Topic: What do you charge residents for online payments (ach vs. credit card)?

Couple of payment questions for the group:
1. What do you charge residents for online payments (ach vs. credit card)?
2. Do you accept paper payments or require online payments?
3. If you accept paper payments do you accept money orders?
Thank you everyone for your input!

1. ACH to checking account, $2.95
2. Debit card 2.5% of total.
3. Yes we take paper payments. But I have charged $30 for paper payments at another company.
4. Yes we take money orders. Hope that helps!

ACH payments are free
Credit cards are extremely high (Visa cam go up to $30!)
We take checks and money orders but encourage everyone to pay online. We'll soon not accept in-person payments at all.

1. ACH is free, credit cards are 3.5%
2. We take paper payments as we have a fair amount of older residents who are not good with computers
3. We take money orders for the same reason as above

Ach 1.95, credit card 2.5% of charge up to $1000; 3.5% of charge over $1000, $3.95 debit card. NO MONEY ORDERS or cash. We allow paper payments free but are debating going online only.

ACH is Free. Credit Card online $17.00. Credit card in the office is free. We take paper as well as money orders.

How much do companies charge for valet waste services ?

35

Free online payments with auto ACH or one time payments using a checking or savings account. CC payments are $25 plus they have to pay by the 1st in order to be considered on time since it takes longer to process. (Our normal grace period is until the 5th) Free in office payments including money orders since not everyone is tech savvy. (No cash)

I lived on a property that allowed free online payments (all forms) and a $3.95 fee for paper payment. I thought that was pretty smart. Let’s charge for what actually costs us money to process.

Online payments depend on your company. We charge 2.2% of the amount they are paying (doesn't apply to app/admin fees). ACH is no charge. We also accept paper payments including personal checks, commercial checks, cashiers check, and money orders. No cash.

We require online payments. ACH is free and CC has 3% fee.

ACH is free, CC has convenience fee, paper checks charged $5 processing fee, no money orders allowed.

Why would you not allow money orders? I managed Apartments Communities for almost 25 years? Retired now! Thank God!

Brenda Horton Jernigan we are instituting no money orders next month under the assumption that when they are lost they are so hard to replace....A theory I absolutely disagree with hence the market research

That’s BS and you know it! It’s a disservice to those people who don’t have bank accounts. The only reason your company doesn’t want them is because they can’t turn their funds quick enough! In my whole career not one time did I ever have an issue with a money order. I’m so glad I’m out of industry. It has become all about the money! You could offer options like we accept Kroger, Publix’s, Post Office, money orders! It’s not about the people anymore so SAD! I loved it but it’s really changed.

Brenda Horton Jernigan its a while new world out here! You should hear how it was sprung on me to roll out.

Michele Twardowski Conner I can imagine

ACH is free
Credit Cards is 3%
We take checks no money orders or cash

ACH is free
Credit cards is about 3%
Yes we take paper including money orders

Recurring draft is free. One time ACH $2. Paper accepted thru the 5th. No cash. CC is 3% premium.

We don't have anything online. we are all paper. We accept Cashier Check, money order, and personal check. I try to encourage bill pay through the bank as an option and have them just have it mailed from the bank to the office... no cash ever

ACH is free, debit is $3.95 and credit is 3.5%. We require deposits, move in fees and anyone who has had a previous NSF to pay in certified funds. We do allow corporate accounts to send checks but it has significantly helped our on site time.

Thank you guys so much! We are such a great group!

Out of curiosity for those accepting online payments, what percentage of residents do you estimate are paying online?

I would guess around 90% at my site.

In Texas, it is against the law for a merchant (in this case, property management) to charge a fee for credit card use. See attachment. However, it does not effect a credit card company charging a fee. Just the merchant. This is a letter from the OCCC (Office of Consumer Credit Commissioner). It is dated 2011, but is still in effect.

Your question would definitely be one I would speak to an attorney about since finance codes vary from state to state. Hope this helps you...and all of you reading! ;)

oops. my attachment was not in correct format. the website is below!

occc.texas.gov/sites/default/files/uploa...retation-2011-01.pdf

I manage a 55+ location. We don't charge anything for ACH payments & that has encouraged about 65% of our residents to use that service. It saves time processing all those checks (since few would pay online).

We do accept checks & money orders, but no cash company-wide.

We do not have credit card payments in the office, only online. I think the fee is a % depending on the type of card the resident uses or $1.95 for electronic check.

Hi Michele!

Our company provides online payments to clients as part of our website platform.

For ACH: there is a $1 fee incurred, payed by the property.

For credit/debit card transactions: the transaction fee is 2.9% + .30 and we allow properties to determine who pays the fee (property, tenant or a combination).

Would anyone like to guess how many clients pay for the transaction fee? ;)

None of our clients' properties accept cash (to my knowledge), and about half are online payment-online.

EDIT: Rentbot's platform also allow tenants to set up reoccurring payments with no fee associated.