Wednesday, March 5

Being Less Poor - Avoiding 'Convenience Fees'

I recently received a notice that my apartment complex now accepts credit card payments through a site called rentpayment.com.

My first impression was that this is great!

Then I found out that it was going to cost me $44.95 for the 'convenience'.


Strange too was that the fee was the same regardless of paying by credit card or by direct bank account transfer. Usually, bank transfers are treated differently than credit card payments, mostly in recognition that there is no processing fee for the bank transfer.

Now before you go blaming this company, they do offer a no fee plan. Whether you have to pay a fee or not depends on the type of deal your apartment complex makes with the website to process payments. Seems that where I live, they were perfectly happy to have me bear the full cost of using this service. It would have been nice if they mentioned that in the notice. It would have saved me the trouble of looking into it.

Still, nice idea. Needs some work though, especially if all the rental places decide to put the fee burden on the renters. The company will get a negative reputation as a gouger with fees like that. Really, why is the fee so high? What, $5 was not enough? Sure some people will get cash back, and they were selling that benefit to paying with a credit card, but in my case, a 2% cash back still would have cost me over $15 to take advantage of the service. There is not much benefit in that.

So yesterday, I did what I do every month, I dropped my check into the slot at the bottom of my stairs. Only this time, I had the satisfaction in knowing that I just 'saved' $45.

Does your complex also use this service? What are they charging you, if anything?


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2 comments:

Two Dogs said...

Sorry, this is completely off topic, but you are NOT banned by the Air Force. The access to all social networking sites is restricted from computers that are attached to secure areas of the servers. This happened five months ago. If someone wants to access your site from a secure IP, they simply need to suscribe to your feed or check it from the group computers in the phone rooms and the like. This was a security measure taken five months ago.

Fred Fry said...

Thank you for the clarification. I will have read a bit more on it as the news coverage had a number of Air Force officers complaining about it.