There are many reasons why most landlords do not accept cash rent payments. Paper money creates dangers for both renters and landlords and is much more subject to loss or theft. However, many renters do not have bank accounts and want to pay in cash. This is especially true of lower-income renters. A new service – PayNearMe Express – now makes it possible for renters to pay in cash, without the landlord having to accept cash. This is a new self-service system from the cash transaction network.
The system makes it possible for any business to accept cash remotely for goods or services (like rent) from customers through more than 8,600 7-Eleven and ACE Cash Express stores. Renters simply print out or display a PaySlip on their phone at a 7-Eleven. The slip is scanned and they hand over the required cash, which goes directly to the landlord’s account.
PayNearMe allows businesses to accept cash 24-hours a day. Transactions are 100% guaranteed, with no risk of charge-backs or bounced checks. This can be a significant tool for landlords in terms of increased collections and provides a great marketing tool. The easier you make it for your tenants who prefer to use cash to pay you, the greater the likelihood they will pay their rent on time. You are essentially adding scores of locations where your rent can be paid, giving your residents more opportunities to pay you – and fewer reasons not to. This method eliminates the risk associated with collecting cash on site and can eliminate the hassle of money orders. Offering this option to your residents will also make it more likely they will stay at your complex.
One of the major advantages to this system is that PayNearMe lets you know in real time the moment payment is received in-store.
If this is an option that interests you, I recommend you visit PayNearMe.com for an overview of the process.