 2010 Share Posted June 25, 2010 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 Quote Link to comment Share on other sites More sharing options...
jnull Posted June 29, 2010 Share Posted June 29, 2010 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. Quote Link to comment Share on other sites More sharing options...
joats984 Posted June 29, 2010 Share Posted June 29, 2010 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 Quote Link to comment Share on other sites More sharing options...
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