Methods of Payment for people interested in renting your timeshare

[PHP4358]

are the only forms of payment for renting a timeshare by owner a check?

 

[Luanne]

I haven't rented one out in quite awhile, but can't you use Paypal, or one of the other online systems like it?

 

[tschwa2]

are the only forms of payment for renting a timeshare by owner a check?

It is whatever you negotiate between the owner and rental. I think it is probably rare for an owner only to take checks but he/she may have been doing it for a long time and that is the only one he/she wants to use. If you don't want that, than look for a rental from someone else.

 

[emeryjre]

Current popular methods of receiving money electronically are Paypal, Venmo, and Zelle. If you sending money, they are the same. If these do not sound familiar, you have some homework to do, especially if you are the sender. They all have rules regarding refunds. They are used for many legitimate transactions, but are also used by scammers for fraudulent transactions.

 

[montygz]

I've rented timeshares more than 40 times and used PayPal for all of them.

As the previous poster said, before you start using one of the payment services, learn how to use them.

 

[VacationForever]

I have one regular renter and she wires money to my bank every year. If she no longer rents it, we will just use the weeks. I have also rented out points during COVID and I had accepted Zelle and PayPal for those.

 

[dioxide45]

Another often overlooked payment method is to setup an account with Square https://squareup.com/. You can invoice and they can make payment online.

 

[emeryjre]

Another often overlooked payment method is to setup an account with Square https://squareup.com/. You can invoice and they can make payment online.

What do they charge to do that? Assuming you pay per invoice and not a monthly fee.

 

[dioxide45]

What do they charge to do that? Assuming you pay per invoice and not a monthly fee.

Square is a payment processor. So they just collect a percentage of the payment to cover their fee. Not sure what that is. I was looking into it more. Looking at their terms of service, rentals and timeshares may not be permitted. So you may need to completely disregard my suggestion. Sorry.

General Terms of Service

squareup.com

3. Restrictions

You may not, nor may you permit any third party, directly or indirectly, to:
7. use and benefit from the Services via a rental, lease, timesharing, service bureau or other arrangement;

 

[emeryjre]

Square is a payment processor. So they just collect a percentage of the payment to cover their fee. Not sure what that is. I was looking into it more. Looking at their terms of service, rentals and timeshares may not be permitted. So you may need to completely disregard my suggestion. Sorry.

General Terms of Service

squareup.com

3. Restrictions

You may not, nor may you permit any third party, directly or indirectly, to:
7. use and benefit from the Services via a rental, lease, timesharing, service bureau or other arrangement;

Thanks for the suggestion and the update!

 

[emeryjre]

Wiring money. It still works, but is so 2010.

 

[Tacoma]

I'm waiting for the day when they make sending money between Canada and the US easier. We can use Paypal but not friends and family so there is a fee. No Venmo or Zelle for us either. If it's a Canada to Canada transaction we can use etransfer but that doesn't work between the 2 countries. So yes I still like to use checks sometimes but they tend to hold them for around a month. It shouldn't be this difficult in this day and age.

 

[slip]

Another often overlooked payment method is to setup an account with Square https://squareup.com/. You can invoice and they can make payment online.

I use Square or PayPal for all of my rentals. Never a problem.

 

[slip]

I'm waiting for the day when they make sending money between Canada and the US easier. We can use Paypal but not friends and family so there is a fee. No Venmo or Zelle for us either. If it's a Canada to Canada transaction we can use etransfer but that doesn't work between the 2 countries. So yes I still like to use checks sometimes but they tend to hold them for around a month. It shouldn't be this difficult in this day and age.

Most of my Canadian rental customers like to use their credit card so Square works great for that.

 

[Tacoma]

I will check out square. thanks.

 

[slip]

I will check out square. thanks.

Square takes 3.5%. I think it's 3% if you run the card but I take them over the phone so I have to enter them manually.

 

[Ken555]

Square takes 3.5%. I think it's 3% if you run the card but I take them over the phone so I have to enter them manually.

Many options for credit cards. Try Stripe…I use it for my business and pay 3%. No idea if they also prohibit rentals, tho.


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[dioxide45]

Many options for credit cards. Try Stripe…I use it for my business and pay 3%. No idea if they also prohibit rentals, tho.


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One of the big rental listing websites out there processes payments through Strip. Though they could have a different deal than a small potatoes renter.

 

[slip]

Many options for credit cards. Try Stripe…I use it for my business and pay 3%. No idea if they also prohibit rentals, tho.


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I have been using Square for years. Most seem around 3% but it is usually always more when you have to manually enter it.

I did a few rentals when I was at the resort and my renters were there at the same time. They rebooked for the next year and I was able to swipe the card and it was only 3%.

 

[Ken555]

I have been using Square for years. Most seem around 3% but it is usually always more when you have to manually enter it.

I did a few rentals when I was at the resort and my renters were there at the same time. They rebooked for the next year and I was able to swipe the card and it was only 3%.

All my transactions are non-swipe and I pay 3% (2.95% plus $0.25 per transaction, I think). Square is one of the more expensive options out there.


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[slip]

All my transactions are non-swipe and I pay 3% (2.95% plus $0.25 per transaction, I think). Square is one of the more expensive options out there.


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I haven't looked into them in years. When I looked it had to do with the number of transactions. I do about 17 weeks worth of rentals a year and many are multiple week rentals to the same person. Plus some pay by PayPal. So from Square I only have about 6 transactions a year. Not really worth it for me to leave something that has worked well for me for years.

 

[Ken555]

I haven't looked into them in years. When I looked it had to do with the number of transactions. I do about 17 weeks worth of rentals a year and many are multiple week rentals to the same person. Plus some pay by PayPal. So from Square I only have about 6 transactions a year. Not really worth it for me to leave something that has worked well for me for years.

I didn’t intend the info to influence you to change… this info was for the OP, right?


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