Is Rent Collection Possible When Tenants Don’t Have a Bank Account?
Reading Time: 2 minutes We want to be very conscious that some tenants are unable to open up bank accounts and they may request to pay in cash. That sounds very tempting because it gives landlords more flexibility of saving what they earn. Yet, that’s not the right way to do things. Can property managers accept cash? …
We want to be very conscious that some tenants are unable to open up bank accounts and they may request to pay in cash. That sounds very tempting because it gives landlords more flexibility of saving what they earn. Yet, that’s not the right way to do things.
Can property managers accept cash?
Photo from @lucky7trader of Freepik
As a property management company, we need to make sure that we are doing things correctly for our clients – the landlords. For us, it is not just us who should track the payments but tenants as well. They should also have the option to view it online at any given time that is why we can’t accept cash because of the liabilities that come with it.
What tenants can do instead
The software that we use allows us to help tenants who do not have bank accounts or anyone who wants to pay in cash. They can go into local convenience stores, such as CVS or 7/11, and use a little coupon or code that’s tied to their unit. They pay it in cash, and they may pay a very small percentage of a fee for this. As property managers, we will just download it and put it into our system, as if someone pays with a check and widen the option for tenants to pay in cash.. It also allows us to help out those who may not have the same type of opportunities that we have.
If you or anyone else you know is looking for a proactive property manager that can think outside the box, and find other ways to do things correctly and to make sure that you stay compliant, please think of Green Ocean Property Management, you get more than a property manager, you get peace of mind.
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