How do I cover transaction fees for my residents?

As a landlord, you can choose to pay the transaction fees for your tenants.

Follow these instructions:

1.     After logging in to PlacePay, click on "Deposit Settings"


2.     Under the section "Payments", there are options to ‘Cover Bank Payment Fees’ and ‘Cover Card Payment Fees’; here you can toggle either option on or off by clicking on the oval. We provide the option to choose to cover only bank or card transactions, or you can cover both.


If you choose to cover your tenant's fees, these fees will be deducted from the deposit or check that you receive from PlacePay. For example, if your tenant's rent is $500, and you choose to cover only their bank account transactions, you will receive a deposit or check from PlacePay for $498.05. If this tenant pays by credit card, then you'll receive the full $500, since you have not elected to cover their credit card transaction fees.

Note: Credit and Debit card transaction fees are substantially higher than bank transaction fees. Bank transactions are $1.95 per transaction, whereas credit and debit card transactions cost 2.99% per transaction. For this reason we give you the option of which type of fees you want to cover.   If your tenant makes a payment using their bank account, they are charged a fee of $1.95. If they use a credit or debit card, there is a 2.99% service fee.