Cozy Processing time update?

General Landlording & Rental Properties
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Cozy Processing time update?

Jacob Beard
Fairview Heights, IL · Member since 2015 · 48 posts · 27 votes

There was previously a huge thread on cozy a while back and their transaction processing time. I'm about to start my 1st rental and was wondering if it has gotten any better than 5-7 business days. And if any one using cozy has seen better times during holidays... thanks any feedback would be much appreciated

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Taylor Boudreau
Portland, OR · Member since 2016 · 7 posts · 6 votes
10y

@Ryan M. Taylor from Cozy support here!

Great question! Late fees aren't automatically added as Dawn mentioned. We provide a little more information on charging for late fees and other items here:

https://support.cozy.co/hc/en-us/articles/20977180...

Please feel free to reach out with any questions as we're always happy to help! 

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  • Kyle J.
    Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
    10y

    I've been using it for a few months now and it usually takes 6 calendar days for me to get the deposit (though this month it was only 5 days for some reason).

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  • Matt Holmer
    Attorney · Bettendorf, IA · Member since 2015 · 106 posts · 47 votes
    10y

    I've been using Cozy.co for a couple months.  Payments have been deposited on the following days.  Rent is due on the 1st and I always get an e-mail saying it is being processed:

    January 8, 2016

    December 7, 2015

    November 6, 2015

    October 7, 2015

    September 8, 2015

    Looks like the minimum I'm seeing is 5 business days.  My mortgages comes out on the 8th, so it is not a big deal.  I like Cozy's interface, but the long payment times is troubling.  This one property has been a test run and I'm not sure I will stick with the company once this lease is up.

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  • Dawn AnastasiPro Member
    Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
    10y

    Curious, why would a debit card take 1-2 days versus ACH at 5 days from the same account?

    For a credit card payment, can the tenant pay, then initiate a chargeback dispute?

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  • Gino Zahnd
    Founder/CEO · Portland, OR · Member since 2014 · 45 posts · 93 votes
    10y

    @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.

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  • Ryan M.
    West, MI · Member since 2012 · 674 posts · 182 votes
    10y

    How are late charges handled with cozy? Are they user defined and automatic, say if a late charge is imposed on the 3rd will the software auto input and require the new amount.

    Thanks in advance.

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  • Dawn AnastasiPro Member
    Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
    10y

    The late fees are not automatic.

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  • Jacob Beard
    OP
    Fairview Heights, IL · Member since 2015 · 48 posts · 27 votes
    10y

    Thanks guys for your comments!

    1Reply
  • Taylor Boudreau
    Portland, OR · Member since 2016 · 7 posts · 6 votes
    10y

    @Ryan M. Taylor from Cozy support here!

    Great question! Late fees aren't automatically added as Dawn mentioned. We provide a little more information on charging for late fees and other items here:

    https://support.cozy.co/hc/en-us/articles/20977180...

    Please feel free to reach out with any questions as we're always happy to help! 

    2Reply
  • Ryan M.
    West, MI · Member since 2012 · 674 posts · 182 votes
    10y

    @Taylor Boudreau

    Thanks for the reply. I like the product but the auto late fee is a must. Is this something you will be including in the future, and if so what is the timeline?

    The reason the auto late fee is a big deal because it takes me out of the equation. If a resident pays after the cut off: 1 - It won't allow them to not pay the late fee, 2 - I can "blame" the software if they complain about it.  

    I can cover the small fee your competitor charges for ACH by picking up late fees on a few units every month.

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  • Taylor Boudreau
    Portland, OR · Member since 2016 · 7 posts · 6 votes
    10y

    @Ryan M.I can definitely appreciate that need, especially taking yourself out of the equation. We've found the vast majority of tenants set up automatically recurring payments, so automatic late fees haven't yet been a significant feature request

    It's definitely something we've discussed, but I couldn't yet say if or when it'd be an option. That said, I've passed this on to the team as it definitely helps us make decisions on what to build next.

    2Reply
  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
    10y

    I still see 5 business days, so I haven't noticed any improvement in processing time. This month for example I got notice on the 31st that it would be starting and saw the money in my account on Friday the 8th. In some ways I don't really care, as it is processing, but I suppose if there was a hitch we'd be 6-9 days into the month before I knew it. 

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  • Jennifer L.
    Investor · San Jose, CA · Member since 2015 · 246 posts · 183 votes
    10y

    @Jd Martin- I switched my receiving account from a local credit union to Chase Business Checking and the ACH time was the same: 5 days.  When it is time to renew the lease, I may have my tenants switch over to Chase Quickpay, but I'm going to read up on that before I switch.

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  • James Bynum
    Phoenix, AZ · Member since 2015 · 106 posts · 29 votes
    10y

    To add here, I was also wondering about Cozy. I just signed up for TenantCloud and that is also a free management service with free online payment, although I don't know their processing time, I love the layout of the platform. They seem to also automatically add in late charges, even by the day charges. They also posted on their facebook page Tuesday that they now offer screening, but their website doesn't really talk about it much as far as cost and whatnot. Thought I'd throw that out therw

    1Reply
  • Jeff Gates
    Investor · Cathedral City, CA · Member since 2014 · 481 posts · 170 votes
    10y

    Chase quickpay can afford to push money faster when the landlord becomes the backstop for unrecoverable monies. Read the fine print of the terms and conditions.

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  • Harry Johnson
    Architect · La Jolla, CA · Member since 2015 · 3 posts · 0 votes
    10y

    End of February here. Cozy customer service is great, free, easy to use, nice features being added all the time but...5 day minimum ACH transfers is still a problem. Getting the tenant to arrange for money to come out of their account 5 days ahead of rent due date is a hard sell, and our own mortgage comes out on the first. Naturally we have a float, but not an ideal situation.  

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  • Gino Zahnd
    Founder/CEO · Portland, OR · Member since 2014 · 45 posts · 93 votes
    10y

    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

    1Reply
  • Nathan W.
    Alexandria, VA · Member since 2014 · 140 posts · 45 votes
    10y
    Originally posted by @Gino Zahnd:

    In a couple months we'll roll out a new feature that significantly reduces ACH payment times, and will cut processing time in half. And then hopefully half again after that. :-)

    Stay tuned, and thanks for the continued feedback. We really appreciate it.

    -Gino

    CEO and Founder at Cozy

    So this feature you guys have been touting for months is the new premium feature (meaning pay to play), correct? If so, I really see no reason to go with you guys over your competitors (especially E Rent Payment) who meet that timeline as their baseline (albeit with a $3 fee).  

    I have only two rentals but have been using E Rent Payment for 2 years now on both of them and have not had a single problem with rents not arriving on time.  I have NEVER had one arrive after the 5th of the month, and mostly on the 4th when the tenant schedules the payment on the 1st due date.  

    I gotta say I was drawn to Cozy over the smooth interface, application options, and some of the built-in features (E Rent Payment is very clunky) but am not sure I will stick with it long term due to the payment issue.  I also found the application process, while smooth and intuitive to be an extremely un-robust solution.  I was forced to use the same questions and phrasing that you guys came up with, as opposed to my own.  Your competitors are putting this functionality into their systems now and while you have the competitive edge in actual design, your functionality does not seem up to snuff.

    Plus that processing time....

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  • Katie Harlow
    Professional · Portland, OR · Member since 2016 · 19 posts · 12 votes
    10y

    Hey @Nathan W.,

    Katie from Cozy here. Express Payouts is a premium feature ($2.99 per month per unit), but of course it's optional. If you'd rather not pay to expedite your payments, you can always use our free ACH option.

    You're right that we don't offer customized applications right now, but it's definitely something we're interested in for the future. 

    Feel free to drop our support team an email if you have any other specific requests, too!

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  • Gino Zahnd
    Founder/CEO · Portland, OR · Member since 2014 · 45 posts · 93 votes
    10y

    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

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  • Dustin Beam
    Kansas City, MO · Member since 2015 · 609 posts · 321 votes
    10y

    @Gino Zahnd @Katie Harlow Does Cozy offer minimum payments? I tried to see on the site, but maybe I missed it. As you probably know, many landlords need the full amount because accepting partial payment can delay evicting a tenant if eviction is needed. I wouldn't want a tenant to do a one time payment of $20 and my hands get tied for an additional month. 

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  • Kayla W.
    Sherwood, OR · Member since 2016 · 23 posts · 25 votes
    10y

    @Dustin Beam Hey there! On Cozy, you have the option to stop all future online payments on a lease at any time, but tenants control their scheduled payment dates and amounts. Many landlords add maintenance charges or pet fees to be paid through Cozy, so to remain flexible, the system doesn't restrict smaller payments. 

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