PlacePay charges fees depending on the payment method you choose. For credit card payments, a 2.99% fee applies, while ACH transfers incur a flat fee of $1.95.
PlacePay Fee Structure
Here's a breakdown of PlacePay's charges based on the payment method:
| Payment Method | Fee Charged |
|---|---|
| Credit Card Payments | 2.99% of the payment amount |
| ACH Transfers | $1.95 flat fee |
Understanding PlacePay's Charges
- Credit Card Payments: When you opt to pay your rent using a credit card through PlacePay, a percentage-based fee of 2.99% is added to your total payment. This means the higher your rent, the higher the fee will be.
- ACH Transfers: For those using Automated Clearing House (ACH) transfers, which move money directly from your bank account to your landlord's, PlacePay charges a fixed fee of $1.95. This flat fee remains constant regardless of your rent amount, making it a potentially more cost-effective option for larger rent payments compared to credit cards.
Important Considerations
- Previous Name: PlacePay was previously known as RentShare.
- Landlord Requirement: PlacePay requires your landlord to accept direct deposit for rent payments. Ensure your landlord's payment acceptance methods align with PlacePay's requirements before using the service.
