Posted by Duncan W (DC Metro area) on October 12, 2003 at 14:53:44:
If you’ve screened your tenants why would such worries matter? If they end up in that downward spiral I’d much rather they owe the money to the cc issuer than to me when BK is declared. If the credit card is declined eviction proceeding begin immediately. I’m not going to act in loco parentis to my tenants.
Payment by Credit Card - Posted by Rod - Mo
Posted by Rod - Mo on October 03, 2003 at 12:24:52:
Since getting my dealer’s license I have been getting about 2 offers per day from credit card processing services. Not many folks would buy their MH by CC, but I have started thinking about accepting monthly payments by automatic CC or bank draft.
Has anyone used this method? If so, would you share your thoughts?
How many of you would be interested in using a service that makes the collections for you and forwards you a singe check every month?
To the moderators: If you feel this is a solicitation, or in any way is inappropriate for this board, feel free to delete the thread.
Regards
Rod
Re: Payment by Credit Card - Posted by Lyal
Posted by Lyal on October 04, 2003 at 08:53:14:
Rod,
I had asked this question last year I think (check the archives). The feed back I got was that if they’re charging their house payment, it’s just a ticking time bomb. Makes a lot of sense.
All the best, Lyal
Re: Payment by Credit Card - Posted by Joe C. (AR)
Posted by Joe C. (AR) on October 03, 2003 at 22:38:34:
A few years back I signed up for one of those internet cc processing services for another business I was involved with. It was NOT a pleasant experience.
That said I think if you are dealing with customers who you think would take advantage of the added service, it’s a good idea. Not only for payments but for down payments. Just be careful selecting a service provider.
Joe C. (AR)
Re: Payment by Credit Card - Posted by Joe C. (AR)
Posted by Joe C. (AR) on October 05, 2003 at 24:31:43:
Just a follow up. If they have a credit card and are going to use it, it doesn’t matter what they use it for. They’ll be in the same bind if they over spend. For convenience I have as many of my regular monthly bills as I can charged to my credit card and make one electronic bank payment to my cc company. Again it’s for convenience. I know the payments are made on time and I don’t have to worry about running to the post office for stamps and I can take care of it at midnight if I choose. As a park owner and Lonnie dealer, I have had up to 5 tenants paying electronically, I only have 2 right now. Personally I think that anything you can do to make it more convenient for a tenant to pay on time without adding substantially to your carrying costs, the more likely they are to do so.
Just an added .02.
Joe C. (AR)
Re: Payment by Credit Card - Posted by Lyal
Posted by Lyal on October 05, 2003 at 07:46:11:
Joe,
I think we’re comparing apples to oranges here. You obviously have it together financially. To have recurring bills charged to a credit card that you pay off every month makes tons of sense (do you get frequent flyer miles or something??). Also tenants paying electronically (assuming from a checking account) is a great idea. Convient for them and you know the money will be in your account every month.
The contrast is to people paying recurring expenses with a credit card that don’t have the financial acumen that you do, are pretty casual about making anything more than the minumum payment and at some point they hit their limit, realize what a hole they’ve dug and start that slow downward financial spiral with stalling, late / partial payments to everyone and the supposed salvation of BK at the bottom.
All the best, Lyal