Does anyone know of a company that offers cash payments at certain locations so that it automatically deposits into my account? I have looked into Pay Near Me and Paylease already but they require a minimum portfolio of 100 units. This type of service is exactly what I need.
Your help is appreciated.
If you bank with a large bank with multiple locations around your rental, you can ask the tenant to get a cashier's check and deposit it directly into your account. We bank with Chase and provide a deposit slip with the tenant's name and our bank account info completed. When they make the deposit, I can see which tenant it belongs to, based on the name I wrote on the deposit slip. It has worked seamlessly for us.
Chase bank will take straight cash into your business checking. There is a nominal fee depending on your account type if it is over $10,000/month.
@Matt Hoyt I know, unfortunately, 99% of the tellers don't know that and hassle my tenants when they go into the branch to pay. To eliminate the monthly call from tenants confused and standing at the teller line, I just came up with a work-around :-)
I understand your question as.... With less than 100 units in my portfolio, where can my tenants go to pay their rent in cash and have it deposited into my bank account? Does such a service like Pay Near Me or Paylease exist for landlords with small portfolios?
Good question. I'll be interested in reading the responses. Always nice to have more options! We don't require tenants to pay online; some of our tenants don't have computers or bank accounts. We are not prepared to not to accept payments in person, although we will occasionally under certain circumstances.
Our method: We have our tenants mail their rent to our P.O. Box or set up bill pay with their banks to mail it. We accept personal checks, bank checks, and money orders. Tenants who operate with cash only simply go to a local store to convert their cash into a money order and mail it. Our P.O.Box is three blocks away from our bank. We have 17 units in our portfolio. We pick up the mail, go straight to the bank, open the envelopes and prepare the deposit slips at the bank (in view of the security cameras) and make our deposit with the bank teller. Simple. We've been doing it that way for 20+ years. Still works for us!
If you work with unbanked tenants, I can assume you never checked their credit or the background. Most don't have legal employers. Some might get cash from illegal activities.
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