Apple pay for collecting rent

[Saphira2021]

Has anyone used Apple pay for collecting rent? I have a difficult tenant and they are asking if I would accept Apple pay for rent. I do not trust the tenant as I already had problems with them. Right now it is a check. Apple pay would be easier but is it a good idea? The rental is under individual not under LLC.
Would appreciate any help. thanks

 

[Cmonman76]

Has anyone used Apple pay for collecting rent? I have a difficult tenant and they are asking if I would accept Apple pay for rent. I do not trust the tenant as I already had problems with them. Right now it is a check. Apple pay would be easier but is it a good idea? The rental is under individual not under LLC.
Would appreciate any help. thanks

I have done it. Worse thing is that there is less of a paper trail - say they only send partial rent, then claim they sent the full amount- so I kept pictures of my transaction. But one could argue that there is less risk than a check bouncing.

 

[Saphira2021]

I have done it. Worse thing is that there is less of a paper trail - say they only send partial rent, then claim they sent the full amount- so I kept pictures of my transaction. But one could argue that there is less risk than a check bouncing.

thank you

 

[volker]

One risk with e.g. Paypal and Venmo is that the payer can get the money back in the future. Like you sell something locally, they pay with Paypal, then a month later they claim they never got the product and you have no proof ("I gave it to them in person"). That's why you always want to have something sent with a tracking number so Paypal/Ebay can see that you really delivered "something".

I don't know if/how this would apply to Apple Pay. But the hypothetical possibility with other payment systems are triggering for me here already a potential red flag.

 

[patrickd]

One risk with e.g. Paypal and Venmo is that the payer can get the money back in the future. Like you sell something locally, they pay with Paypal, then a month later they claim they never got the product and you have no proof ("I gave it to them in person"). That's why you always want to have something sent with a tracking number so Paypal/Ebay can see that you really delivered "something".

I don't know if/how this would apply to Apple Pay. But the hypothetical possibility with other payment systems are triggering for me here already a potential red flag.

Similar situation: I'd be worried about the payee being able to easily cancel a payment. Comparing to this method, cash, checks and credit cards have a certain 'solidity' to them. Would be harder to track payments history as Cmonman76 already mentioned.
Of course, if something like this will happen - evict them for non paying (same as a bad check or a disputed credit card payment). You've already mentioned that tenant is problematic.
But I believe that better be safe than sorry.

 

[Ripokelly]

Hi everybody! I'm just wanting to share my experience with this, You need a contactless payment terminal like the one you'll find in a store and an agreement with a bank to process payments or an app that can accept Apple Pay payments.

Either way, it's too complicated to work for a regular rental unless you have enough rental units to justify either of these scenarios. Your tenant will have to settle for a normal bank transfer or a check. https://www.floridatitleloans.org/

 

[Rellydon]

I have done it. Worse thing is that there is less of a paper trail - say they only send partial rent, then claim they sent the full amount- so I kept pictures of my transaction. But one could argue that there is less risk than a check bouncing.

I Felt Same About This.