Why is there a Fee for Electronic Payments?

The third-party payment processing service provider charges fees that vary depending on the payment type or amount.

We are pleased to offer the convenience of using credit cards and electronic bank payments for paying your community association assessments. The association’s governing documents and state law specify how assessment amounts are determined. There is no provision that allows an association to absorb the cost of this service; therefore, the convenience fee is paid directly by the user, and it is added on top of the assessment amount.  

Because of the rigorous banking and governmental rules and requirements regarding the security of customer data and funds, a third-party company provides these services, and the payment processing service provider charges a fee. This is standard across online payments, including utility companies, the IRS, and local tax jurisdictions, and other sectors that face similar legal restrictions.

CAMS has contracted with a third-party payment processor to provide this service for our clients through Stripe Payments.