Anyone using Square Point-of-Sale to collect rents?

[David Dachtera]

Off-the-wall question for all of you who collect your own rents ...

Is anyone using the Square point-of-sale device to collect rents via credit or debit card?

Just wondering if that would be a viable option.

[Scott Weaner]

Originally posted by @David Dachtera:

Originally posted by @Scott Weaner:

Originally posted by @David Dachtera:

@Scott Weaner,

Cost of doing business ... 

 For my small portfolio, that would cost me about 14% of cash flow per year if all tenants used it. So, for me it would be a foolish expense.

 How does 3.5% get multiplied to 14%?

...and how does 3.5% compare to the cost of your time and effort to collect rent checks and deposit them?

How does 3.5% become 14%? Because it is 3.5% of GROSS rental revenue, but 14% of NET PROFIT. 

If we use an example of a home that rents for $1000, and has a monthly cash flow of $250 after expenses. The CC fee is $35, which is $14% of the $250.