Convenience fees on Inosio

Inosio transaction fees are convenience fees. Our platform helps you save time and money. There are many ways to pay through Inosio, and based on the method you choose, a fee is incurred. The convenience fee varies based on how you pay because the processing fees for each payment method vary.

The varying costs come from the "money movers". There are many parties that incur risk and have to perform work, maintain systems, and be available 24/7 to facilitate the regular and reliable movement of money. These parties charge fees for their services because they are for-profit entitles (and provide a valuable service). Examples of these parties are banks, card issuers, card networks, and payment facilitators.

Processing fees exist everywhere a transaction takes place. Hotels, gas stations, grocery stores, movie theaters, and retail included. The difference is that those companies are marking up their products 200 - 4000% and selling them to you. A small fee of 2% is not a concern to them, because the convenience of allowing you to immediately pay for something with very little risk of return helps them sell more products and run their businesses. This is why the card networks are so popular and have become commonplace over the past 50 years.

There are are other reasons that payment processing costs money. Card providers also compete for customers(you). In order to incentivize you to choose them over a competitor, they have created rewards systems and networks. Points, cashback, high-interest savings accounts, etc. All of these "free" benefits of using a card have consistently driven up card processing fees. Typically merchants incur these costs - but the cost is simply hidden in the cost of your purchase.

The final driver of payment processing fees is fraud. One of the greatest value propositions of the card networks to consumers (you) is protection. The card networks will take your money back from the merchant and give it to you if you dispute it. However, there is inherently some loss which merchants and the card networks incur. Those losses are recouped through processing fees as well.

Unlike retail businesses, Property Managers do not mark up their products (your home). If they did, your rent would be higher. That change could immediately inflate rents across the country by 5% - and the card companies would love this because they would be the ones making all that money. Not your property manager or the person who owns your home.

You should use your bank account.

Card payments are great for dealing with risky merchants or for merchants that sell items that are carried off immediately. However Property Management is a very safe industry. Many of the benefits of card processing are outweighed by the expense of processing the payment. You and your property manager both have a legal agreement in place, which can be enforced in courts all over the country. If either party treats the other unfairly, it can be resolved through the lease agreement by a judge.

Use a credit card if you run into cash flow issues. Don't use a credit card if you have money in your bank account.

Use a debit card if its more convenient for you than looking up your bank account and routing number.