Best ways to collect rent

[Nicholas Settoon]

I recently purchased a 10-unit apartment complex and the former landlord only accepted cash for rent payments. I am in the process of trying to change to money orders and online payments through Cozy. I do not want to accept cash anymore bc it becomes too much of a liability and it’s almost impossible to coordinate picking up rent from everyone at the same time. Most of the tenants are older and haven’t expressed much interest in setting up payments through Cozy, so my main source will be through money orders. To avoid having to make several trips to the apartment to collect all the money orders, I thought it would be a good idea to install a drop box where tenants can leave their money orders and i will make one trip per month to collect them all at once. My question is: would it be a security issue for everyone to drop their money orders in the drop box? Even though it locks it wouldn’t be too difficult to jimmy the lock and/or rip the box off the wall. I was just under the impression a money order would do no good to someone else if its made out to my company so I didn’t think it would be a problem, but one of my tenants expressed concern. Does anyone have any insight/input?

[Alina Trigub]

@Nicholas Settoon

Welcome to BP!

I'd refrain from using a lock box. I agree with your tenant - it is not a viable option. Either set a date once a month for when you're going to come in and collect the checks or have your tenants pay a third party to collect it for you.