Cozy Users- Can Tenants Set Up Payments on Weekends?

[Patrick M.]

Hey there - got my first unit rented, using Cozy.co to connect rent. I collected first month's rent via chasier's check. Rent is due May 13th, and yesterday I got an email saying the tenants had not scheduled a payment yet. They are listed as "ready to pay" in the web interface at Cozy's website.

The 13th falls on a Sunday this month. If they don't set up a payment by close of business on Friday the 11th, will they be unable to pay until Monday the 14th? 

Can they set up a payment on Saturday or even Sunday for ACH and still be in the system as paying on the 13th?

I'm trying to gauge 1. how worried should I be and 2. if I should warn them that it's important to schedule a payment before Saturday in order not to be late.

Any advice, veteran cozy users? For what it's worth, these tenants have been super on-the-ball up to now about everything and I did a deep due diligence check and got nothing but rave character reviews and financial history.

[Patrick M.]

@Lucas Hall- this is a very helpful perspective, thanks! My cash flow and reserves are set up so that I can wait at least 12 calendar days for the money to hit my account without a problem. I can completely see how getting a transaction initiated is the same as getting a check in hand that I have yet to deposit physically at the bank. 

Great idea on the automatic recurring payments being in the lease! I just edited my rules and regulations so that the next tenant lease will include this feature.