Adjusting for Rent Payment Software Delay

[Alan Bosca]

Hi -

Almost all the online rent payment options, including the popular Apartments.com have 5-6 day delays on funds hitting your bank account. 

Does anyone require payment to initiate several days before the 1st of the month in order to make sure it hits on the 1st?  Assume zelle, ACH, etc aren't options for the tenant.

Thanks -

[Tim Miller]

Yes, it's stated in out lease and our rules. Rent payment must be received in our bank account on the first of the month. This means you will need to schedule your payment 2 or 3 business days before the 1st.

We also charge late fees depending on when the fund are deposited to the bank account and clearly stated it in the lease.

We used Cozy until they were acquired by Apartments.com and the delay in payments was the main reason for us leaving. We currently use Innago and payments take about 3 business days.