Each week, I speak to several accounting, collections and lease administration professionals in the property management and commercial real estate space. In all of those conversations, there is one question that I will always be sure to ask: Do you accept credit card? The answer usually falls on the spectrum of a ‘yes, but…’ to a resounding ‘no’. Many landlords and property managers are weary of accepting credit card for one primary reason: It’s too expensive. Why pay transaction fees on credit cards when tenants pay via check or ACH? Both, in theory, low-cost methods to accept payment. I urge you to think differently. How much does it really cost you to process a check? Lockbox fees, bounced checks, chasing short payments, “checks in the mail” delays and labor intensive cash application are just the start. Many tenants want to pay with credit cards and by not accepting them, you Read More