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Security Deposit holds vs. refunds - processing fees

Daniel T
Jan 12, 2023 7:23 PM
Joined Oct, 2022 3 posts

Hey everyone! We just started collecting our first few payments through Lynnbrook for security deposits and I'm realizing that there's going to be roughly a $15 cost for each $500 security deposit even though this is not going to be going towards our revenue. Does anyone have experience with another payment processor that does "holds" instead of charging and refunding? Lynnbrook also holds payment until your check in date, which I'm realizing is leaving several hundred on the table due to the interest rate our savings account is paying. Does anyone have any favorite payment processors outside of Lynnbrook for these reasons? I'm currently checking out Costco.