Solved: Does anyone use Square to receive rent payments fr...

bearlakeprintin · ‎07-11-2023

I need to start collecting rent and wondered if anyone else has set square up to receive rent payments each month; and how they did it.

We would need to charge the tenants for the processing fees being charged, so not sure how to do that part.

Thanks for all your help.

TheRealChipA · ‎07-11-2023

Hi @bearlakeprintin. I own a small apartment building (6 units) under another LLC. We have Square set up to receive card payments of rent, but no one has ever used it, probably because of the pass-through fees (2.6% + $0.10). That adds up quickly!

Anyway, you can just set up a service charge and add it to the invoices that you send to your tenants, if you use Square Invoicing to do that.

Might I suggest an alternative? Square gives you the option to accept ACH payments. The cost is only 1% and your tenants can just set it up through their bank’s bill pay. Here’s a few Square Help document links:

Accept ACH Payments

Fees

Chip

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TheRealChipA · ‎07-11-2023