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?

[Robert P.]

I use Cozy and like others find it on time as long as they initiate by the due date. For example, I collect rent on the 1st of each month. My tenant initiated on the 28th of June and I just got the money today. Of course, it was nice that they did it earlier, but don't have to in my books. I would much rather wait a few days longer than have to pick up the check at PO Box, go to bank, deposit, wait to clear, etc. That is time and energy, which is very valuable to me. 

Also, if you time things right, a few extra days shouldn't hurt. For me, July rent collected will be used to pay August mortgage, not July mortgage. So even if I get their money by the end of July, I will still be able to pay my August mortgage on time. Make sense?