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  • No Cash Payments

    For those folks on here that no longer take cash for payments at your facility, I have a few questions...did you notify tenants ahead of time or did you just stop accepting it? Is there something in your rental agreement that mentions it? And, is there something in your office stating this? Anything else you can tell me would be appreciated.
    I talked to the boss this morning and we are looking at making a few changes. One being no cash payments at all.
    Too many freaks, not enough circuses.

  • #2
    We stopped taking cash payments when I started 2 years ago. it was a direct result of previous employee theft. We notified everyone via email, in person, letter and through signage posted around the facility and the in the office. Even after 2 years, somebody comes in with cash trying make a payment :-)

    Matt

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    • #3
      Thanks. Did you implement that policy immediately, or after a certain notification period? I'm thinking because it was related to theft, it was likely an "effective immediately" policy, but I could be wrong. I think I'm just going to put notices up in the office letting tenants know. I don't have very many that pay cash. While I don't want to inconvenience anyone, there's really no way to avoid it.
      Too many freaks, not enough circuses.

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      • #4
        Theft really su(ks. With good software you should be able to track all transactions.
        I wish I would get more cash as we pay over 500 per month in CC fees.
        In fact most times I would rather a check or cash before a CC payment.
        Joe Krezdorn
        DAK Self Storage
        Leesport, PA 19533
        www.dakselfstorage.com

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        • #5
          Post signs and email and enact the policy change asap. Must be a reason to do it, so just do it asap. I would assume you can just tell the cash payers that come to the office and pay and even the ones that may drop cash. There may be a report that you can pull up that tells you how all tenants pay.
          "Never let the inmates run the asylum!"

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          • #6
            Originally posted by pacnwstorage View Post
            Post signs and email and enact the policy change asap. Must be a reason to do it, so just do it asap. I would assume you can just tell the cash payers that come to the office and pay and even the ones that may drop cash. There may be a report that you can pull up that tells you how all tenants pay.
            I haven't looked yet, but I don't know if there is any kind of report, other than who is on autopay, that shows how paid. I will check into though. I think starting the policy right away is best as well.
            Too many freaks, not enough circuses.

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            • #7
              I've seen a lot of facilities switch out of a cash-based system over the years, and commonly they would send out an email and/or text to current tenants notifying them of the change. I've seen management give 30-60 day notifications before the switch and I've also seen them make changes "effective immediately". Both methods haven't been reported with much push back, but it will definitely help changing the verbiage for new contracts.
              Kevin Kerr
              Storage Commander Management Software
              k[email protected]
              Direct - 951.867.4732

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              • #8
                I hardly get any cash so it's not an issue. When I do there are layers of accountability. It's on the daily report, the computer report, the deposit slip, which MUST match the above. Also, we must deposit everyday unless the bank is closed.
                When I had all of my ducks in a row-I realized that most of them were not even mine!

                WA State

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                • #9
                  The only time I have seen this locally is when a manager ran off with a large cash deposit.
                  "Never let the inmates run the asylum!"

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                  • #10
                    Being an owner/operator I LOVE cash payments. However I push all new tenants to sign up on line and do recurring billing.

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                    • #11
                      Let me just say that the issue is not with the actual payments themselves, or the bank deposits (except for that issue back in December - which has not happened again). I'll just leave it at that.
                      Too many freaks, not enough circuses.

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                      • #12
                        I would never operate on a no cash payment basis. It would be difficult here. In fact once a customer reaches lien status anything past 30 days in Oklahoma, they lose their privilege of paying in anything but cash/ money order. They can't cancel a cash payment after move out. Checks can bounce or be cancelled and credit cards can be charged back. Be careful who you hire, but cash is good for business. I would sooner make them do daily deposits at least in a drop box.

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                        • #13
                          Originally posted by Tercelet1 View Post
                          I would never operate on a no cash payment basis. It would be difficult here. In fact once a customer reaches lien status anything past 30 days in Oklahoma, they lose their privilege of paying in anything but cash/ money order. They can't cancel a cash payment after move out. Checks can bounce or be cancelled and credit cards can be charged back. Be careful who you hire, but cash is good for business. I would sooner make them do daily deposits at least in a drop box.
                          I agree, and I will still take money orders. As I stated in my previous post, it's not about the actual payments or the deposits (which I take care of).
                          Too many freaks, not enough circuses.

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                          • #14
                            Great point about payments after being in lien. We will always take cash because of the "cannot change mind later and charge back or cancel check". I carry cash everywhere and prefer to pay that way instead of using my debit. The debit is to have a checking account, have not written a check in well over 10 years, so that I can pay online when I want to. Yes, I am old enough I don't use PayPal or any of those services.
                            "Never let the inmates run the asylum!"

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                            • #15
                              As far as the auctions go, the boss ok'd me to take cash for those. Because that's under MY control. However, it will be deposited that day.
                              Too many freaks, not enough circuses.

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