In our 2017 internal/external audit, we were required to make a few changes to acceptable forms of payments. To ensure that we are following best accounting practices as well as efficient processing and tracking of homeowner payments, we will no longer accept money orders. ( new change)
Here are a few reasons for this change:
Tracking and researching a money order, can take up to 6 months and the success rate of the money order being found or refunded back to the customer is only 30%. There has been an increase of fraudulent money orders which is leading many banks to no longer accept money orders for deposit.
We have recently gone through our internal audit as well as an external audit from our CPA firm, and both stated that this form of payment should not be accepted due to the above factors.