Online payment - Cozy users

[Lacee Beitler]

Hi everyone! For any one who collects rent via Cozy (or any online payment processing), I have a question about when the payment processes vs when it's received: We love using Cozy and so do our tenants, but Cozy takes anywhere from 4-8 days to process a payment. In our leases, we have rent due the 1st with the grace period extending to the 5th or else a late fee of $50 is charged. If rent is still "processing" on the 5th , do you still charge a late fee? What if rent was submitted on the 30th of the previous month, vs the 5th of the due month? Looking to see other investors online payment experiences. Also, does anyone use Venmo for rent payments? This seems pretty quick to process and I wonder if it's worth it to switch over. Doesn't seem like there are any fees for business transactions, but I only quickly glanced at their policy. Thoughts? Experiences? Thanks!