If you want to incorporate an online convenience payment plan to accept application fees, rent or lease payments, homeowners association dues, or self-storage payments, you may want to know how many pay by credit card versus electronic check. Here is the breakdown to date. Continue reading
Payments that you receive for application fees or fees related to your lease agreement are deposited into the bank account designated in your merchant account. Credit card payments are deposited within 2 banking days and electronic checks are deposited within 3 to 4 banking days. Each day the gateway looks for payments that have settled and batches them into a deposit that is sent directly to your bank account. The amount of the batch is the amount deposited into your bank account. Credit cards and electronic checks are batched separately. Continue reading
Tenants can pay application fees, security deposit, rent or any fees related to rental application or lease agreement. The convenience fee is calculated during the checkout process and added to the amount of the transaction. The payment, convenience fee and total are shown to the tenant so they can confirm and authorize the amount they are paying. Continue reading