Reader David let me know that WilliamPaid will be closing it’s doors on 11:59PM CST, March 5, 2015. WilliamPaid is a service that allows it’s customers to pay their rent with a credit card or debit card(they also had cash and bank account options). The problem with the service is that they charged a fee of 2.95% which made it cost prohibitive.
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Alternatives
If you still want to pay your rent using a credit card, there are a number of alternatives:
- RentMoola:
- Credit card payments are 2.75%
- Direct debit payments are free
- Â RadPad:
- Debit cards free for payments up to $5,000 (over $5,000 and it’s a flat $9.95)
- Credit cards are 2.99%
- RentShare:
- Credit card payments are 2.9%
- Bank account payments are a flat fee of $1.95
- RentTrack (Select landlords only)
- Credit card payments are 2.95%
- RentPayment.com (Select landlords only): Fees vary based on how much your landlord wants to cover
- PayYourRent.com (Select landlords only): Fees vary based on landlord
- Direct to landlord (Select landlords only). Surprisingly some landlords will now accept rent payments via credit card directly, fees vary.
I’m sure I’ve missed a few of the other options, so please let me know what they are in the comments.
Final Thoughts
Losing WilliamPaid as an option shouldn’t really be a problem, if you’re paying by credit card using RentMoola will be cheaper by 0.20%, which adds up quickly. If you’re paying by debit card the savings will be even more pronounced with RadPad not charging any fees as long as the rent is under $5,000.
I’m excited to see a bit more innovation in the rent payment market, it’s been pretty stagnant for a long time now. It’s also interesting that you can make a slight profit paying your rent with a credit card (you just need something that earns 2.75%+ cash back), this is even easier to do with a debit card although there are a lot less rewards earning debit cards on the market.
