Ideas for Collecting Cash Payments

[Vania Nettleford]

I have a 6 unit building and I'm trying to move away from having to go down to the building monthly to collect rent. I was able to move half of the units to paying online/cashapp but a few of my tenants still don't have bank accounts or simply prefer paying cash. I looked into paynearme where  you can go to a local store to pay your rent with cash with a small convenience fee but this service no longer provides direct solutions to landlords. I'm looking for alterative solutions to separate my physical self from having to collect the cash payments. The area the building is in is Passaic NJ. Any ideas would help!

[Joe Splitrock]

Originally posted by @Vania Nettleford:

@Anna Laud Thank you very much for this. So far it seems using deposit at the bank is the best option. My only question is I use Wells Fargo and I have to enter in my debit card each time I want to make a deposit even with a teller. How do you get around this when you go to deposit money?

 Call your bank and describe what you are trying to do. The tenant should only be going to a teller with cash. You may have to switch banks. My bank allows the tenant to just give our company name, but other banks may require the account number to deposit. Some people think that is risky, but it really isn't. Every time you give someone a check, your account number is on it. Just keep a close eye daily on your accounts. That is best practice regardless.