Rent on a credit card? (by CT Landlord2 [CT]) Jul 3, 2010 2:42 PM
Rent on a credit card? (by in [IN]) Jul 3, 2010 2:55 PM
Rent on a credit card? (by Debbie [VA]) Jul 3, 2010 2:58 PM
Rent on a credit card? (by del [MD]) Jul 3, 2010 3:28 PM
Rent on a credit card? (by Jeffrey [VA]) Jul 3, 2010 3:58 PM
Rent on a credit card? (by in [IN]) Jul 3, 2010 8:07 PM
Rent on a credit card? (by CT Landlord 2 [CT]) Jul 3, 2010 8:42 PM
Rent on a credit card? (by Steve [TX]) Jul 4, 2010 1:43 AM
Rent on a credit card? (by reid [KS]) Jul 4, 2010 5:53 AM
Rent on a credit card? (by Virden [OH]) Jul 4, 2010 7:16 AM
Rent on a credit card? (by Lori [NV]) Jul 4, 2010 8:07 AM
Rent on a credit card? (by CT Landlord 2 [CT]) Jul 4, 2010 8:13 AM
Rent on a credit card? (by Reid [KS]) Jul 4, 2010 8:40 AM
Rent on a credit card? (by Paulio [PA]) Jul 4, 2010 9:31 AM
Rent on a credit card? (by CTLandlord2 [CT]) Jul 4, 2010 9:33 AM
Rent on a credit card? (by Jeffrey [VA]) Jul 4, 2010 10:19 AM
Rent on a credit card? (by SDlandlord [CA]) Jul 4, 2010 11:06 AM
Rent on a credit card? (by Jeffrey [VA]) Jul 5, 2010 5:37 AM
Rent on a credit card? (by CT Landlord 2 [CT]) Jul 5, 2010 8:35 AM
Rent on a credit card? (by CT Landlord2 [CT]) Posted on: Jul 3, 2010 2:42 PM Message:
State Specific Question About: CONNECTICUT (CT)
I just got an email from a prospective tenant asking to pay rent by credit card. I am thinking this could be a new kind of scam of sorts, as the cell phone is out of state.
Anyone hear about sometihng like this? Usually, I don't answer ones that seem flaky, but was curious if anyone else has gotten these emails. --67.86.xx.xx |
Rent on a credit card? (by in [IN]) Posted on: Jul 3, 2010 2:55 PM Message:
No problem, we do it with college students....
Good way to move money... --67.163.xx.xx |
Rent on a credit card? (by Debbie [VA]) Posted on: Jul 3, 2010 2:58 PM Message:
Check out what the fees are for you to accept a credit card. Also how easy is it for the purchaser to have an item charged back. Then the rent you had is gone, plus additional fees. LL beware. --173.114.xxx.xx |
Rent on a credit card? (by del [MD]) Posted on: Jul 3, 2010 3:28 PM Message:
I worked in the credit card business for 17 years. I advise you to run away from this as fast as you can. A credit card co-worker of mine blew the transmission in his car and had no money. He had a local transmission shop fix the car and charged it to his Visa. He then kept disputing the transaction FOR 3 BILLING CYCLES, claiming the car did not run right. The merchant payment was help up during the dispute. The merchant could not do squat as Visa dispute rules overrule everything including God himself. When my co-worker got the money, he cancelled the dispute and the merchant got paid. I have great respect for other opinions but I think this is a really bad idea. --72.85.xx.xx |
Rent on a credit card? (by Jeffrey [VA]) Posted on: Jul 3, 2010 3:58 PM Message:
Actually CT, many, many apartment companies now collect rent by credit card. Mom and pop landlords have not been as quick to utilize this as a viable rent payment method, however, it's just a matter of time before more and more landlords collect rent by credit or debit card from at least some of their customers.
I have collected rent this way on select customers. Their is a sponsor on this site which have been helping mom and pop landlords for several years get set up to collect rent by credit or debit card. To get more info on this, click the "Services" link above and scroll down to "Collect Via Credit or Debit." Ask to speak to Claudia, she specializes in working with rental owners and can answer questions or concerns you may have using this collection method. --205.188.xxx.xx |
Rent on a credit card? (by in [IN]) Posted on: Jul 3, 2010 8:07 PM Message:
CC fee is 2%, and you add it to the rent, as for the dispute try it, and see how fr you get.
You have the service, and it is pretty hard to return the rental..
As for the car repair, all the garage had to do was say he took the vehicle, I suspect the garage did not dispute it timely, otherwise every fool would be out there playing the game... --67.163.xx.xx |
Rent on a credit card? (by CT Landlord 2 [CT]) Posted on: Jul 3, 2010 8:42 PM Message:
Thanks for all the good direction on this. I just get leary when it's an out of state number and then they want to use a credit card. What if the card rejects?
Any chance of a Nigerian scam?
I can see taking a card if it's legit but if I used Paypal (for example) I would have to pay a fee.
With all the complexity that goes on today, if they bounce a credit card payment, can you still go after them?
In Ct, if they bounce a check you can have them arrested for the bad check. not sure how it applies to Credit card transactons.
Anyone know? --67.86.xx.xx |
Rent on a credit card? (by Steve [TX]) Posted on: Jul 4, 2010 1:43 AM Message:
I don't think you can bounce a CREDIT CARD, your transaction would be DECLINED. Then You would ask them for payment with a PAY or Quit NOTICE. They breached the agreement.
Make sure to charge a CONVENIENCE FEE of 3%
IF you have an iPhone, you can run the credit card from the PHONE.
--99.39.xxx.xxx |
Rent on a credit card? (by reid [KS]) Posted on: Jul 4, 2010 5:53 AM Message:
Doubt if it's a scam . they are just Emulating our Government , Deficit Spending . --70.244.xx.xxx |
Rent on a credit card? (by Virden [OH]) Posted on: Jul 4, 2010 7:16 AM Message:
I see the dispute being tied up for months just as DelMD had outlined, same with paypal, you need to have a account which is a cash sales only and those have prolly gone away, the tenant should be able to draw cash from that account and pay you with a money order. --76.241.xxx.xxx |
Rent on a credit card? (by Lori [NV]) Posted on: Jul 4, 2010 8:07 AM Message:
Anything could be a scam. Although I used to not think taking cc's from tenants was a good idea, I have changed my mind. On a SELECT number of tenants , I would. They would have to have good credit and no defaults on credit cards. That being said, because I have lower end tenants, not one of mine would qualify. --74.45.xx.xxx |
Rent on a credit card? (by CT Landlord 2 [CT]) Posted on: Jul 4, 2010 8:13 AM Message:
I am a one unit landlord and it's on my property. I just think it's too risky. It's one thing to set up a direct pay from thierr account to mine, but having to charge the and chase them if the card is bad, etc. may have different laws. If you have a check and they bounce it, you can have them arrested.
My average tenant, is a professional usually a single or couple income of 80K up.
My last one had good income but lost his job. He still paid, then moved out to buy a condo. It was a good scenario.
But, we all know how costly a deadbeat could be.
thanks for all the good info. Lots of things I really didn't know.
My concern would be the card bounces.
Even people in the higher dollar ranges can flake out, or lose thier job, etc.
--67.86.xx.xx |
Rent on a credit card? (by Reid [KS]) Posted on: Jul 4, 2010 8:40 AM Message:
Credit cards don't "bounce" --70.244.xx.xxx |
Rent on a credit card? (by Paulio [PA]) Posted on: Jul 4, 2010 9:31 AM Message:
I'm surprised so many of you have tenants with a credit score good enough to actually GET a credit card! Good for you! --184.8.xxx.xxx |
Rent on a credit card? (by CTLandlord2 [CT]) Posted on: Jul 4, 2010 9:33 AM Message:
But the cards can be declined or they can dispute the charge. Since I am only a one person operation, I don't want any hassles, extra fees, etc. Unless I know I can get the noney with no reprecussions. --67.86.xx.xx |
Rent on a credit card? (by Jeffrey [VA]) Posted on: Jul 4, 2010 10:19 AM Message:
" I don't want any hassles... Unless I know I can get the money with no reprecussions".
CT, your last statement made me smile. I understand what you are saying, however; I wish there was such a perfect world. Be prepared for hassles, that will come, no matter what method of payment you expect to receive from residents.:) Landlords who expect and prepare for the eventual hassles are the ones who succeed. --72.214.xx.xx |
Rent on a credit card? (by SDlandlord [CA]) Posted on: Jul 4, 2010 11:06 AM Message:
Jeffrey, my interpretation of " I don't want any hassles..." is they do not want any ADDITIONAL hassles in the collection of the rent. Credit card payments do present the possibility of a unique hassle in that the payment can be disputed after it is made and also involve yet another party, the credit card company with its own rules and agendas.
Definetly a hassle this small-time landlord will avoid. There's just no defensible reason for that kind of exposure in my book (its a small book, but I've been working on it for 32 years).
--76.217.xxx.xxx |
Rent on a credit card? (by Jeffrey [VA]) Posted on: Jul 5, 2010 5:37 AM Message:
SD, I hear you. However I think you MISSED my much BIGGER POINT that I was sharing, especially for new landlords. I shared in a nutshell, one of the biggest secrets to surviving successfully as a landlord. --64.12.xxx.xx |
Rent on a credit card? (by CT Landlord 2 [CT]) Posted on: Jul 5, 2010 8:35 AM Message:
There's also these phoney scammers that use stolen cards to try and manipulate the public, as many of these Scammers come from Nigeria, with thier counterparts being in the UK or even uS.
Amazing how they think US Citizen's wouldn't figure this out, but there are some unsuspecting parties that fall for the baloney.
I think if they want to pay by check or wire from a known bank that's fine. I usually run credit and background.
Many of my tenants have had good credit. My last one had a lower score and was the best tenant ever. He even pre-paid the rent.
In this economy there is going to be damaged credit due to the economy. So, each is a case by case basis. --67.86.xx.xx |
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