I read about this service in the paper today. Tenants can sign up and pay their rent online using a credit card, debit card, or bank account. Paying via bank account is free. There’s a 2.95% fee for paying with a credit or debit card. There’s an autopay feature. And, best of all, tenants can opt-in to report theire rent payments to Experian, allowing them to build a credit history.
As a landlord, I love it when tenants set up automatic payments or direct transfers. I’ve never had one pay via WilliamPaid.com. So far, tenants have paid by:
– online bill pay with US Bank, where a physical check is sent to us
– direct transfer of funds into our US Bank account
– Chase’s QuickPay feature where they send us funds and we “accept” them
WilliamPaid.com is another option I will mention to tenants, especially those interested in building a credit history and boosting their credit scores.
If you’ve followed my blog you’ll know that I wouldn’t recommend paying by credit card because of the 2.95% fee. However, I understand that not everyone is organized. We charge a 10% late fee and it would possibly be worth it to a tenant to eat the 2.95% fee if it meant avoiding a 10% fee. (Better yet would be paying on time and avoiding any fees altogether.) Also, paying with a credit card linked to your MileagePlus account would earn you miles, though saving money is more important, in my books, than earning miles.
Anyway, I’m glad to know about this service. Check out www.WilliamPaid.com for more info.