Imagine this scenario: A property manager and associate are finishing up work on a Friday evening. A man walks into the office, pulls out a gun and demands money while holding the two at gunpoint. He makes off with a few hundred dollars and the associate’s jewelry. On the way out, he pistol-whips the property manager.
Sound like a scene from a movie? That is exactly what happened last May in Bakersfield, California. The property manager asked the police and news reporters to keep his identity and location confidential. It’s easy to see why. Any property office dealing with cash rental payments runs the risk of theft. Perpetrators can include tenants, their friends and even employees.
Today, if you accept cash payments for rent from your tenants, you can leverage property management software to avoid the risks of on-site cash handling. Residents can pay in cash without your staff having to manage the process on-site. You can meet your tenants’ rent payment needs while improving your security, reducing payment expenses and eliminating the need for cash payment accounting controls.
A convenient cash payment solution
Today’s electronic payment technology is simple for tenants and for you. Residents can use their mobile device to search for the nearest payment location at retailers like Walmart and 7-11, generate a payment voucher and verify payment posting in one simple process. These payments are approved, processed and updated to your ledger automatically. You can choose to accept or exclude partial payments from each tenant on the lease.
One of the benefits of tenants paying rent through a cash transaction is that every retailer has security in place to reduce the risk of theft. Additionally, these services can link to your property’s bank account and have the accounting controls to keep your ledgers up-to-date.
In short, today’s property management technology provides you with payment options that are simple to use, safe for cash transactions and financially sound. There’s no need to spend time resources on handling cash when you can have the right technology partner with the right solutions.