So... what happend to all the posts containing cozy.co?

20 Replies

Just curious, there seems to be nothing wrong with the company and payments are being made as they always have been, but there is 0 mention of cozy or cozy.co within BiggerPockets.  Do any of you landlords use the site?  I recently converted my tenants over to it.  Is there a better alternative that I have missed?  I'm not completely thrilled with the 5 day float till deposits are made.  Thoughts?

Hi @Justin C.

Posts that recommend Cozy are commonly removed by BP moderators if folks from Cozy chime in. I suppose it's just part of their policies not to support competing tools. I understand that to a degree.  Gotta do what you gotta do. 

But there are a few remaining threads that I see (although they aren't appearing in search anymore):

https://www.biggerpockets.com/forums/92/topics/198...

https://www.biggerpockets.com/forums/52/topics/240...

https://www.biggerpockets.com/forums/52/topics/237...

Originally posted by @Lucas Hall :

Hi @Justin C.

Posts that recommend Cozy are commonly removed by BP moderators if folks from Cozy chime in. I suppose it's just part of their policies not to support competing tools. I understand that to a degree.  Gotta do what you gotta do. 

But there are a few remaining threads that I see (although they aren't appearing in search anymore):

https://www.biggerpockets.com/forums/92/topics/198...

https://www.biggerpockets.com/forums/52/topics/240...

https://www.biggerpockets.com/forums/52/topics/237...

 Thank you Lucas.  I read that there are "more surprises" to come within one of those posts... is one of them increasing the speed of deposits?  Payments processed on Mon were deposited today, Fri.  5 days is a bit rough.  Thoughts on improving this?

Thanks in advance

Hey @Justin C. - as far as I know, all the Cozy posts are still around, but our Search is currently being "re-indexed" so most searches are not working today and yesterday. It should be up by next week. 

In the meantime - go to google and type:  site:biggerpockets.com _______   (with your word, like "cozy" instead of the blank line.  That way you can find all the posts, until our search is working. 

cc: @Lucas Hall  

@Engelo Rumora - This is why your searches are funky too :) Should be fixed soon! 

Thanks @Brandon Turner !  That explains a lot.  Thanks for the feedback!

@Justin C. Yes, faster options are coming!  While the national ACH system is regulated by the Fed Reserve, soon with Cozy you'll be able to accept credit cards, and even push the payments to a debit card - which should shorten delivery to 1-2 days.  

Just an FYI, 3-6 business days is the standard ACH turnaround time with any company using the ACH network, and there's often some delay depending on each bank's policies.  If it's any faster than that, they are loaning you money in the interim - which is fine but it usually has a max transfer limit, or there is a lengthy pre-approval process where you turn in previous tax returns, proof of business, profit/loss statements, etc. When you're looking into payment companies, be sure to check their approval process for payments.  For example, it took me 3 months to get approved through Buildium to accept online rent payments when I was using it a few years ago. 3 months!

At the end of the day, 3-5 days is not bad considering Cozy is free.  

Other things you can do is to request that your tenants account for the transfer time when they pay.  There's no reason why they have to wait until the last minute to pay rent. 

Tenants get credited with payment on they they initiate payment - just like with a check - they get credit for the day they drop off the check, and then the landlord must wait a few days for the check to process.  

Anyway, I hope that helps. 

I just signed up for cozy the other day and am doing some test runs to see how it does.  I have an online payment system in place for my rentals, but I was not able to get that set up to direct funds to different accounts.  I need funds for rentals I don't own to go into my broker's account while funds from my properties continue to go into my account. 

I am hoping cozy will work with sending the funds to my broker account.  So far so good, but we will see next week when I check in with my broker regarding the test transactions.

@Justin C. The reason ACH is slower to process for some companies is because they wait for the entire payment to clear before sending it through to the collecting party. While this makes it easier for reversals, NSFs, etc. it can be infuriatingly slow. Not all rent payment companies wait for the clearance. In this instance, they are not really loaning you the money. They are working like a bank to give you credit for the payment in good faith that it will clear. Since the majority of payments do clear through normally it only becomes a problem in those few instances when there is an NSF payment (or other reversal). 

Originally posted by @Brandon Turner :

Hey @Justin C. - as far as I know, all the Cozy posts are still around, but our Search is currently being "re-indexed" so most searches are not working today and yesterday. It should be up by next week. 

In the meantime - go to google and type:  site:biggerpockets.com _______   (with your word, like "cozy" instead of the blank line.  That way you can find all the posts, until our search is working. 

cc: @Lucas Hall  

@Engelo Rumora - This is why your searches are funky too :) Should be fixed soon! 

 Thanks mate ;)

I use it. I saw funds show up today, got the notice over the weekend. I'm not hard up for the money, so the 5 days doesn't bother me, and the convenience is fantastic for me and the tenants so far. Frankly, I wish they all used it. Yes, it would be nicer if it were faster, but the "heads-up" e-mail puts me at ease when it generates. 

We use it too.  It is easy to set up and we haven't had any issues since we started it in March 2015.  It takes a little longer than the previous system we used but it doesn't bother me, we keep enough in our account to pay the bills if we don't receive rent

Same here.  I've standardized on cozy.co.  Very convenient and getting better.

They seem to be making strides on communicating better (new web structure with a payments page, consolidate email with status of all payments), and some new screening tools like background checks.  

There's a long way to go, but I think they have a good shot at building the best system.  

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.

Originally posted by @Deanna Bennett :

@Justin C. The reason ACH is slower to process for some companies is because they wait for the entire payment to clear before sending it through to the collecting party. While this makes it easier for reversals, NSFs, etc. it can be infuriatingly slow. Not all rent payment companies wait for the clearance. In this instance, they are not really loaning you the money. They are working like a bank to give you credit for the payment in good faith that it will clear. Since the majority of payments do clear through normally it only becomes a problem in those few instances when there is an NSF payment (or other reversal). 

 Very true!