Author Topic: Accepting rent/security deposit by paypal?  (Read 2454 times)

Evie

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Accepting rent/security deposit by paypal?
« on: September 20, 2016, 10:55:58 AM »
Has anyone ever accepted rent or a security deposit by paypal? I require  a cashier's check, but the tenants do not have a local branch of their bank and their funds are in two accounts. They offered to pay by paypal, or mail a cashier's check.

It seems like a bad idea to mail a cashier's check. What if it gets lost? 

They offered to pay the fee on the paypal, and their credit checks out great, and their employment references were very good. He works for the local University. Their landlord was a big corporate building so I just got the basic yes they rented here response.

Ensign1999

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Re: Accepting rent/security deposit by paypal?
« Reply #1 on: September 20, 2016, 11:35:51 AM »
We haven't accepted one from PayPal (never came up) but we did provide a deposit once via PayPal as it was the easiest way to get it done from across the country.  We were stationed in RI and moving to CA and were renting the place pretty much sight-unseen.  We had friends already stationed in CA go check it out and give us the thumbs up that it was good.  The owner might have taken a cashier's check by mail but also offered up PayPal so long as we covered the fee he would be charged for the service.

With good credit, and employment etc checking out I would have no problem accepting it as it was a pretty easy process sending it.  Mailing a cashier's check also works.  Have them send it certified mail, but it will take longer.


Evie

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Re: Accepting rent/security deposit by paypal?
« Reply #2 on: September 20, 2016, 12:13:15 PM »
Thanks, yes it is a cross country move.  Sounds like PayPal is the easiest, but if anyone else has any suggestions please chime in. I guess my concern would be if they reversed the charge later (an issue with any transfer).  Then I would have tenants in a unit with no recourse.  But again, I have met him personally, verified employment and references, and their credit is excellent.

charis

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Re: Accepting rent/security deposit by paypal?
« Reply #3 on: September 20, 2016, 12:26:54 PM »
Is there is a fee for sending money from a bank account with Paypal?  I know there is a fee for credit cards, but I've never incurred a fee for sending money from my bank account.    And I don't see how they could "reverse" the transfer after you have already withdrawn the funds from Paypal to your own bank account.

Miss Piggy

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Re: Accepting rent/security deposit by paypal?
« Reply #4 on: September 20, 2016, 12:29:25 PM »
I don't see any drawback to a PayPal deal. It's free if you choose the "Send money to friends or family" option (or something close to that).

Evie

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Re: Accepting rent/security deposit by paypal?
« Reply #5 on: September 22, 2016, 11:04:29 AM »
Thank you everyone for the feedback!  It seemed super sketchy to me at first, but it seems to have worked fine!  I did have to add either my ss number or a debit/credit card if I want to transfer more than 1k per month to my bank account.  Also, keep in mind a transfer takes 3-5 days so I am still waiting for it to hit my bank account (though it is in my paypal account).

Your feedback was very helpful, and I am really excited about my new tenants as they seem great!