Collecting Rent From Residents Who Pay Cash
Key takeaways
- Many residents, especially in manufactured housing communities, do not have a bank account or prefer to pay in cash.
- Accepting cash at the office means counting, depositing, manual entry and security risk.
- Cash payment networks let residents pay at retail stores, with the payment posting electronically to the ledger.
- Renter Insight includes CashPay, with 30,000+ retail locations, in the plan. Residents pay a transaction fee at the store.
Refusing cash is not realistic for many communities. Accepting it at the office creates work and risk. There is a middle option, and several platforms offer a version of it: residents pay cash at a retail store and the payment arrives electronically.
Here is how it works and what to look for.
The cost of cash at the office
- Staff time counting, logging and issuing receipts.
- Bank trips and deposit reconciliation.
- Manual ledger entry, and the errors that come with it.
- Cash on site, which is a security risk for staff.
- Disputes over whether a payment was made.
How cash payment networks work
The resident gets a payment code or barcode linked to their account. They take it and their cash to a participating retail store, pay at the register, and receive a receipt. The payment is transmitted electronically and applied to their balance.
The resident usually pays a small transaction fee at the store. The property never handles the cash.
What to ask any vendor
- How many retail locations, and are there any near my property?
- What does the resident pay per transaction?
- Does the payment post to the ledger automatically, and how fast?
- Is it included in the plan or an add-on?
CashPay in Renter Insight
CashPay lets residents pay rent in cash at more than 30,000 retail locations. The payment posts to their resident ledger automatically, alongside payments made by ACH, card or debit, so there is nothing to count or key in. It is included in the plan at $49.95 per month with the first 33 units included; residents pay the transaction fee at the store.
Frequently asked questions
How can tenants pay rent with cash without coming to the office?
Through a cash payment network. The resident pays cash at a participating retail store using a code linked to their account, and the payment is sent electronically to the property.
Does CashPay cost the property anything?
CashPay is included in the Renter Insight plan. Residents pay a transaction fee at the store.
Do cash payments post to the resident ledger automatically?
With Renter Insight, yes. CashPay payments post to the resident ledger like any other payment.
Legal disclaimer
The information provided on this website is for general informational purposes only. It is not intended to serve as legal, financial, or accounting advice. Utility billing, lending and payment rules vary by state and locality; consult a qualified professional. Renter Insight does not guarantee the accuracy, completeness, or timeliness of the information provided and disclaims all liability for any loss or damage arising from reliance on this content.