Cozy rent due early to arrive on the 1st?

[Don Daniels]

I'm using cozy for my rentals - great tool. For those of you using online rent collections you're familiar with the 5-10 days wait time for the rent to deposit. Do you require your tenants to pay ahead of the 1st so that it deposits by the 1st? Currently, I just require it be submitted by the 1st. Having the payments deposit on the same day as mortgage payments has obvious cash flow benefits

[Jennifer L.]

I just have them initiate on the 1st. This July is particularly slow since the 1st fell on a Saturday and the 4th was a holiday. But if timing of the deposit creates potential cash-flow issues, I'd pay the extra $3 to get the payment expedited.  For me, the convenience of using Cozy for my tenants and me far outweighs any inconvenience the delay in depositing causes.  Since my state requires me to give my tenants an option of payment that is neither cash nor electronic funds transfer, I wouldn't want my tenants to shy away from EFT because they could send a check in 5 days later.