Poll: Why do you, or don't you, collect rent by credit card?
Many people are against collecting rent by credit card because of the fees, as low as 2.9% + $0.30. Landlords would love to push these fees onto tenants, and vice-versa.
But given that so many tenants make payments a bit late, would you be willing to have a more steady cash flow for a 3% charge? The cash flow would be steady because even if the tenant is waiting for his paycheck in 2 weeks, he can still pay by credit card.
Is your answer different if you are a solo landlord or are using a property management company?
If 2.9% was too high for you, would you be willing to split the charge with the tenant?
We are self-managing our properties right now, and sometimes spend close to $30 in gas to collect rent.
The virtues of checking account direct deposit are obvious, but a large percentage of rent is collected otherwise: cash, mailed check, check in dropbox.