Interesting... seems that the 0% commission is being called an incentive. Who knows when that will end. 5 day float, and also it's a partnership with unionpay, and I'm sure they are happy when there are renters who don't pay the full rent each month to make money on interest charges and late charges.
Landlords get paid even if renter has no cash (up to credit card limit), renters get to earn points on their cards, and as long as they pay off their cards they're OK. I'm sure even in HK there are people who owe money on credit cards. Also it's a way to increase unionpay credit card usage volume. I'm sure they are peanuts compared to Visa and Master, and this is a new untapped segment.
beats me.. i think likely a tie up which Union pay will pay something, since they are working hard to increase its client base in this part of the world..
from the app perspective, if they can run it like an advertisement for UP and doesn't incur any cost to themselves, then able to collect information of the landlords, they probably will do it since the cost is not high..
its just like, we always ask ourselves, how Trivago makes money.. and yet the site is paying so much to the TV station to air their irritating advertisements!
Yeah there's a cap I think of 10k a day, 100k a year. But that only applies to China Mainland issued cards. HK Unionpay shouldn't have this restriction. And I think this is for bank cards only. Credit cards not sure. They had put a limit on it and the insurance companies basically had their staff swiping the card many many times to add up to the total. I think they put a stop to that too.
That limit is for cash withdrawals only
https://news.worldcasinodirectory.co...ay-cards-52238
If I understand this:
plan a) tenant pays rent via credit card, landlord receives full amount within 5 working days - no fees to either the tenant or landlord for processing this transaction. Most likely a promotional thing to get people to sign up.
plan b) full service management company - tenant pays rent via cc, landlord receives rental balance net of fee (4.5%) to cover for all property management service that the company provides.
plan c) full service management company with rent advance - tenant pays rent via cc (each month), landlord receives upfront full year rent net of fee (9.8%). Company manages the property for the landlord.
This is innovative in parts. I currently pay 8% to a management company in the US to manage a property (rent collection, arranging maintenance, tenant move in move out inspection, etc). For an additional 1.8% i'd be happy to collect all rent upfront assuming that its the management company then bears the risk of tenant defaulting.