Why don't more apartment complexes let you pay rent with your CC?

[DrPizza]

Just to play devils advocate, I don't think the relatively few computers line is true. For starters, the scale is tremendous - VISA alone processed 28 billion transactions in 2006, that averages out to ~900 transactions per second. And if you consider uneven distribution it probably spikes to 10,000 transactions per second. You need quite a bit more than a few computers to process those (especially since you need to keep audit record of every transactions).

Secondly, they're probably other expenses, like Fraud, customer support, etc - although I'm not sure how many of those are paid by networks, vs issuers.

You did see that word in front of "few," didn't you? Here's a hint - it starts with an "r" and rhymes with selatively. I didn't say they didn't have other expenses, but they make a shit ton of profit for doing relatively little.

 

[Bignate603]

Some banks charge for using their ATMs, most banks charge if you are using their ATM and you are from another bank, some banks charge another fee if you use their ATM card at another bank.

Why is this a surprise? A bank makes money off its customer's money. If you are not their customer but use their ATM you are increasing their costs (costs to service the machine, to keep the machine full of money, costs to transfer the money from your bank to them, etc). Your bank also will have costs if you get money from another bank's ATM, there will typically be some cost of the transaction.

I believe that the fees are higher than they need to be but I completely understand why they're there. Banks are there to make money. If you're using their service because its more convenient to you then you should be willing to pay the going rate for it.

 

[JS80]

Isn't it amazing to realize that as society goes more and more toward using plastic for virtually every purchase, rather than paper money, that Amex, Discover, Visa, Mastercard are moving toward taking a 2% cut of everything sold in the US? Think about that... 2% of everything purchased by consumers. That's a LOT of money for something that can be run, to a large degree, by a relatively few computers.

Lol stick to teaching.

 

[amicold]

You did see that word in front of "few," didn't you? Here's a hint - it starts with an "r" and rhymes with selatively. I didn't say they didn't have other expenses, but they make a shit ton of profit for doing relatively little.

You just don't grasp the scale of such an operation. Let alone the capital they have, plus fraud, plus security for fraud, plus deadbeats.

 

[Capt Caveman]

Isn't it amazing to realize that as society goes more and more toward using plastic for virtually every purchase, rather than paper money, that Amex, Discover, Visa, Mastercard are moving toward taking a 2% cut of everything sold in the US? Think about that... 2% of everything purchased by consumers. That's a LOT of money for something that can be run, to a large degree, by a relatively few computers.

Few computers? Hell no.

And that's why I own Visa stock.

 

[silverpig]

Just to play devils advocate, I don't think the relatively few computers line is true. For starters, the scale is tremendous - VISA alone processed 28 billion transactions in 2006, that averages out to ~900 transactions per second. And if you consider uneven distribution it probably spikes to 10,000 transactions per second. You need quite a bit more than a few computers to process those (especially since you need to keep audit record of every transactions).

Secondly, they're probably other expenses, like Fraud, customer support, etc - although I'm not sure how many of those are paid by networks, vs issuers.

He said relatively. I bet it takes less computing power to do that than to, say, run all of GM's operations, what with all those robots and all.

 

[Capt Caveman]

I can pay my rent online and it takes CC

Your complex just sucks.

The CC fee is built into your rent.

 

[thegimp03]

I use to pay my rent via CC. ~$2k a month for 4 years builds rock solid credit.

 

[MikeMike]

The place I reside at currently is accepting payment via CC through a 3rd party starting next fall.

 

[silverpig]

The CC fee is built into your rent.

Actually, it's probably built into everyone who lives in the complex's rent, whether they pay via CC or not.

 

[alkemyst]

The %% cut VISA/MC/AMEX want would dip into their profits.

not really...it's just a path for destruction 9 times out of 10 when the credit runs out and they have no way to cover rent.

Also charge backs from problematic renters would be an issue. I know a guy that had a tenant that would call at 3am about lights burning out or the door squeeking and argue about him coming out right away or discounting the rent if he fixes it.

fucking light bulbs weren't covered and what's the value of a door squeek repair?!?!

 

[amdhunter]

They're the same for all 4 (discover included) ... at least through my Merchant account they are.

2.25% + 30 cents per transaction .. no matter the amount....otherwise 3.75% and 40 cents per transaction.

$1200 rent and $45~ is taken out, can add up quick.

Could I use this information to charge 30 cents worth of gas over and over, and fuck the local gas station?

 

[alkemyst]

Could I use this information to charge 30 cents worth of gas over and over, and fuck the local gas station?

A gas station is more than likely on a better merchant account at percent only.

 

[Dulanic]

Isn't it amazing to realize that as society goes more and more toward using plastic for virtually every purchase, rather than paper money, that Amex, Discover, Visa, Mastercard are moving toward taking a 2% cut of everything sold in the US? Think about that... 2% of everything purchased by consumers. That's a LOT of money for something that can be run, to a large degree, by a relatively few computers.

The problem is the government makes the banks eat a lot of costs with fraud and disputes. If there were no fees then it would be a money loser for banks. So either annual fees get added or cards stop being offered especially debit cards.

 

[Deeko]

Every place I have lived recently lets you use a card...but you pay the fee.