Automating rent collections

[Arnie Clark]

I have been using *********** for my rent collection/transfer to my checking account for the last 2 years Without any issues with my tenants or ***********. It does take awhile to hit my bank. Anyone have anything better they would recommend? Below is the process for ***********. ******************************* ACH rent collection is not a wire-transfer. The payment process requires multiple steps and takes approximately five business days to complete. Benefits: Affordable ACH payment collection through *********** allows for faster access to available funds compared to checks, faster notification of non-sufficient funds compared to checks, and no bounced payment/check fees for landlords. Here is how it works: All tenant payments are processed at 3:50 PM (MDT). If the tenant makes the payment on a business day after 3:50 PM (MDT), the payment will be processed the next business day. Below is a summary of the daily transaction activity. Business Day 1: Tenant payment is processed by *********** at 3:50 PM (MDT). Business Day 2: *********** receives tenant’s payment into an escrow account. Business Day 3: ***********’s bank verifies if the tenant’s payment is good funds. Business Day 4: Tenant’s payment clears the non-sufficient funds return window, and *********** forwards the payment to the landlord’s bank. Business Day 5: Landlord’s bank posts the tenant’s payment in the landlord’s bank account. The payment settles in the landlord’s bank account one day later. Weekends and holidays extend the timeline because ACH banking activity is closed.