As of January 4, 2021, New Jersey Governor Phil Murphy signed a law requiring all landlords to accept credit cards as a form of payment for rent. Legislation was passed earlier this month in efforts to continue to assist tenants struggling due to the pandemic.
Fortunately, for landlords and property owners who have not to date accepted credit cards as a form of payment, the transition is simple and does not need to include exorbitant processing fees. In fact, there are fully compliant and card brand sanctioned programs available through OTM Payments with zero fees on credit card transactions.
OTM Payments’ CardX Surcharge Program is the best cost-saving option that is quickly and easily implemented. If renters choose to pay by credit card, they absorb the fee. Landlords maintain 100% of the credit card transaction. This type of program cannot be implemented independently. Legal compliance requires partnering with a provider who will register you with the card brands and guide you in the regulations and processes necessary. We have you covered.
Let us assist you – and your tenants who now have payment options – in getting through these challenging times. Reach out to us for more information today! [email protected] or (732) 230-7702.