Online banking and cash apps make it easier than ever to digitally pay and collect rent, but what about if you want to collect cash rent payments online?
Luckily, there are ways—like with RentRedi’s property management software & Chime’s cash deposit locations—that landlords like you can collect cash rent payments online.
Benefits of Cash Rent Payments Online for Landlords
The first and foremost benefit of collecting cash payments online is that…you have rent paid! Using property management software like RentRedi not only helps you manage rent, tenants, maintenance, and more—but it’s also super helpful when you can track all your rent payments in one place. Even cash rent.
- Stop waiting on cash in the mail or wasting time picking up payments in person
- Provide a solution for your cash-paying tenants that still allows you to collect cash rent payments online (along with ACH & card rent payments)
- Have a property management software that supports all your rental property types, all your tenants, and your business
Benefits of Cash Rent Payments for Tenants
Offering tenants the ability to pay rent with cash is beneficial for your business and enables you to rent to a wider range of tenants. Why?
- Many tenants do not have a bank account
- Cash is a more accessible option for many renters
- Cash payments via Chime (which has +90,000 deposit locations across the US) for rent are easy & convenient.
- Transaction to you still occurs via the RentRedi app so you can still manage all rent payments from RentRedi
With RentRedi, your cash-paying tenants are supported without you having to drive and pick up rent or schedule a time to meet with the tenant.
How Tenants Use RentRedi for Cash Rent Payments
When you allow your tenants to use ACH as a RentRedi payment option in their app, this covers collecting cash payments. Then, you can let your tenants know they can deposit cash to their Chime account at over 90,000 retail locations—like Walmart, Dollar General, Walgreens, and 7-Eleven.
- Create a Chime account
- Deposit your cash rent payment to one of 90,0000 locations (e.g., Walmart, 7-Eleven, Walgreens, CVS, and more.
- Open the RentRedi tenant app
- Select “Rent”, and continue to your new Chime account to pay your rent! ????
RentRedi also provides helpful instructions for tenants which explain how cash rent payments work for them!
Can I Add Cash Rent Payments Manually in RentRedi?
Yes! If you have tenants who prefer to pay rent in cash but don’t want to download the app, you are still able to add their payments into RentRedi for better reporting.
You can create all charges for the tenant in RentRedi and then manually market them as Paid when the tenant pays rent!
Collect Cash Rent Payments Online
Paying & collecting rent online can be a hurdle for many tenants, landlords, and property managers. Especially if different tenants want to pay rent in different ways. After all—the best way to collect rent is the easiest way to collect rent, right?
However, if your renters use cash to pay their rent, this can present new hurdles in the collection process. For example, you might have to drive out of your way to pick up the cash or spend too much time negotiating with the tenant to schedule a drop-off time.
Fortunately, with property management software RentRedi, tenants can pay rent their way—while you still collect rent YOUR way!