The Hidden Cost of Payment Acceptance from Tenants
There is an outdated belief that ‘cheques are free’, but new research shows they are the most expensive payment method to accept. Tenant’s payment preferences are quickly shifting to online and mobile platforms bringing a host of new electronic payment options to the forefront. PAD, EFT and Credit Card will streamline collection and reconciliation, but come with their own distinctive cost structures. MasterCard’s Payment Acceptance Cost Model, developed with input from property managers across Canada, can be applied to businesses of all shapes and sizes to determine their unique costs and help them make informed business decisions.