A convenience fee is an extra amount that is added onto a resident's online payment to offset the processing costs associated with the payment method.

For example:

  • Larry added a $5 convenience fee onto residents' online payments to offset ePay service fees.
  • When any of Sarah's residents pay online, they are charged a $5 convenience fee if they pay by EFT in addition to their payment due.

 

Add a convenience fee to a tenant or association owner paymentHideShow

  1. Navigate to Accounting > Banking page.
  2. Click on the bank account with ePay enabled that you'd like to add a convenience fee for.
  3. Click on the ePay settings tab.
  4. Then, select Edit EFT.

    To note, the convenience fee for resident payments can be a different fee from your rental application fees.

    For instance:

    When a resident pays rent online, I charge a convenience fee of $5.

    When an applicant applies online, I charge an application fee of $25.

    Application fees are not subject to convenience fees. If you wish to charge your applicants a convenience fee, include that fee in the total application fee amount.

  5. For EFT / eChecks, enter a flat fee amount in the convenience fee box within the panel.

    Note: For credit cards, you have the option to select who pays the service fee. Note: before setting up a convenience fee for credit card transactions, we recommend referring to local and state legislation relating to convenience fees and surcharges for your area to ensure that you are following the correct practices. Additionally we recommend viewing the terms of use of major credit card associations to ensure that you are in compliance.

 

 

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  1. Click Save.

All service fees and convenience fees are processed with the convenience fee income account on your chart of accounts. They will appear on reports along with your other income accounts.

If you intend to keep the convenience fees for yourself, consider making convenience fee income a management income account.

Article #: 112816

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