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EnquiryHow much are you paying with Deposit Books or BPay?
The usual cost per transaction of running a bank system or BPay is around $1 per transaction.
Assume 200 properties under management and each tenant pays rent fortnightly or 2.2 times per month. BPay and Deposit systems normally cost the agent around $1 per transaction.
Your basic transaction fees would be:
200 x 2.2 x $1 x 12 = $5,280 per annum!
With one of our rent payment solutions you could immediately save around $4,000 per annum!
What about over the counter transactions? eg. Cheques?
Most banks will give you somewhere between 15 – 30 “fee free” transactions per month. But here’s something you might not be aware of unless you have read the fine print carefully: A deposit into your trust account of two cheques will count as three transactions – one for the deposit if it is “Staff Assisted” will be charged as a Branch Transaction, and one for each cheque lodged because each cheque requires individual processing. “Staff Assisted” transactions normally cost about 95c each.
This is where it can really pay to use a rent collection service where your payments are aggregated into one deposit per day from your payment provider and the benefit for you is that you get more benefit from the “fee free” threshold each month.
This is also a really good reason as to why you should discourage cash and cheques as a method of rent payment. Not only can it create disruptions in the office, but it can create lots of additional fees when it comes to heading off to the bank!
The usual cost per transaction of running a bank system or BPay is around $1 per transaction.
Assume 200 properties under management and each tenant pays rent fortnightly or 2.2 times per month. BPay and Deposit systems normally cost the agent around $1 per transaction.
Your basic transaction fees would be:
200 x 2.2 x $1 x 12 = $5,280 per annum!
With one of our rent payment solutions you could immediately save around $4,000 per annum!
What about over the counter transactions? eg. Cheques?
Most banks will give you somewhere between 15 – 30 “fee free” transactions per month. But here’s something you might not be aware of unless you have read the fine print carefully: A deposit into your trust account of two cheques will count as three transactions – one for the deposit if it is “Staff Assisted” will be charged as a Branch Transaction, and one for each cheque lodged because each cheque requires individual processing. “Staff Assisted” transactions normally cost about 95c each.
This is where it can really pay to use a rent collection service where your payments are aggregated into one deposit per day from your payment provider and the benefit for you is that you get more benefit from the “fee free” threshold each month.
This is also a really good reason as to why you should discourage cash and cheques as a method of rent payment. Not only can it create disruptions in the office, but it can create lots of additional fees when it comes to heading off to the bank!
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Tenants can pay their rent by Direct Debit from their bank account or Credit Card, by BPay, or as Cash, Cheque or EFTPOS at Australia Post