Don’t confuse this with the Inuit Payment Network which involves a fleet of dogsleds, kayaks and some dude named Nanuk.
No More Trips To The Bank! The money goes directly from the payor’s bank account to the receiver’s bank account. Most deposits hit your bank in 1-2 business days. Mine did. It’s free to send money, and only 50 cents to receive it. To initiate a payment or request money, all you need is the other person’s email address.
Tenants can use this to pay their rent. Heck, I’d eat 50 cents to give mine this convenience. When I first started landlording, I used to waste a lot of time collecting rent. I had a tenant who used to go to his bank to withdraw the rent money, and then give me the cash, which I then had to physically deposit in my bank. That’s a lot of needlessly wasted time.
You can send money to kids away at school, friends you owe dough – anyone in the US. Ever had someone in your life who doesn’t deposit checks or says the check must have gotten lost in the mail? This takes away that nonsense.
There are no monthly fees. No subscriptions. No minimums. It’s also free to send money using a credit card, but the receiver must pay 3.25%. That percentage is virtually the same as what it is to run a credit card through Square without a card present. I wrote about that in “A Solution for Tenants & Landlords”.
With the Intuit PaymentNetwork, you can generate E-Commerce buttons for your website, “PayNow” & “Donate” buttons for your Facebook page, and create custom payment links to include in emails, in Craigslist ads – anywhere you want someone to have easy access to sending you money.
A landlord could paste one of these links into a recurring Google Calendar event that goes out to tenants on the 25th of every month. The tenant clicks on the link and makes a payment. Done and Done.