If you just have a few tenants, you might think that accepting (or even requiring) the rental payments in cash form is more convenient than waiting for a transaction to clear. However, a number of issues can arise when you accept cash.
Most landlords and property managers have switched to either credit cards, checks, or money orders, and there’s a reason for it.
Cash Payments: Why They Are Problematic
Though you can use cash immediately, checks and credit card payments protect you and your assets. Accepting cash allows for a number of slip-ups that can be much more costly than waiting a few days for a check to clear.
Accepting cash can subject you to the following issues:
- Miscounted money
- Misplaced bills
- Dishonest employee transactions
In addition, collecting cash makes the payments much more difficult to keep track of. If you are using accounting software, the electronic payments and checks automatically appear on your statements and can easily be transferred to your preferred method of bookkeeping.
Want to Eliminate the Risks that Come with Accepting Rent Payments?
If you are tired of keeping track of the money coming in from your rental property, there are more options for you. By working with a professional property manager, you get credit card processing abilities and the ability to offer a variety of convenient payment methods for your tenants.
Because property managers only take a percentage of the rental payments, we want your property investments to succeed. With that in mind, we created a wide selection of property management services to ensure that you get the customized care you want, whether you still want to be involved or want to be completely hands off. For more information about our property management services, call Keyrenter today at (844) KEY-RENT!