Mobile credit card swipers for HOA dues?

I searched the forum, but didn't see anything on this topic other than some old not applicable posts.

Does your HOA use a mobile credit card swiper to accept dues? Lots of (free +/-) options out there today for plugging a device into a smart phone or tablet and instantly accepting payment and instantly emailing a receipt.

Besides paying by personal check, our HOA is considering giving owners the option to pay their dues by credit card as long as they're also willing to pay the 2.7xx% fee on top of the charge. Our annual dues are only $360, so the $10 fee isn't too bad.

Curious if any Associations are doing this...

Thanks!

I've used those things before. They are handy but would NOT recommend them for your use. There are better options such as automatic withdrawl. Our bank allowed that for free if the member had an existing account with them.

I would be very hesistant of accepting credit card payments. It's best to go with check or straight withdrawl NEVER cash. Just good business practice to keep it checking account removed.

As I mentioned in response to another post, we use Smartstreet a bank provided service which collects dues and then handles the accounting to all accounts and provides a detailed report to either the MC or if self managed the Board.

With Smartstreet you can pay with check, credit card, or through your online banking service. Which gives property owners an option for payment.

As I said there is ZERO cost to the property for this service while saving either the MC or Board time collecting dues and producing records for these monthly or annual dues.

How a mobile card swiper would be put to use for collecting HOA dues is difficult for me to figure.

Well John, I thought the same thing when I mailed a fedex package and that specific fedex facility would not accept cash or checks. Credit cards only.

That said, if someone offers us cash, we do take it and provide a receipt. However, it's not something that is encouraged.

Drew:

I am not certain that there would be much value to having the mobile card readers unless you are planning on going door-to-door to collect assessments. IF that was the case, then it would be worth looking into. There are cash-strapped people who may have sufficient credit left to put the charge on their cards. I hate to see that happen but it is their problem and not ours.

If your association has an office where members may pay in person then you should have a credit card terminal as many of us never write a check any more. The fees for credit card processing are insignificant. Accepting credit cards will reduce your delinquencies by making it easier to pay. Again, cash-strapped owners would be able to add their HOA payments to their credit card accounts.

The only caveat is to be sure that the owner is paying with his card and not some relative's as the real cardholder can dispute the charge.