Rental Property Investor · MO · Member since 2019 · 3 posts · 0 votes
Any suggestions from landlords on the best app or tool to accept/process monthly rent payments via credit cards from tenants? (ex. Venmo, PayPal, etc.)
Cincinnati, OH · Member since 2020 · 4k+ posts · 3k+ votes
6y
@Jim Henry I know Cozy offers CC payments, and tenant is responsible for the 2.75% fee. I think the same is true with Venmo, fees are pushed onto tenant not taken out of your rent. Paypal, I am not as certain about. In the past when I used it, the vendor took the hit on CC fees (meaning you as landlord), but this may be an option who is responsible.
Others I am seeing with a quick "free rent payment service" google search: Zillow Rental Manager and Rentler.
Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
6y
There are a number of platforms that would allow you to get paid via credit card (i.e. Cozy, Venmo, PayPal, etc). They do charge a fee though, but it is usually paid by the person making the payment (tenant). Personally I don't like credit card payments because I think the likelihood of someone disputing a charge and having the rent payment reversed/clawed back is increased with credit card payments. (It can happen with other forms of electronic payments but seems to be easier to do with credit cards.)
Property Manager · Ketchum, ID · Member since 2016 · 277 posts · 132 votes
6y
When using vendors like this it is important to know that because you do not have PCI compliance with them or card present entry on the site, that if the tenant decides to charge back a rent payment or more, they can and you will have no recourse. In order for you to be able to contact the card company with information to get the money returned to you, PCI compliance is required. It is just a warning because there is a whole thread on Bigger Pockets about excessive charge backs made by tenants when using no card present and no PCI compliance. Contact me directly for more information on this topic.