Use PayPal for rent collection?

Question

Account Closed · Answer

I'm a renter and I would absolutely love this option. Sometimes I transfer money to my significant other by doing this and neither of us incurs a fee.

James Bynum · Answer

Reviving an old thread here, because I've been looking into this myself too, I could be wrong because I haven't actually confirmed this or anything but a part of their website talks about Business Deposit cards. Maybe they decided to bring it back, or maybe they haven't updated that page. Who knows, but here is the link I found to that part of the Chase website.

https://www.chase.com/commercial-bank/treasury-man...

Lin Vanderhook · Answer

Pay Pal.....It seems iffy to me.

I had a Chase Bus. Acct. Each tenant got a deposit only card, I

loved it and  tenants liked the idea of using any chase ATM.   But of course they no longer

offer this.  does anyone know of any Bank that offers this service?

Eric M. · Answer

True, but you can't control how they fund their account.

Derek Carroll · Answer

@Michael Newhouse i read somewhere that if you use friends/family option to send money then you don't get the full protection of the regular payday transaction.  might want to look into that.

also, not sure how much you could scale this as you get more tenants.

finally, i don't know if it's against the paypal terms of service but if it is they could hold or shut off your account then you'll be stuck trying to get everyone on another system.  Probably unlikely but its a concern that i'd at least research before i set my tenants up like that.

Eric M. · Answer

If they pay the rent using a credit card, they can do a chargeback to take the money back even months later.  They can chargeback either through PP or the credit card company and PP can do nothing about it.  I think this is crazy.  There are too many other low cost money transfer programs.