Are other people having issues with getting their money from this company? I have a tenant that pays biweekly and her payment normally would have appeared in my account on Wednesday. I emailed them to see where it was and this is the response I got:
Our processing bank has delayed deposits. Due to this, we are changing banks going forward so that this isn't an issue in the future. In the meantime, our processing bank (that we are leaving) has been holding deposits in what they have stated is an attempt to balance our ledger. The time that they have held funds is not acceptable, so as of today, here is what we are doing to get this resolved:
They are still holding funds in a "reserve" account claiming they need to hold the funds in case of any future returns, however we have very few returns after the normal return period. We are no longer processing any new transactions through them since all new transactions will go through our new bank so here are the steps we are taking today:
1. Our lawyer is contacting them this morning to demand immediate release of the reserve funds. Our lawyer was not able to contact them this weekend since their office is closed on the weekends.
2. We have already talked to our bank to raise additional funds to put down to get the reserve account funds released.
3. We are also talking to past investment groups that have contacted us in case we need to raise any additional funds.
We know this isn't the answer you want to hear, however we will get this resolved. We understand the issues caused by the delayed deposits and that regardless of the situation we have encountered you need a quick resolution.
We will continue to update you as we receive updates this morning from all the parties involved.
Manager of eRentPayment
Please let us know if there is anything else we can assist with. Thank you.
I am not trying to talk bad about this company but this seems unacceptable to me. I would like to know if other people have had issues with them in the past. I was about to get new tenants enrolled in recurring payments with them but now I'm hesitant since I don't know if I can trust them.
Please disregard original post. I'm trying to figure out how to delete it. I see that somebody has already posted about this in the forum!
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing