Cozy has a payment system that allows the renters to pay their rent with credit or debit cards, as well as sending bank-to-bank (ACH) payments. These bank-to-bank payments come directly from the renters checking account and are deposited directly into the landlord’s bank account. You no longer have to chase down, or schedule appointments to collect rent.
Bank-To-Bank (ACH) Payments
ACH, or Automated Clearing House, payments are electronic transactions that are routed from bank-to-bank.
Because you are dealing with banks directly, you will have to consider the date or day when making a payment. All payments are processed on business days only. This means that weekends and holidays can add extra days when it comes to processing payments. To get a list of bank holidays, click here. All payments can take about 5 business days to process and be deposited into the selected bank account. This feature is FREE.
If the tenet is using Cozy for the first time, and they decide to connect to their bank account they have two options:
- Use their online bank login
- Manually enter bank information
You also have the option to pay Cozy for the Express Payouts feature for $2.99 per unit per month. This will shorten your payments from 5 business days to 3. This is optional.
Another thing I love about the Cozy bank-to-bank payment process is that your tenants can schedule the payments ahead of time. They can set up a recurring payment, or schedule it per paycheck. It makes it way easier for both you and your tenant to keep up with the payments.
Credit and Debit Payments
Paying with a credit card, debit card, or prepaid card is usually faster and more continent for most people. It will cost the tenant more money than simply attaching their bank account. Renters will have to pay a 2.75% fee to pay with their cards. If they are fine with that, the payment will take 1-3 business days to process.
The tenant can set up automatic late fees so that they are applied every month on a specific day if they are late paying rent. This just gives you one less thing to have to keep up with.
Cozy keeps it super simple so that you can see all payments, fees, and other costs in one place. You can also add credits or offline payments on this page.
To learn about Cozy’s email system to easily communicate with your tenants click here
If you would like to go back to the ‘My Property Management Experience with Cozy’ main page click the link