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.
- 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 and a $15 convenience fee, plus the 2.75% service fee, if they pay by credit card, in addition to their payment due.
Add a convenience fee to a tenant or association owner paymentHideShow
- Navigate to Accounting > Banking page.
- Click on the bank account with ePay enabled that you'd like to add a convenience fee for.
- Click on the ePay settings tab.
- Then, select Edit EFT or Edit credit card.
You can have one convenience fee for EFT / eChecks and another for credit cards.
To note, the convenience fee for resident payments can be a different fee from your rental application fees.
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.
For EFT / eChecks, enter a flat fee amount in the convenience fee box within the panel.
For credit cards, select who pays the service fee and add a flat fee amount in the convenience fee box, if applicable.
- 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.