Every year or so I get a great idea:\u00a0 Wouldn’t it be nice if my tenants could pay rent electronically?\u00a0 Then I wouldn’t have to go to the bank, tenants wouldn’t have to remember to write a check, I’d lose fewer days to the float, the laborers at the clearinghouse would get fewer papercuts, and everyone would win.<\/p>\n
Every time I research this, the problem seems further from being solved.\u00a0 PayPal looked promising in their early days, but their fees keep rising.\u00a0 Even if a tenant pays me via a direct bank transfer, PayPal wants 3% plus a couple bucks (that means I’d be paying them about $75\/month.)<\/p>\n
Today I’ve discovered that there are quite a few electronic rent-paying services seeking to solve my problem.\u00a0 There are a couple of wrinkles, though.\u00a0 The transaction fees are outrageous (dollars per transaction rather than pennies or fractions of pennies), and they want several hundred dollars in ‘set-up fees.’<\/p>\n
Really, I do not have a Rent problem, I have a Money problem.\u00a0 As does every single other American who wants to give money to someone else without counting pennies.\u00a0 I guarantee that every day of the year some bank CEO looks at a balance sheet that includes a six-figure expense for clearing checks, counting coins, and straightening bills.\u00a0 And yet, they expect me to pay a few grand a year to lighten their burden.\u00a0 What gives?<\/p>\n","protected":false},"excerpt":{"rendered":"
Every year or so I get a great idea:\u00a0 Wouldn’t it be nice if my tenants could pay rent electronically?\u00a0 Then I wouldn’t have to go to the bank, tenants wouldn’t have to remember to write a check, I’d lose … Continue reading