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Tip #215: We Take Cash…and Risks!

Accepting cash may seem like a sure bet for landlords. After all, it beats dealing with bounced checks or declined credit cards. But accepting cash increases risks, including:


Shortchanging, and

Accepting illegal funds.

If you must accept cash, take some precautions:

Accept cash in person only.

Count the funds and issue a rent receipt.

Deposit the cash immediately — never leave it around the office where others may see it.

Be leery of tenants who operate on a cash-only basis.

Don’t accept cash for an application fee. The information on a check can come in handy if the tenant later fails to pay rent.

See last week’s Landlord Quick Tip.

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