What is the best (least expensive and reliable) method you’ve found to pay your contractors in a timely manner from a distance? I live over 800 miles from my park and Venmo and PayPal are not reliable to pay my contractors who sometimes survive from week to week. Has anyone used Strike (crypto), MoneyGram, Thoughts?
Thank you,
Grit
I use the same method whether they’re 2 miles or 2,000…. Bill pay through my bank. They charge me a $20 fee or so and they’ll send it in 1-2 days versus 5-6 but I might use that once a year, if that. I’ve conditioned some pretty rough contractors to conform to this.
2 Likes
I use Zelle all the time.
The contractor has to sign up and you have to sign up, but it’s quick and easy.
The only drawback is $5K daily limit.
1 Like
The contractor sends me an invoice and I cut a check and mail it to them. If it has to be there fast then I FedEx it.
1 Like
We do not use Venmo, PayPal, Zelle, or anything consumer based like that because those services do not integrate with accounting systems and will mess up your financial tracking. We pay by Check, EFT, or Credit Card and have recently starting using AvidPay through Rent Manager. For our overseas staff, we pay using Payoneer, which charges a 1% commission. If a contractor expects fast payment, we may prepay by check to the onsite manager, and he can hand deliver upon completion of project. For a truly “rough” contractor, you can demand they get a WalMart debit card and pay by EFT or ACH to that account. If the contractor is so rough as to expect cash up front, don’t hire them.
3 Likes
I the CashPay App… in addition to Zelle, Venmo, & PayPal. don’t like it but sometimes its the easiest.
how is venmo not reliable, i use it all the time along w cashapp
I think he means it is not reliable to use with those who are unbanked.