Posted by Leonel Martinez on December 21, 2002 at 22:37:53:
How exactly does this work? Thanks,
Credit card rent payments - Posted by Eric - GA
Posted by Eric - GA on December 20, 2002 at 18:42:25:
Do any of you guys accept credit cards for rent payments? An apartment near me recently started accepting them, and it made me wonder if it was something to consider for rental houses as well.
In GENERAL, I am opposed to the proliferation of debt in America, as I feel it weekens us. But, in SPECIFIC, I am opposed to the proliferation of my debt. Seems like this would be a good way to make sure you get paid.
Whaddya think?
Eric - GA
Re: Credit card rent payments… NO! - Posted by Izzy NY
Posted by Izzy NY on December 23, 2002 at 13:24:44:
I do not believe this is a good idea to do on a constant basis. you will be much better off paying $75 or so for a good check printing program, and you can debit the checking account just like the credit card companies do when you pay by phone or on the net.
if you take payments by credit card, you are opening yourself to disputes with the card companies, mothly fees, plus percentages, and…
the tenants will not keep the apartment in as good shape when they dont feel the money being paid…
and, as a last resort, take Debit cards rather then credit cards, where the money is debitied from the renter’s account right away, rather then paying for 12 months on a card and then be on that cycle of never being able to pay it off…
just my .00002
Izzy
Great Info…also? - Posted by John_CT
Posted by John_CT on December 23, 2002 at 10:46:12:
This is great info as I am closing on my first 3 family in January.
Also how do you guys handle the deposit money, seperate savings account for each tenant OR one savings account for all tenants? Any other info would be great…John
Re: Credit card rent payments - Posted by Sean
Posted by Sean on December 23, 2002 at 10:22:17:
Interesting,
I have the ability to accept credit cards for another business I own. Have not yet explored taking credit card payments for rent. I am not sure if I would, there is a surcharge on every payment and I personally would be a bit concerned about someone borrowing money to pay rent regularly.
I could see an upside from a business perspective, and even from a tenant, if the tenant just wants to pay one bill a month set up everything to charge against the card and then just pay that full amount every month. I think if I were to do that, they would have to have such good credit that they likely would not be renting one of my properties in the first place 
Re: Credit card rent payments - Posted by Harry
Posted by Harry on December 23, 2002 at 07:53:39:
Eric,
You may know this, but it does cost money to accept credit cards.
I myself don’t chase rent. If the house rents for $800.00 per month I rent the house for $850.00 with a $50.00 discount if paid by the 3rd. I first tried $25.00 but it wasn’t as effictive. I also have my tenents take the money directly to the bank and make a deposit. So far this has worked for most of my tenents.
I have one tenent, a friend with a wife that shops to releave stress, that this didn’t work for. I had them set up an automatic withdraw with there employer, and the rent has been paid on time every month since then. When people have a hard time budgeting there money it is like pulling teeth to get them to concent to this. I had to lay it on the line friend or not “sign the concent or get out, and I’ll garnish your wages for the back rent”.
I went by there house just yesterday and noticed there were a lot less presents under the tree this year, but they weren’t behind on the rent!
Hope this helps,
Harry
Isn’t Life Great!
.
Re: Credit card rent payments - Posted by Christen
Posted by Christen on December 20, 2002 at 19:56:21:
I agree with you, I too am disgusted with our “buy now, Pay later” mentality in this country. However how people choose to live is their own business, and if the choice is I either I don’t get paid or they remain revolving debt free, well I know which I would choose. I also spoke with my bank on getting my tenants accounts debited every month and getting it directly deposited into our business account. I am going to approach my tenants with the idea after the new year. I think some of them may go for it, no more annoying trips to the bank on the 1st. (we don’t accept checks)I also wonder if you can get it directly taken from their paycheck, split it up between the weeks. A little every week may make a lot easier.
Re: Credit card rent payments - Posted by Jerry Martin
Posted by Jerry Martin on December 21, 2002 at 06:00:36:
I use a bank draft program and print out my tenants rent check on the first and go to the bank with them. God bless