Credit Cards & Your Business

I have 3 businesses that have the ability to accept credit cards. Having the ability to accept credit cards payments has helped me in several ways:

 1). The ability to set payers up on auto-payments using their credit card is a tremendous asset. It helps the payers avoid lated fees because auto-payments are never late...they are "automatic!" Last  month I collect $50,000 from tenants and buyers. Over $37,000 drawn from credit cards.

2). I can get tenants or buyers that are behind on their payments to catch up by using their credit card. They always want me to work out a "payment plan" with them. My first response is for them to work out the payment plan with Visa or Mastercard or American Express. 

 3). When people break my leases I aleways give them the opportunity to pay me 3 months in advance before they leave and I won't file a judgement for the remaning value of the lease. Many opt to put the payment on their credit card to avoid having the judgement.

 4). Today we can accept credit cards using a smart phone. I use an iPhone and it has worked like a charm. I can collect rents or past due payments while I'm standing at porch of the person that owes me the money. What a world we live in! You should see their eyes when I swipe their card using my phone!

I am happy to share the company I've been using the past 3 years. It has been a tremendous asset. If you don't accept credit cards you should. Getting one person to pay with a card that could not pay you otherwise can be worth the cost of set up. What if one person paid you for a year or two in advance with their credit card just before they went under financially. It's happened.

--Mitch Stephen--