Will Parker

speaker

780 appearances 18 recordings 1 series first heard May 2019 last heard Nov 2024

Will Parker’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · During the Pandemic, More Renters Pay With Credit Cards · 16 Apr 2020 podcast

You know, there's definitely been a trend towards more people needing to finance their rent in some way or another, at least temporarily. voice-verified

And for those people, you know, there's a risk that this compounds the financial hardship that they're experiencing right now due to coronavirus. voice-verified

An increasing number of people do pay by card. voice-verified

It used to be really uncommon, and more and more landlords have started allowing it. voice-verified

Yeah. voice-verified

So historically, a lot of landlords didn't like the idea of taking credit card payments is for a lot of reasons. voice-verified

One, they take a while to process. voice-verified

There are even ways that you can pull out of a credit card payment by going to your company before something clears. voice-verified

You know, there are fees associated with it, too, that, you know, for larger the rent payment, the more expensive that fee is. voice-verified

But that's changed over the years as there's been more demand to pay online and do different types of digital payments. voice-verified

And landlords also realize they could pass off a lot of those costs onto tenants, and that by letting people pay with credit cards, they could avoid late payments from tenants who are having trouble paying. voice-verified

Landlords are seeing credit cards as a way to bring in more rent payments right now. voice-verified

And so many of them are agreeing to waive the transaction fees that usually come with using a credit card. voice-verified

So that could be 2% or 3% of the rent. voice-verified

So they've decided that they'll pay for that if it means more of their tenants will pay on time. voice-verified

The group of people who pay rent with their credit card varies a lot. voice-verified

Some people do it as a convenience or to build up credit or get points. voice-verified

But there's definitely been a trend towards more people needing to finance their rent in some way or another, at least temporarily. voice-verified

And for those people, you know, there's a risk that this compounds the financial hardship that they're experiencing right now due to coronavirus. voice-verified

The number of unemployed workers, you know, filing for benefits is expected to exceed 20 million when those numbers come out this week. voice-verified

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