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  1. #1
    Tom Litton is offline Senior Member
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    Default Debate: Does anyone refuse cash as a payment method?

    A common practice in the apartment industry is to require tenants to pay in either check or money order only, no cash is accepted. The multi-family housing industry adopted this practice many years ago due to concerns over potential robberies of management staff.

    Does anyone currently have this policy? If so, why?

    Is this policy workable for self-storage?

    What are the advantages and disadvantages?

    Do you prescribe acceptable payment methods in your rental agreement?

  2. #2
    Lisa T's Avatar
    Lisa T is offline Senior Member
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    Default Re: Debate: Does anyone refuse cash as a payment method?

    Why would anyone not accept cash? Cash doesn't bounce and cash doesn't require a fee to be paid to the credit card companies for accepting it.

    The other problem is that most storage facilities sell packaging...so even if you went to a no-cash policy for storage, are you going to make walk-in customers write a check or use a card for a $1.70 small box?

  3. #3
    geraldine1051 is offline Senior Member
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    Default Re: Debate: Does anyone refuse cash as a payment method?

    Does anyone currently have this policy? If so, why?
    - I love cash , and a good number of my customers pay in cash only, even in large amounts. Of course I go to the bank every day and leave no money ever here in the office.

    Is this policy workable for self-storage?
    - Not in my opinion.

    What are the advantages and disadvantages?
    - Advantages: easy payment options for customers.
    - Disadvantages: seems elitist and unfriendly.

    Do you prescribe acceptable payment methods in your rental agreement?
    - yep.

  4. #4
    JamestownStorage#8's Avatar
    JamestownStorage#8 is offline Senior Member
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    Default Re: Debate: Does anyone refuse cash as a payment method?

    Quote Originally Posted by Tom Litton View Post
    A common practice in the apartment industry is to require tenants to pay in either check or money order only, no cash is accepted. The multi-family housing industry adopted this practice many years ago due to concerns over potential robberies of management staff.

    Does anyone currently have this policy? If so, why?

    Is this policy workable for self-storage?

    What are the advantages and disadvantages?

    Do you prescribe acceptable payment methods in your rental agreement?
    We accept cash here..but .... my recently hired asst. mgr came from a well known chain storage facility that did not accept cash. They didn't have to worry about being robbed, but he also said they didn't have to worry about their employees dipping into the cash drawer!!! Bit of a trust issue, you think?!!!

    My take on it, if I turned down cash, and they left the office, I probably would not see them come back w/a money order, they would probably spend it on something on the way to get the money order!!!! lol

    Pat
    High Point, NC

  5. #5
    shaekirk's Avatar
    shaekirk is offline Moderator
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    Default Re: Debate: Does anyone refuse cash as a payment method?

    mmmmmmmm, cash! I agree with all of the above...it's still the most reliable form of payment!
    The customer isn't always right, the trick is making them think they are!

    Shannon

  6. #6
    Paso one is offline Senior Member
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    Default Re: Debate: Does anyone refuse cash as a payment method?

    The saying "Cash is King" became popular for a reason. I usually warn people that want to pay cash, that they need to be diligent on coming back to pay cash on time the next month. People that pay with "plastic" never pay late fees.

  7. #7
    Autodoc's Avatar
    Autodoc is offline Mod eMeritus
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    Default Re: Debate: Does anyone refuse cash as a payment method?

    Question


    As Cash is a legal form of tender for any transaction is it legal to refuse to take cash?
    Wayne
    Jamestown, ND


    All arguments can be resolved ... with high explosives and Humor!!!

  8. #8
    Gina6k's Avatar
    Gina6k is offline Moderator
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    Default Re: Debate: Does anyone refuse cash as a payment method?

    If the cash is printed in California and has the Guvenator's face on it, I think you're ok legally to refuse it Wayne!

    I'd rather take my chances on accepting Monopoly money.

    Seriously, great question and I think the answer is No, you cannot refuse to accept legal tender. You hear the stories all the time of people paying huge bills due in pennies, so I guess that lends credence to your question.

    Oh Mr. Jeff? Where is our legal guy?
    Gina 6k
    CochraneStorage dot com
    Morgan Hill, California
    twitter.com/CochraneStorage

    You only live once, but if you do it right, once is enough!
    I am not an attorney, just an experienced manager who is willing to share what I have learned. Your thoughts, practices or opinions may vary and neither of us may be right.

 

 
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