Investor · Saint Petersburg, FL · Member since 2016 · 12 posts · 5 votes
Does anyone use Cozy.co for online rent collection? They advertise free ACH for landlords, and tenant can use a credit/debit card for a $3 fee (tenant pays). Reviews show the main complaint is it takes longer than other payment collection sites for you to see the money deposited in your account. Right now my property manager collects rent on the first but I don't see it deposited in my account until the 12th anyways. I am looking for a convenient and inexpensive way to collect rent online, if you have any suggestions of other online services. Thanks!
Vancouver, WA · Member since 2016 · 230 posts · 161 votes
10y
I think Cozy's turnaround is similar to the others being that it's about 4 days (plus banking delays). I would imagine their CC rate is 3% though. Personally, I use Rentec Direct for my ACH payments and rent collection. I get the expedited funding so it deposits to my account the next business day so I don't have to wait the 3-4 days. A few of my tenants pay via credit card, but most are ACH.
Vancouver, WA · Member since 2016 · 230 posts · 161 votes
10y
I think Cozy's turnaround is similar to the others being that it's about 4 days (plus banking delays). I would imagine their CC rate is 3% though. Personally, I use Rentec Direct for my ACH payments and rent collection. I get the expedited funding so it deposits to my account the next business day so I don't have to wait the 3-4 days. A few of my tenants pay via credit card, but most are ACH.
Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
10y
@Brewer Staub I've been using Cozy with one of my tenants since last year. The tenant set it up to be deducted from her account on the 3rd, and I always get it on the 8th or 9th. It completely hassle free and doesn't cost me or the tenant anything. If the tenant chose to use a credit card though, they would have to pay a fee of 2.75%.
If you need your money sooner, Cozy also now has an Express Pay option that'll cut the processing time in about half, but it costs $2.99 per unit per month. I haven't used that option yet because I don't really need the money any sooner than I'm currently getting it. But it's an option if you do.
Investor · Saint Petersburg, FL · Member since 2016 · 12 posts · 5 votes
10y
I should add that I currently have only one rental property and have had it for only 6 months. It is currently managed by a property manager. I am currently looking to purchase my next two properties and would like to manage them myself, at least in the short term to get familiar with the processes. I am really looking for an inexpensive and reliable online means of collection. I guess I am also trying to see what costs to expect managing this rent collection on my own vs. having a property manager take care of this.
Property Manager · Grants Pass, OR · Member since 2009 · 429 posts · 201 votes
10y
Thanks for the mention @Jason Hartley! You are correct in that 3-4 days is normal.
@Brewer Staub - most ACH vendors do offer an expedited funding option; however, it doesn't typically do much for the recipient because all it means is that vendor is fronting the money to you prior to the ACH clearing. If the ACH bounces, they still pull the funds back. For property managers, this means they still want to hold the funds for 4-5 days to ensure they clear before sending them to the owners. Same deal with paper checks, they have to clear before you can count on those funds.
Investor · Reno/Sparks Greater Area, NV · Member since 2016 · 9 posts · 0 votes
10y
has anyone used lease runner for online payments. Or have any of you used either for background checks, credit checks and online lease application features these sites offer? Thanks.
Investor · Hagerstown, MD · Member since 2014 · 299 posts · 140 votes
10y
@Brewer Staub I use Cozy for a couple properties. Setting up my side of the account was super easy and the tenants had no problem as well. Funding times are typical but when it is pulled from their account, you know the funds are there. If you have to wait for a check to clear you would have to wait much longer, like 10 days. So this is even better than a check in hand, in my opinion.
Cozy is free for landlords and I have not had any issues with their payment services. In addition to setting up recurring monthly rent amounts, you also have the option of adding credit or other one-time charges to their account (like utility bills). I have been happy with them.
Some of my tenants even schedule the payment a few days early so that I get it before the grace period has ended. However, once I receive notice from Cozy that the funds are in process, I consider their rent paid. On what date it clears through my account is not relevant.
Rental Property Investor · Providence, RI · Member since 2015 · 1k+ posts · 594 votes
10y
Quickbooks Online. .50 for ACH transactions, recurring templates, etc. plus all of your bookkeeping. Sucks to get set up but once you do it's a game changer. Worth every penny of the $300 a year.
Investor · Auburn, CA · Member since 2016 · 57 posts · 18 votes
10y
Hi Brewer,
Great question. I heard about Cozy awhile back but have never looked into it. From all the great responses, I am going to use them. Sounds better than the check in the mail that always seems to get "lost" on its way to me. Hope it goes well for you!
Flipper/Rehabber · Yardley, PA · Member since 2015 · 451 posts · 307 votes
10y
Brewer Staub I use cozy and like the service. I only have 1 tenant as well currently. I had researched all of the online resources for landlords and rent collection a few months back and cozy at the time was the best option for me. Granted if I had several more tenants or units, I might use a bigger company/program that offers more reporting options. For now though cozy is the way to go. Plus it's free (as members noted). My tenant setup ACH for the 1st of the month, I usually have it within 8 days total. And yes you can pay a little more for express transfer. Check out cozy.com for more info
Investor · Saint Petersburg, FL · Member since 2016 · 12 posts · 5 votes
10y
Thanks everyone for your input. It seems like cozy works well, and there are some other good options as well. I obviously need to to remember it doesn't need to be limited to just one product, just whatever works. I have had a former boss also recommend and demo quick books online for me, and I was definitely impressed.
San Jose, CA · Member since 2015 · 4k+ posts · 3k+ votes
10y
My daughter's tenants paid her with PayPal. If they choose the "pay friends and family" option and pay with their bank account, there are no fees for anyone. I called PayPal to ask about doing this and they said it's completely kosher to do this for tenants paying rent.
Then, you can transfer the money from PayPal to your bank account, which can take 3 - 4 business days.
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
10y
@Brewer Staub I have three tenants on Cozy and I am working to add more. The service seems easy to setup for tenants. I have only been using it a couple months. I chose to use the three dollar expedite fee on one of my tenants and the slow method for the others. @Beth L. I am not sure about your comment about checks taking so long, sounds like a bank problem. My experience with paper checks is they show up in my account the day I deposit or next morning. Cozy takes much longer but you can see when payment is in process, so I am ok waiting a week. For me Cozy is about convenience and removing mail delays. I do require that tenants schedule the payment for the 1st and offer no grace period for Cozy since there is no "mail delay" excuse. They can schedule it a week ahead of time or set it recurring every month.
Vancouver, WA · Member since 2016 · 230 posts · 161 votes
10y
@Account Closed - I really advise against using paypal. If the tenant asks Paypal to reverse the charges they do it no questions asked. Then the landlord can be out 6 months of rent and have to go collect it in court.
Also, rent is not a "pay friends and family" event. A landlord is vendor and thereby violating paypals terms of service by accepting rent this way. Regardless what their rep might have said.
Investor · Hagerstown, MD · Member since 2014 · 299 posts · 140 votes
10y
@Joe Splitrock you are right. I just checked with my bank. It used to take 10-14 days for a check to clear, depending on where the bank was. But now, if it is a local bank, they say it can take as quickly as 2 days. Yes, it will show as deposited funds in your account right away, however, they need to send the check to the originating bank and it could get withdrawn from your account if there are insufficient funds. So you don't really know if the check is good until about 2 business days later.
Real Estate Investor · Gwynn Oak, MD · Member since 2015 · 21 posts · 7 votes
10y
I use Google Wallet. Granted, I am a newbie Landlord and have had tenants in my property for only 8 months. There are no fees. I like it and I currently do not have any complaints about it. I did notice that the tenants tried to cancel the money they sent once before but the system did not let them. I have not ever heard of the other ones everyone else listed above me.
@Joe Splitrock you are right. I just checked with my bank. It used to take 10-14 days for a check to clear, depending on where the bank was. But now, if it is a local bank, they say it can take as quickly as 2 days. Yes, it will show as deposited funds in your account right away, however, they need to send the check to the originating bank and it could get withdrawn from your account if there are insufficient funds. So you don't really know if the check is good until about 2 business days later.
You are right insufficient funds could draw the money back out within two days. That is still faster than Cozy even with express payments. Without express payments it could be a week or more to see the money. I still don't understand how a paper check clears faster than electronic payment? I still advocate Cozy but wish it was faster.
Does anyone use Cozy.co for online rent collection? They advertise free ACH for landlords, and tenant can use a credit/debit card for a $3 fee (tenant pays). Reviews show the main complaint is it takes longer than other payment collection sites for you to see the money deposited in your account. Right now my property manager collects rent on the first but I don't see it deposited in my account until the 12th anyways. I am looking for a convenient and inexpensive way to collect rent online, if you have any suggestions of other online services. Thanks!
Hi Brewer,
I hear Appfolio and Cozy are pretty good. See if they have a demo to test them out.
Investor · Norman, OK · Member since 2014 · 20 posts · 13 votes
10y
Cozy's website says that ACH transactions are free, but credit/debit is a 2.75% fee, not $3. A tenant with rent of $1000 would pay a $27.50 fee to use credit/debit.
Investor · Glen Carbon, IL · Member since 2013 · 40 posts · 18 votes
10y
I used cozy for a year with my first tenants (3 students). Free for landlord and tenants. It worked great and was hassle free. They would start the transaction on the 1st of month, and by the time it hit my checking account, it varied from 6th to 10th of month. Once I got over the delay, it was fine.