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TOPIC: Re: First topic posted here!!
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JenniferMc ()
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Re: First topic posted here!! 5 Years ago Karma: 0  
Yes, when you sign up for a merchant account - the license is taken care of. Debit cards work the same as credit cards when processing, 6 of one - half a dozen of the other.

You can "send an invoice" and the tenant can pay with debit card or credit card thru PayPal. Set up the account under your business name and deposit to business bank account.....print out transaction receipts.

The one thing you want to be cautious of when using debit/credit cards is that a (not so nice) person can do a "chargeback" simply by calling their card company and telling them that they didn't make the charge. That takes the money back out of your account and puts it back in theirs - until you can prove that the charge was approved by cardholder. You could possibly have that person sign something approving the transaction of X amount of dollars to be run on a monthly basis.

ACH (or Check by Phone) does sometimes require an extra fee/paperwork.

Also - be aware that out of every transaction ran there is a fee (percentage - typically around 3%) deducted from the total. So for every $100 - you'd be losing $3.

If you live in FL and are renting out properties in CO - it could be worthwhile to make sure rents are received timely.
 
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