Adjusting for Rent Payment Software Delay

[Alan Bosca]

Hi -

Almost all the online rent payment options, including the popular Apartments.com have 5-6 day delays on funds hitting your bank account. 

Does anyone require payment to initiate several days before the 1st of the month in order to make sure it hits on the 1st?  Assume zelle, ACH, etc aren't options for the tenant.

Thanks -

[Tim Miller]

Yes, it's stated in out lease and our rules. Rent payment must be received in our bank account on the first of the month. This means you will need to schedule your payment 2 or 3 business days before the 1st.

We also charge late fees depending on when the fund are deposited to the bank account and clearly stated it in the lease.

We used Cozy until they were acquired by Apartments.com and the delay in payments was the main reason for us leaving. We currently use Innago and payments take about 3 business days.

[Tim Miller]

Yes, it's stated in out lease and our rules. Rent payment must be received in our bank account on the first of the month. This means you will need to schedule your payment 2 or 3 business days before the 1st.

We also charge late fees depending on when the fund are deposited to the bank account and clearly stated it in the lease.

We used Cozy until they were acquired by Apartments.com and the delay in payments was the main reason for us leaving. We currently use Innago and payments take about 3 business days.

[Chad Hale]

Rent is due (paid) on or before the first.  If it takes longer to "hit" my bank account due to the systems I've chosen to use that is not the tenants problem.  Zego/Paylease takes 1 day.

The delay whether 1 or 10 days is another reason we do not give any "grace" time to pay rent. All that a grace period does is move the rent due date.

[Alan Bosca]

Quote from @Tim Miller:

Yes, it's stated in out lease and our rules. Rent payment must be received in our bank account on the first of the month. This means you will need to schedule your payment 2 or 3 business days before the 1st.

We also charge late fees depending on when the fund are deposited to the bank account and clearly stated it in the lease.

We used Cozy until they were acquired by Apartments.com and the delay in payments was the main reason for us leaving. We currently use Innago and payments take about 3 business days.

Thx

[Bill B.]

Don’t forget to check your state and local laws. More and more areas are starting to say the 3rd or even the 5th is not late.