Tenants and credit cards

Catherine Reeves | email Jul 26 2017, 01:20 PM
We are wanting to use this program for apartment rentals. Is there any way that a tenant can pay with a credit card?
Stephane Grenier | email Jul 28 2017, 03:34 PM
Hi Catherine,

It's great to hear that you want to use the program for your apartment rentals. In regards to your question your tenant's can pay by any means which you can record under the payment type.

That being said if you mean pay directly through the software then no this is not possible. For that you'd need to go with a web based solution, and even then it's not that simple because accepting payments by credit cards is not just an option you can turn on. First you need to be approved by the payment processor and setup for that payment processor.

And even assuming you do all that please be aware that there are fees to process credit cards online. Generally you'll have to pay at least a 3% credit card processing fee in addition to your monthly fees, be liable for chargebacks, etc. So for example if you process say 50 rents at $1000 for $50,000 that means you'll be paying at least $1,500/mth in credit card processing fees, most likely more. I would expect it to cost you at least $2,000+ per month for that service. Most likely it will be closer to $5,000/mth after everything is said and done because that only covers the credit card company service charges, it doesn't include the monthly fees by the credit card company, the software company's service fees, and so on...

Stephan Grenier
LandlordMax Software Inc.

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