Changing Rent Collection Method

[Larry H.]

My wife and I just purchased our first investment properties (2 four plexes) in October.  The tenants are all low income and some don't even have bank accounts.  The previous owner is a family friend and he has always collected cash for rent, so that's what we have been doing.  It's getting to be a hassle trying to line everyone up to be home on the same day to collect rent in one day so I am planning to change our collection method.

I drafted a letter to send to all of them informing them of the change.  I am informing them that we will no longer be going there to collect rent and I am giving them 3 options to pay their rent.  mail a money order to a P.O. Box we are setting up specifically for this purpose, deposit the cash directly into our business savings account, or send the money via PayPal. 

Does anyone have any experience, suggestions, or warnings regarding this?

Thank you.