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Updated 8 months ago on . Most recent reply
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Using Zillow for rent payments
I am using Zillow to collect rent payments. I like it because it is free, the tenants can pay online, it is automated, etc. However, it takes 7-10 days (which is longer than Zillow claims) for me to actually get the payments. Honestly waiting for the payment is not a big issue for me, however, I am worried if their payment does not "clear" I won't know for 10 days. Am I worried about nothing? Are there better platforms?
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ACH payments by their nature take a few days to know if it actually clears (you can know faster for credit card payments). 7-10 days I'm guessing is something like this:
2-3 business days Tenant -> Zillow
2-3 business days Zillow -> Landlord
So in summary, you'd almost surely know within a couple days if the tenant sends a bogus payment, even if you don't get it into your bank account until later.