Condo Fees Should Be Paid By Credit Cards
Posted on Fri, Jan 30, 2009 @ 07:37 PM
How come we're not all paying our monthly condo fees by credit card? Between the condo fees and assessments that I have seen over the past couple of years in my condo association; I would have had enough rewards points for a trip or two to Maui.
Although credit cards are not normally offered by property and community association managers, ACH payments are readily available. ACH stands for Automated Clearing House - the standard for automatically drafting funds from your bank account. I cant imagine credit card payments being too far behind ACH in their acceptance. As we get closer to a paperless society, electronic payments are inevitable. Especially for the larger repeating payments in our lives, like condo fees.
I just don't think the community association industry has accepted credit cards as a acceptable payment method yet. In a couple of states, credit card payments may be an issue - as service charges are illegal on condo fees, The average credit card processing fee is about 3% with a nominal transaction fee as well, which is usually about 30 cents or so, depending on the size of the transaction.
Credit Card Processing services may be available for your HOA or Condo Association. You pretty much just have to go looking for it and make sure its not an issue in your state.