Founder/CEO · Portland, OR · Member since 2014 · 45 posts · 93 votes
10y
@Aly W. to be clear, Cozy has three revenue streams: credit reports, background checks, and debit/credit card payments. Our support is also top notch, seven days a week. We aren't going anywhere. :-)
We're able to support free ACH payments, and simply don't see it necessary to nickel and dime customers over something like ACH. As I've mentioned in other threads here on BP, our ACH payment times continue to decrease, and later this quarter we'll see them cut in half again. Even today, if tenants pay with a card, it's 1-2 day turnaround.
Property Manager · Grants Pass, OR · Member since 2009 · 429 posts · 201 votes
10y
I would be curious of those that have mentioned the delay being an issue for them, is this just a worry that the funds won't ever arrive, or that the account it's depositing into needs those funds for expenses a few days later (mortgage, etc).
If the latter, wouldn't it just make sense to put a cushion in the account so it doesn't matter when the funds ultimately arrive (as long as they do)?
Investor · Granite City, IL · Member since 2014 · 658 posts · 301 votes
10y
You do receive an email stating the residents have paid. That's the day I use to determine any late fees. You can also look at their lease and payment page to see the transaction.
Regarding the float time, I don't have an issue with the delay. If you want it faster, you can upgrade by paying for the service. I think they promise 2 to 3 days.
Investor · Cumming, GA · Member since 2016 · 153 posts · 34 votes
10y
@Katie Harlow, if a tenant hands me payment for rent, how do I mark it as "Paid" in Cozy? I can see how to add an offline payment, but that doesn't mark the rent for the month as paid. Do I enter an offline payment for rent, then edit that month's rent payment to $0? Seems like I should have a "Paid Offline" option for that "Monthly Rent Due" charge.
Sherwood, OR · Member since 2016 · 23 posts · 25 votes
10y
@Jack Forester Hi Jack! I sent you a response to your support email, but I'll re-state my explanation here for the benefit of the community!
On Cozy, you'll create a charge for each amount that is due to you and your tenant's actual payment transaction will balance out that charge. When you collect a payment outside of Cozy, you'll still add a charge for that item, but you'll also separately record the offline payment that you received to balance out that charge. Your ongoing balance and ledger history will keep track of how much is due, and when items were paid.
Investor · Cumming, GA · Member since 2016 · 153 posts · 34 votes
10y
Yeah, this probably makes sense to an accountant, but I'd like to just be able to click on the rent due charge and click "Paid Offline". Then the rent due charge would show as paid and there would be no confusion for the tenant. Seems like a simple improvement.
I may have to stick with my current online rent payment provider, until this becomes more intuitive.
Have you thought about setting up the payment system so that it functions more like the Online Bill Pay system where you setup a target payment date and the system attempts to have the funds get to the destination by the target date? Thats kind of how the Bill Pay systems work in online banking platforms. From a landlord perspective that would be awesome if Cozy worked the same way.
Imagine the lease says rent is due on the 1st late on the 5th... The tenant pays on the first under the current system and in this month it's finally received on the 8th... Now I'm supposed to serve notice on the 5th that the rent is late, but I see its in transit... so I sit and wait for a few more days and if something happens and it doesn't come in then I'm now almost at the half way point of the month before I can react and serve notice to pay or quit and start eviction proceedings.
I know its just a few days but I think it could be improved by changing to it works more like the bill pay systems that you have in online banking. Just an idea.
Founder/CEO · Portland, OR · Member since 2014 · 45 posts · 93 votes
9y
Hi Jeff,
Thanks for taking time to give us input. I'll pass it along to the team. We have thought about this a ton. There's a lot of complexity that isn't immediately apparent.
Professional · Portland, OR · Member since 2016 · 24 posts · 12 votes
9y
Hi @Max T. -- Jordann from the Support team here! Partial payments are available because in some cases, tenants have an arrangement with their landlord to break up their rent into multiple payments or when it comes to roommates, each one can make a payment for their portion of the rent so it equals the total amount.
However, if you ever see that a tenant has set up an upcoming payment for the wrong amount and you don't want that payment to process, you can end payments from them in Cozy. Once you've done that, it disables your tenant's ability to send any payments to you. I hope that information helps!