Collecting cash rents

[Jake Miller]

There was a thread about a year ago that discussed this same topic but I wasn't able to find it again.

I recently purchased a quad, which is my only property. When I took over as the property manager I gave the tenants two options to pay which were the preferred method, Venmo and Zelle pay through their bank. Two of them use Venmo and have no issue with doing that. The other two prefer paying cash or cashier's check. In discussions it sounds as if they either don't have bank accounts and may not have smart phones either. I'm looking for alternative ways to collect rent that would be automatic and without me having to drive to the property. Don't want them driving to where I live now or setting up a P.O. box and having that hassle.

In the last post someone had stated a positive experience with Paylease. Has anyone had experience with them? I also considered providing the two tenants a deposit only debit card. I know that wont be scalable but since it would only be for the two tenants now, with differing prices of rent, I thought it might work until I am able to get a different level of tenant in there.

Any advice or input is greatly appreciated!

[Thomas S.]

Once they deposit you move the money out of the deposit account into your business account. The account you provide them to make deposits into is a special account you set up for that purpose only. There should never be any money left in it.