All Forum Posts by: Gino Zahnd

@Dawn Anastasi good question.

Debit cards check for available funds immediately and return a failure instantly if there are insufficient funds. ACH takes 2-3 business days to return payment failures (which also explains our risk mitigation and payment times.)

While chargebacks are possible, due to the fact that this is housing, it is extremely unlikely someone would do so. Just like checks, where a stop payment can be placed a dispute is considered non payment and we’ll work with both parties to resolve any issues.

ACH and checks can be disputed for at least as long, but we just don't see it happen.

@Jeff Gates you don't need to agree. That's fine. I just wanted to be sure that people know the truth, and accurate information about Cozy. :-)

Thanks for all the kind words everyone. We have a lot of new features coming over the rest of the year, with some exciting announcements this week as well.

I do want to clear up one thing for @Jeff Gates. We do not float any money, ever. @Deanna Bennett is correct. Here is a clear explanation of how Cozy works with the ACH system: https://cozy.co/ach-explained/

Our payments will continue to get faster as we scale, and we're already working on ways to make that happen. Q1 2016 is going to be awesome. Thanks for being with us on this journey. With your feedback, this is how we're all going to keep getting better.

@Ronda R. the answer to both of your questions is yes, including rent payments.

@Chris Bingham Lots of good questions. Best to email our Support crew at [email protected]. We're super responsive, and that's the place to get answers to questions like this.

Also, many of your questions are also answered in our FAQs: https://support.cozy.co/

Thanks for using Cozy!

@Andrew Meyer over the next 4-8 weeks we'll continue to roll out a number of fundamental changes to Cozy, including the ability to manage large numbers of units and property types. We've had more and more property management companies using our services, and we're now in the process of releasing many new improvements and new features to meet those needs. So, by mid-November Cozy will work as well if you have 400 units as it does if you have 4. 

We're excited about Q4!

Hi everyone, relevant to this thread is the following announcement we made this week around payments.

https://cozy.co/free-online-rent-payments-late-fees/

@Alicia D. thanks for the kind words and empathy. We are in fact working around the clock to make things better. :-)

We have this page which explains ACH as it pertains to Cozy: https://cozy.co/ach-explained

The crux of which is:

Our ACH deadline is at 2PM PT each banking day. Our payment processor will batch and send all ACH debits and credits to the ACH network. All payments through Cozy are processed on a scheduled automatically recurring basis, so all payments ready to process on a given day will be processed before the deadline.

I hope that helps. Enjoy the weekend everyone.

@Kevin H. we launched the new payment times a few weeks ago, and are consistently seeing payments that are initiated on Monday post by Friday (so 4 biz days). Hence, today's announcement!

Thanks, and let us know your feedback at [email protected].