Chase QuickPay vs ClearXChange

I haven’t written about real-estate investing in this blog series in a while. For those who want to start reading about our real-estate investing start with Get a Mentor.

Recently I was having a discussion with a nice gentleman from JPM Chase Merchant Services. I was telling him I preferred Chase Quick Pay to ClearXChange as Quick Pay allowed me to manually accept the payment vs. ClearXChange (as integrated with Chase) which automatically¬†deposits it. That sounds counterintuitive, but the difference is that if you have several payments coming in and you would like to direct them to different accounts, then you can change the default receiver account in Chase Quick Pay before you accept the payment but you can’t do that with the automatic accept method in ClearXChange. So amounts go to whatever the default account is and then you have to manually move them.

I was actually complaining about this! I did not realize I was complaining about this!

A few days after having this discussion with that very kind gentleman from Chase, something came back to me: About 10 years ago, I had a real-estate mentor. He told me then, Bernie, many people don’t invest in real-estate because they think of “tenants, toilets and taxes”. However, people who do end up investing in real-estate and invest aggressively have only one complaint – that they get too many checks in their mailbox and they have to keep going to the bank to deposit them! I thought he was being a salesman.

And then now I complain about payments coming in and getting deposited automatically and I have to do this huge thing of moving money electronically in a nicely done website between accounts! How horrible is that!! (actually my wife does it anyway and without complaining).

 

About Bernie

Bernie is a distinguished technologist (Motorola heritage). He along with his wife invest in residential real estate in north and central Texas. Bernie loves to teach, both technology and real estate investing and so authors posts on this blog. You can reach Bernie at mentor@buysellmls.com.
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