Ten. pd rent immediately
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Ten. pd rent immediately (by GKARL [PA]) Jun 24, 2024 3:14 PM
       Ten. pd rent immediately (by Ray-N-Pa [PA]) Jun 24, 2024 5:17 PM
       Ten. pd rent immediately (by GKARL [PA]) Jun 24, 2024 6:04 PM
       Ten. pd rent immediately (by mapleaf18 [NY]) Jun 25, 2024 7:25 AM

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Ten. pd rent immediately (by GKARL [PA]) Posted on: Jun 24, 2024 3:14 PM

I have on tenant on Clear Now which I'm phasing out in favor of using QBO and Cash app exclusively. (QBO settles in a day and costs 1% for ACH. I turn off credit cards and paypal). Since I have a closing coming up soon, I decided to take her off of auto debit and just bill her via QBO. It takes ClearNow five days to settle and I wanted to avoid holding anything in escrow pending receipt of good funds (The bulk of July's rent belongs to the buyer). Anyway, I texted her today and told her I'd be billing her through QBO rather than direct debit and proceeded to send her the bill with it not being due until July 1 and she paid immediately. It occurred to me the vast majority of my tenants pay early including those in the rooming house. That's not to suggest there's not a hick up every now and then but for the most part, I don't have any collection issues.

Most of my complaints revolve around frustrations shifting through applicants to find decent tenants and that always takes a minute but the salve for that wound is dealing mostly with problem free tenants once I get them. I was almost about to say that I need more like this particular tenant, but I already have them.


Ten. pd rent immediately (by Ray-N-Pa [PA]) Posted on: Jun 24, 2024 5:17 PM

I can understand what you are saying. I am not a fan of waiting that five days but I have put it also into perspective. The fee on doing this transaction for me is less than 1/2 of one percent. Additionally, and more importantly I factored in the REAL cost of getting paid say a check or worse with cash and my jaw dropped.

If I get cash I have to get my schedule to match someone else's schedule. I then have to drive over there or meet someone where in the middle - then take the cash and run to the bank. If you are lucky it is only a 20 minute trip between the two stops but then you have to run home. So how much time, gas and headache was expelled? Nope - I like having systems installed.

That said - it is clear that you know how to train up your tenants which is 80% of the task at hand. --24.101.xxx.xxx

Ten. pd rent immediately (by GKARL [PA]) Posted on: Jun 24, 2024 6:04 PM

Not crazy about the 5-day delay but the good thing about clear now is that you're guaranteed good funds. While an ACH from QBO is received next day, it could take 7 days or more to bounce and that's the downside with that method. My favorite method is Cash app. No clawback and the money is received in 2 days. You can get it the same day if you're willing to pay extra. That's my go-to method for the rooming house tenants. I still use QBO to bill everyone so I can track payments as that's the only way to keep up with things given that tenants are on different schedules. --209.122.xx.xxx

Ten. pd rent immediately (by mapleaf18 [NY]) Posted on: Jun 25, 2024 7:25 AM

For our HVAC biz, I pass on the 3% surcharge for merchant account under QBO. It is figured on the pretax total and then is taxable itself. Here in NYS we have to put a disclaimer on all of our invoices stating that the 3% will be passed on to the client and the total when paying with CC.

We used to just absorb the CC charge which was a bear when customers would pull out their CC after making a major purchase (furnace, A/C, generator, etc). Really cut into the net income figure. Most of our customers are older and prefer to pay with a check TBH but I would also send them a payment link for an ACH. --64.246.xxx.xx

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