Notes

Security Deposit and Applications - Should You Accept Cash, Check or Money Order?
If a landlord is looking to rent their investment property, they need to always charge a software fee as well as a security deposit. from this source is collected to pay the cost of conducting a tenant criminal history check plus a credit assessment. The security deposit is to pay for the price of any damages that this tenant does to the house. The biggest question that landlords ask is if they must accept cash, check or money order for that application fee and also the security deposit.
Cash
There is not anything wrong with accepting cash for the application fee. There is no problem with cash not being accepted anywhere. This financial resources are non-refundable anyway. Since it's non-refundable you then do not need to allow them to have a receipt for the application fee. It is probably not necessarily a bad idea to provide the opportunity tenant a receipt anyway to demonstrate which you received the money for the application fee.
I would also recommend that you just get the security deposit in cash also. Since this cash is potentially refundable for the tenant whenever they move out, I recommend which you give the tenant a receipt when you collect the protection deposit. The best receipt books will be the pre printed forms that you can get at stores like Office Depot. These receipt books have duplicates which allow you to present the tenant the most notable copy and also you copy of the receipt stays in your receipt book.
Money Order
Money orders are universally acceptable. There is a slight chance that your tenant might present you with a fake money order. You need to be aware of this should you accept money orders to the security deposit. You will not realize that it is fake until following the tenant has moved into the property. Which is worse is that this bank charge you a return check free for the fake money order that you deposit into your bank checking account.
Checks
I would not accept a look for a credit application fee. The reason is that this check might be bad, the check could possibly be stolen, or check may bounce. Unfortunately you won't know this before you present the look for payment from the bank where the check was written. Just like a money order, the lender charges you a fee for the returned check if it's not good. If you accept a check in the application fee then you definitely bound to paying the price tag on the tenant criminal history check from the pocket in addition to the fee for that bad check.
Smart landlords should always accept cash only to the application fee along with the security deposit.
My Website: https://russo70houghton.wordpress.com/2022/03/07/the-importance-of-responding-to-problems-with-rental-properties-a-stitch-in-time/