accept cash for extremely late payment?
we have a pretty stringent operating plan in place. we send late notices quickly, and add late fees etc. we have a tenant who has been chronically late, then is VERY late,and at that last possible moment before we turn over to the eviction attorney , he pays. with all late fees etc. this is super frustrating. but we are getting alot of late fees. we also state that we only accept : certified bank check or money order for that last late payment if it gets to that point. this time, he called and asked if he could pay cash. my question: should we allow this? any pitfalls to accepting cash under this situation? thanks all.
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@Jared Bonner, this is a non-problem.
First, if they pay, they pay. This is what is referred to as a "paying tenant". The late fee compensates you for the lateness. So, once they pay they are back in good standing and there is nothing to complain about. You may be annoyed, but this is just part of the work of managing property.
As for a cash payment. The tenant needs to show they paid in court. So, taking pics and videos of the transaction is silly. You issue them a receipt that YOU signed and that is proof for them that they paid. People have dealt with cash transactions for MANY MANY MANY years, this isn't new or more complicated than it was in the past.