Franklin Management Company is headquartered in Virginia and manages 3,000 homes across three states.
“Residents have expressed their satisfaction with the convenience and security of Cash Pay. It has restored our residents’ confidence in us.”
Franklin Management was experiencing a host of problems associated with the high volume of money orders they received from residents. Because of language barriers, many of Franklin Management’s Spanish speaking residents were filling money orders out incorrectly, or even worse, leaving them blank then placing them in the overnight drop box. Property managers were spending hours contacting residents to find who the blank money orders came from, then manually entering the payment details into their accounting software.
The situation escalated in 2012, when Franklin Management became a victim to a series of drop box thefts in their community. Thieves used wires to fish checks and money orders out of the drop box and stole $40,000 worth of rent payments—half of which were fraudulently cashed.