Late rent fee when collecting via Cozy

[Chris Eaker]

I use Cozy.co to collect rent. Tenants use the ACH transfer and it's free for them and me. I like not having to go pick up checks from the PO and go to a bank. But the thing is, deposits take 5-6 days to show up in my account after the tenant initiates the payment. So if they initiate payment on the 5th, then it could be the 10th or 11th before I see it in my account. If I were still accepting rent via mailed paper checks, then this would of course be unacceptable and they would get a late fee if the checks were not in my hands by the 5th. I am considering cracking down on these people who do not initiate payment in Cozy in time for the payment to show in my account by the 5th. What would you do in this situation?