erentpayment.com late deposits?

[David Burns]

Is anyone else experiencing issues with erentpayment.com?  I use them for rent collection and they are currently holding my recent rental payments.  Allegedly there is an issue with their bank and the bank's required reserves.  Its' been seven business days since my tenants made the deposits and erentpayment.com hasn't released those funds to me yet.  Usually it only takes a couple of days to receive the ACH deposit.  I'm not sure what my recourse is for something like this but I certainly need these funds and I have no idea when they'll be released.  Any suggestions?

[Dima Kassim]

I still have two 10/5 deposits that haven't cleared. I called them up yesterday and they said the issue was with the bank they use to process the transactions. They are switching banks to one that can safely handle their high volume of transactions, but the current one hasn't released the deposited funds for some reason. Erent has their legal team involved and says they are trying to resolve the situation as soon as possible, but gave no exact date as to when all this mess will be over. I tried calling again this morning but they've stopped taking calls and only respond to emails now.

If it's not resolved by next week, I'm telling all my tenants to deposit rents directly into my business account for now while I look for a new online rent collection. Ill also get MY legal team involved to get my deposits, as companies like this should have reserves and insurance on hand for situations like this. Cozy seems like a good alternative and it's free (haven't read the fine print yet). Rentpayment.com was also on my list of options, but they take a .95% transaction fee which ends up costing more than Erentpayment. Life would be a lot easier if everyone took my money as seriously as I do. For shame!