Rental Property Investor · Green Bay, WI · Member since 2019 · 6 posts · 2 votes
I recently created a website for my future tenants/buyers to be able to see my homes available, applications, contact info, testimonials etc. Wondering how do I add a payment option to the website so I can collect rent and other monies owed without having to go through a third party that takes a fee from it? I've considered cozy because you can add payment button onto a website but like i said they want a fee and I'm in the high rent side of business. Right now one of my properties rents for 2800 per month and the fee cozy wants to charge would add atleast another 100$ to the tenants.
You're not going to find a sound option that does not take a fee. I would also argue that the cost of maintaining your own is far too high, particularly from a web security perspective.
I have seen everything from .5% to 4% online for transaction fees, so there is definitely a range. Nothing is going to be free, however.
I came across 2 options that might work. But I don't see if there is an option to integrate these systems into a website. The 2 I found are Avail and TurboTenant. Application fees are involved for both it seems like but these look like the best options I've come by.
You're not going to find a sound option that does not take a fee. I would also argue that the cost of maintaining your own is far too high, particularly from a web security perspective.
I have seen everything from .5% to 4% online for transaction fees, so there is definitely a range. Nothing is going to be free, however.
My Rents are excepted through Zelle and Venmo both clean online apps. Venmo you can use a credit card to pay which Can be debated both good and bad but it’s a way to build credit.
Any system that collects a credit card will charge a 2.5-3.5% fee. It’s the cost of using credit cards.
That’s why Cozy, Venmo, etc all use checking accounts (ACH) to do the transactions, it’s much cheaper for them so they can offer the basic services for free - and make up the loss on their paid services.
There are services out there (Authorize.net, Stripe) that do ACH for websites, but they too have a cost, albeit much less than credit cards.
You're not going to find a sound option that does not take a fee. I would also argue that the cost of maintaining your own is far too high, particularly from a web security perspective.
I have seen everything from .5% to 4% online for transaction fees, so there is definitely a range. Nothing is going to be free, however.
I agree with Trevor on this one - you'd best be using a secure and reputable payment processor - the fee's will be way less drastic than a system breach would.
Stripe or QuickBooks payment are some good ones to look into...