Automated Payment Collection - Posted by ChuckP

Posted by Ben (FL) on April 27, 2000 at 13:17:52:

Thanks. I’ve found that when I get that excited over something that simple, it’s usually because I don’t have all the info., yet.

Automated Payment Collection - Posted by ChuckP

Posted by ChuckP on April 27, 2000 at 24:18:26:

Hi,

Can anybody recommend a company that automatically debits peoples accounts for mortgage payments?

Thanks,
Chuck

Re: Automated Payment Collection - Posted by chris

Posted by chris on April 27, 2000 at 08:26:56:

Chuck-

The first URL was recommended here sometime back. The second URL has additional companies to compare to get the best deal.

http://npsglobal.com/

http://dir.yahoo.com/Business_and_Economy/Companies/Financial_Services/Transaction_Clearing/

If those aren’t what you are looking for you may want to see if your own bank has an automatic bill pay service that you can set up to automatically make recurring payments from your checking. The lender may also have an automatic payment option to check into. One free service to check into:

http://www.paymybills.com

-Chris

Re: Automated Payment Collection - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on April 27, 2000 at 08:53:27:

Take a look at www.paypal.com
it may be what you need…ED

Paypal - Posted by B.L.Renfrow

Posted by B.L.Renfrow on April 27, 2000 at 09:23:41:

I have used it for ebay transactions, and it works as advertised.

I will definitely include this as an option in my future RE deals. It’s perfect for allowing the tenants/buyers to pay by credit card without the hassle of setting up a merchant account.

Brian (NY)

Re: Automated Payment Collection - Posted by chris

Posted by chris on April 27, 2000 at 09:15:32:

Here’s an interesting twist(to me anyway) on EFT.

Re: Automated Payment Collection - Posted by chris

Posted by chris on April 27, 2000 at 09:03:34:

Pretty neat. The feature where you can e-mail funds to anyone for free looks like trouble for Western Union.

-Chris

Re: Paypal - Posted by Bob Hanson

Posted by Bob Hanson on April 27, 2000 at 19:49:33:

Brian,
I’ve just started getting involved with the E-Bay thing and was thinking about looking into PAYPAL. Do you have a rough idea of what kind of fees they charge for the rent collection or other payments ?
Thanks for the idea …

Thanks,
Bob Hanson in Hyde Park, NY

Re: Paypal - Posted by DJ Faria (MD)

Posted by DJ Faria (MD) on April 27, 2000 at 13:27:33:

I am a seller on EBAY and use Paypal for ALL of my EBAY/Amazon, etc. auctions. The transactions are fast, easy. Plus, I get cut my check whenever I want and it normally arrives within 3 business days! No worry about checks clearing… DJ

WAIT A MINUTE!!! - Posted by Ben (FL)

Posted by Ben (FL) on April 27, 2000 at 12:58:24:

I’m a little slow, here. Let’s see if I got this straight. I can lease/option a house to a tenant/buyer and they can use paypal to pay the consideration with a credit card!!? No more audible flinching over the phone when people hear that it takes $3,000 to $5,000 to get into the house if they have a credit card?
Stop the presses on those Thrifty Nickel adds!!!

Re: Paypal - Posted by B.L.Renfrow

Posted by B.L.Renfrow on April 29, 2000 at 12:08:24:

Bob,

They don’t charge anything.

They make money on the float (time interval between when they receive the money and pay it out).

Brian

Don’t Stop the Presses Yet! - Posted by B.L.Renfrow

Posted by B.L.Renfrow on April 27, 2000 at 13:10:58:

When a new user signs up, they are limited to no more than $500 in credit card transactions until their address is verified by letter…some sort of a security feature, which can take a month or more to complete. After that, I think the max you can charge via a credit card is $5000 in any six month period. So it is more practical for collecting the monthly rent - unless you run into a T/Ber who already has an account set up and can stay under the $5k limit. I still wanna see that cold hard cash (or certified check) for the option consideration!

Brian (NY)