The monthly rent is not a problem. We are scheduled to move on Dec 2nd. We had a house to move into already and it fell through on the other end, so now we have to find a new house at the last minute. The security deposit wasn’t in our budget.
At my property, we accept Visa, MC and Discover for anything, including a deposit. It’s quick, easy, and we’re notified instantly when we run it if it’s gone through or not. My company uses an online credit card merchant to run credit cards on – we type in the number and it processes instantly.
There’s no disputing or cancelling it once it’s been run – I’ve never run into that problem in the 3 years we’ve been accepting credit cards as deposits. We even have a way for residents to sign up with a credit card or checking account to have the monthly rent and utilities to be automatically deducted once a month.
The only credit card we don’t accept is American Express, due to the extremely high merchange fees for processing it.
If you have to charge the security deposit, are you going to be able to pay the monthly rent?
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I’m not doing it yet, but am strongly considering doing so. Seems these days that folks are more attuned to living on credit than they are checking accounts or cash, so I may as well join the trend.
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Not to my knowledge. Plus they will have your card on file so if there are problems when you move out they could just charge you. I would find the cash. Cash advance the credit card if you have to.
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Credit card charges can be disputed and reversed.
Any landlord would have to be insane to accept credit cards for rent or security deposit payments.
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At my property, we accept Visa, MC and Discover for anything, including a deposit. It’s quick, easy, and we’re notified instantly when we run it if it’s gone through or not. My company uses an online credit card merchant to run credit cards on – we type in the number and it processes instantly.
There’s no disputing or cancelling it once it’s been run – I’ve never run into that problem in the 3 years we’ve been accepting credit cards as deposits. We even have a way for residents to sign up with a credit card or checking account to have the monthly rent and utilities to be automatically deducted once a month.
The only credit card we don’t accept is American Express, due to the extremely high merchange fees for processing it.
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See my profile