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EDA weighs electronic rent-payment options for Market 5 tenants; Chase rep outlines fees
Summary
Board members reviewed multiple electronic payment options for Market 5 tenants after a Chase representative described Quick Accept and merchant-service fees; the item was tabled for further information and a possible implementation by June.
The Charles City County Economic Development Authority continued discussion of electronic payment options for Market 5 tenants at the April 9 meeting and heard a presentation from Dawn Everton, Business Relationship Manager with Chase Bank. Everton told the board that Chase's Quick Accept service "does not have a monthly service fee, but transactions made with payment links or manual entry incur a 3.5% fee plus $0.10 per transaction" and described other Chase merchant options and the possibility of lower processing costs through Authorize.net for recurring payments.
Board members discussed the cost impact, whether fees could be passed to tenants, and technical features such as recurring payment links. Mr. Johnston asked if only tenants using the electronic payment link would trigger fees and Everton confirmed fees apply only to those transactions. The board compared Chase options with Truist ACH (estimated $33/month for a dummy routing/account number), Truist Send Post (about $50/month), AllPaid (no cost to EDA with fees passed to tenants), and Door Loop. Chairman Brown recommended the board review options further and the item was tabled until next month with staff estimating a possible June implementation if adopted.
