Security cash collection is basically the process of collecting a non-refundable security deposit that has been paid directly to you by the tenant. The security deposit is usually for paying rent. If this happens once or twice and you did not receive payment in time, you can give a valid excuse and request the tenant to return the security deposit in the form of a check. You would then be entitled to collecting the money without having to wait for weeks or months just to settle the account.
What Can You Do About Security Cash Collection Right Now
This is a great way to avoid any problems in the future when you may be needing to collect payment from tenants. Of course, there are some regulations in place on security deposits in your state so be sure to follow all applicable laws and procedures. Some states even have pre-determined amounts for security deposits. For security cash collection purposes, only cashier’s checks can be used. Credit cards or debit cards are not acceptable as security deposits.
There are also different rules regarding security cash collection in different commercial establishments. Some will let you take the money right out of their bank account. Others require a written agreement to go with the transaction. Still others insist on a post dated check that must be signed and dated by the landlord at the time of the sale. In the end, the main thing is to just get the money. It’s not worth wasting time trying to collect it in an improper manner.