All Forum Posts by: Gino Zahnd

Hey @Nathan W. -

Thanks for the post, and for the kind words about Cozy. I do want to point out a few things, per your comments.

1) Cozy Express Payouts are $2.99 per unit/mo. with unlimited transactions. eRentPayment is $3 per transaction. 

2) Cozy Express Payouts are at least as fast, if not a day faster. Again, with unlimited transactions.

We listen closely to customer feedback, and are always improving. Thanks!

Gino

CEO and Founder at Cozy

@Ayodeji Kuponiyi and @Pyrrha Rivers Most Cozy checks are returned quickly, within a few hours. In some cases reports take up to a week because there is literally a human digging through county records. It’s very important to understand that not all counties report this data digitally - so just because you are getting an immediate report back from a service does not mean it is thorough or accurate. 

Best,

Gino

CEO and Founder at Cozy

@Chris Bingham We just today released a new feature called Cozy Express Payouts that significantly reduces ACH payment times. We wrote about it on our blog about two minutes ago.

The BiggerPockets crew have a nasty habit of deleting our posts, but hopefully as it is directly relevant to your post in this thread, they'll leave my post here.

@Dawn Anastasi I'm not sure if you're a clairvoyant, but I'd like to give everyone here in the BiggerPockets community a little early access for a feature we're announcing tomorrow. As I mentioned 2 months ago in this thread, we were working on a faster ACH solution. Today I'm happy to announce that less than an hour ago we rolled out Cozy Express Pay.

Express Pay lets property managers receive ACH payments in about half the time of normal ACH payments. So if your tenant pays Monday before 2pm, it’s in your account Wednesday. 

Here’s how Cozy Express Payouts works:
• $2.99 per month per unit
• You can enable Express Payouts for any of your units, or all of them
• No limits on rent amounts
• No limits on number of transactions per unit
• If your tenant pays with a card, we won’t charge you for Express Payouts because card payments can be processed faster (and your tenant pays 2.75% to use a card).

So that’s it! Nothing about paying rent through Cozy is changing. Express Payouts is an optional paid feature that moves your cash flow forward each month.

Express Pay is available in your account under the new Paid Services tab, which is located in the menu under your name: https://home.cozy.co/paid-services

BiggerPockets editing failure (reposting)

Hi @Harry Johnson- as I mentioned in this other post yesterday, we too think the ACH payment system should be faster. We will soon be launching a feature to speed payments up to 1-day payouts. It will be a paid feature, and like everything we build, will be very fairly priced and provide a ton of value for those who need it.

Best,

Gino

CEO and Founder at Cozy

Hi @Chris Sukala The answers to your questions are in our Help Center, which is here: https://support.cozy.co/

In addition, our Support team (we're all in Portland, Oregon) is also highly responsive, and can be reached seven days a week via email. That, combined with our free educational site, Landlordology (https://www.landlordology.com), are powerful resources, and a nice compliment to what the awesome folks at BiggerPockets do for the community.

The short answer: yes, Cozy payments can be recurring and automatic. Late fees aren't in the product yet, but that feature is on our near term roadmap. Frankly, we haven't prioritized late fees because the vast majority of the hundreds of millions of dollars we process are on time. The product just works in nearly all cases. And, our Support team works hard with both managers and residents to resolve things when they don't. That said, it's coming.

A couple more notes:

Like you all, we hate the lack of specific tenant/unit information on bank statements. It's something we're working as fast as we can to remedy with Stripe. There is a light at the end of this tunnel, but I can't put a date on it yet. We can't wait to clear this up.

Like you all, we think the ACH payment system should be faster. We will soon be launching a feature to speed payments up to 1-day payouts. It will be a paid feature, and like everything we build, will be very fairly priced and provide a ton of value for those who need it.

I wish I could spend more time here in the BP community - I love chatting with you all. We do watch and monitor these conversations, and we pipe up when we think it makes sense. In the future, for those who have feature or support questions, I highly recommend contacting our Support team directly. We place a ton of energy and focus on providing the best support anywhere, and are proud of the quality of support we provide. It's just hard for me to answer every support/feature question when we have over 125,000 people using our product in 9,200 ZIP codes around the country. In the future, don't be surprised if someone else from Cozy answers questions here on BP.

Thanks for the support and curiosity everybody. We all agree that Cozy can be improved, and we're working as hard and fast as we can to continue improving Cozy, every single day. 

Best,

Gino

CEO and Founder at Cozy

@Mike F. you're correct. The vast majority of rent payments are automatic and recurring. It's also possible to make one-time payments for any number of things as well.

@John Morey Sure!

Tenants choose the day of month they pay rent to ensure they select and approve the day payments process from their bank account. We require authorization from the tenant for both the amount and date, and have found this flexibility allows for fewer failed payments, and landlords getting paid on time, or early more often than not.

We see a significant number of tenants paying before the rent due date to ensure the payment arrives early, and any issues can be dealt with before the due date. Restricting the date tenants pay rent to only a single date of the landlord’s choosing has proven to be problematic, and we’ve seen far fewer issues now that tenants can pay on any day of the month. So: our mountain of data shows that providing this flexibility actually improves the experience for everyone.

That said, it’s just like handing a check to your landlord. If a tenant chooses to select a day that’s after the due date to pay rent, you’re of course able to add late fees as needed to ensure your lease contract is enforced.

Lastly, I'd like to point out that a lot has changed in the past six months when @Mike F. got set up; we've built a completely new app from the ground up, a brand new mobile web app, etc.. The fact that he hasn't seen the product in six months signals that our automatic recurring payments are working quite well for him!  :-)

@Aly W. to be clear, Cozy has three revenue streams: credit reports, background checks, and debit/credit card payments. Our support is also top notch, seven days a week. We aren't going anywhere. :-)

We're able to support free ACH payments, and simply don't see it necessary to nickel and dime customers over something like ACH. As I've mentioned in other threads here on BP, our ACH payment times continue to decrease, and later this quarter we'll see them cut in half again. Even today, if tenants pay with a card, it's 1-2 day turnaround.

Best,

Gino

CEO & Founder at Cozy