Creative Ways To Collect Rent / Western Union
I am looking for the best way to collect rent. Avoiding the mail delay, lost mail, excuses, etc. I have considered several things such as giving my tenants deposit slips to a bank account. However, that makes me nervous. Is anyone else doing this? If so, what about the risk?
One thing that looks interesting is a service offered by Western Union called a Quick Collect account. I was wondering if anyone else has used Western Union or their Quick Collect account to received payments. If not, take a look a let me know what you think?
One of my tenants pays me in Cashiers Checks. I always collect it by hand. No excuses there. In fact I end up calling her on the 1st every time to get it. We both agreed to this due to her lower credit score. Not exactly what you were looking for in an answer but thats what I do to avoid bouncing checks and excuses.
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I don't like running around to collect money and I don't like teh security concerns of a deposit situation.
I setup a PO box, gave instructions to send money orders to it. This is where you train your tenants. If the payment is not in the po box by the 5th, a 3 day notice goes out with a late charge ($25-$50 depending on lease). No excuses, I actually hope they pay late and give me the extra in late fees (some do it every month)
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