Accepting Credit Cards for rent

[Ken Latchers]

I have been considering credit cards as a payment option.

My BIG hesitation, is a tenant who pays, and then within 60 days "disputes" the charge to try and get out of paying the rent. This is a big problem for some types of business - people who charge and intend to get out of the payment later. And it becomes somewhat he says-she says trying to get your money. At least with cash, cleared check, good money order, you havee your money.

Thoughts?

[James H.]

Originally posted by George P.:

Originally posted by Ken Latchers:

Originally posted by George P.:

i just dont know why everyone acts all scared about taking payments with CC.

For good reason, if you follow the thread about chargebacks and have any real experience as a merchant.

Pyapal provides no protection if it comes from their credit card. And PayPal has their own dispute process that does not favor the merchant.

If one ignores reality, then yes, there is no reason to be scared.

you can't pass the "chargebacks" to your tenants? or they can't afford it even though they want to pay with a CC? maybe it's the type of tenants you allow to rent your properties.

Ken Latchers is referring to the happenstance if someone disputes the charge after paying the rent.

I suppose there are a lot of things to be scared of. Tenants trash units and don't pay rent and 90 percent of the time you don't get your money back. So I guess Ken could also say that you are not in reality if you decide to be a landlord. Every benefit will come with some sort of risk. It's a matter of individual opinion whether the risk is worth it or not.