Paying agents with credit card
- Thread starter JWR
- Start date
I recently put down a deposit on an offer and the real estate agent only accepted cash or cheque. I imagine the merchant fees would be huge if they accepted credit cards or paypal. Isn't there a limit on money orders?
think of it this way, merchant facilities are anywhere up to 1-1.5% for Visa/MC, on a $30k deposit, thats $300-$450, do you seriously think an agent is going to cop these fees?
no agent is going to accept credit card, I have never seen except once for some home and land package offer
no agent is going to accept credit card, I have never seen except once for some home and land package offer
i do it all the time when buying or selling - maybe coz the agent is pretty big and use my amex or visa either paying 10-20% of the deposit (although i have to make multiple trips to make the payment)
Do a cash advance & pay 18% interest.
No delaying - just don't want the agent to earn interest on my 10k if I can get 55 days free on my credit card.
If anyone knows if Bpay or Paypal is possible let me know please
Did find a good one today though MsAli - didn't plan on buying anymore for a few months but at 15% yield with no work needed and a devel block I may have to buy that too (and delay settlement since I'm out of cash atm due to the above purchase)
If anyone knows if Bpay or Paypal is possible let me know please
Did find a good one today though MsAli - didn't plan on buying anymore for a few months but at 15% yield with no work needed and a devel block I may have to buy that too (and delay settlement since I'm out of cash atm due to the above purchase
)No delaying - just don't want the agent to earn interest on my 10k if I can get 55 days free on my credit card.
If anyone knows if Bpay or Paypal is possible let me know please
Did find a good one today though MsAli - didn't plan on buying anymore for a few months but at 15% yield with no work needed and a devel block I may have to buy that too (and delay settlement since I'm out of cash atm due to the above purchase
So has mummy settled on the one she bought you yet? We all eagerly await the numbers!
pinkboy
No delaying - just don't want the agent to earn interest on my 10k if I can get 55 days free on my credit card.
If anyone knows if Bpay or Paypal is possible let me know please
Agents don't make any interest at all on your deposit. The deposit will usually go into a trust account with the govt benefiting ,
why dont you ring the agent and ask them?
I'm sure there are some who accept and some who dont.
I think one of the big chains used to have an agreement with a credit card company, or flybuys, or something like that, where you got extra points.
But not a lot of point asking here, when its dependent upon who the agent is.
I'm sure there are some who accept and some who dont.
I think one of the big chains used to have an agreement with a credit card company, or flybuys, or something like that, where you got extra points.
But not a lot of point asking here, when its dependent upon who the agent is.
acceptance of a cc is not the norm. The deposit is essentially the vendor's money and the fees paid will cut the vendor's price.
As Terry points out the money must go into a trust.
As Terry points out the money must go into a trust.
There is a company that does process credit cards for all agent transactions, deposits, rents etc, I cant remember the name but i will have a look. The fees must be added on as most money going to an agent MUST be banked in a trust account.
The fees will be more than any interest gained on keeping your money in your bank, and no, the agent/vendor will not wear the fees.
Government keeps the interest from trust accounts in a fund to pay out cases of abuse of trust money. Needless to say a lot more goes into this fund than comes out.....
The fees will be more than any interest gained on keeping your money in your bank, and no, the agent/vendor will not wear the fees.
Government keeps the interest from trust accounts in a fund to pay out cases of abuse of trust money. Needless to say a lot more goes into this fund than comes out.....
Ok thanks for the suggestions.
Didn't want anyone but me making interest on the deposit but if fees are higher than interest earned there's no point.
Pinkboy - will post my numbers in another week or so - as I'm trying to do a JV deal I don't want others to take after I post the numbers... but they are beyond excellent
Didn't want anyone but me making interest on the deposit but if fees are higher than interest earned there's no point.
Pinkboy - will post my numbers in another week or so - as I'm trying to do a JV deal I don't want others to take after I post the numbers... but they are beyond excellent
You patronise now Pinkboy but even you will be impressed once I'm finished with it in 2 years or so.
The JV is a different deal/location - none of my money but 50% profits - just very similar to my first deal so if I spill the beans on the first one the second one may be bought by someone else (and we wouldn't want that)
The JV is a different deal/location - none of my money but 50% profits - just very similar to my first deal so if I spill the beans on the first one the second one may be bought by someone else (and we wouldn't want that
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