Who uses Cozy.co for online payments?

4 Replies

Looking to see how many people use Cozy.co to take online rental payments? I've only used it for one month and it seems, at least to me, that getting payments takes FOREVER! It took 8 days for the last payment to go through. Tenants paid on time but Cozy took 8 days to process it. Is that normal? I could see that causing some serious issues if the tenant over spends in those 8 days and then the payment ends up bouncing. I wouldn't find out for 8 days. Is this common for people who use Cozy? 

Do you end up having to make your tenants pay earlier? 

I use buildium. Accept credit, debit, with fees or ach for $0.50 each. It keeps all book keeping together and i get my payments next day once the account has been verified

@Nik Moushon

I typically receive my payments within 3-5 days after a tenant posts. I understand your concerns and I've notified all of my tenants that it could take a week for payments to process. According to Cozy, it takes up to 3 business days to successfully process a payment and an additional 2 days to transfer to your account. My opinion is that this is to encourage their offering for expediting payments for a fee. The paid service states payments are received within 3 business days. You may want to look into that. Luckily I've had no issues with tenant payments in the 6 months I've been using Cozy. Hopefully it stays that way.

Hi @Nik Moushon , I don't use Cozy but am a founder of Burbz which offers similar service.  I'm knee deep in this stuff right now so let me shed some light to hopefully help.

First, a question.  What day of the week did this transpire?  If it was over the weekend then that adds 2 days.

There is a 'payment in' and 'payment out' process.  When a tenant makes a payment, it takes 3-4 days to clear ACH.  They need to verify that the tenant indeed has the funds.  If they don't, you should find out on the 4th-5th day.  The unfortunate part is if it fails then you'll be at least 4-5 days behind on collecting rent.


If successful, 'payment out' takes about 1-2 business days.  Even if it clears immediately, the processor likes to hold onto the money in case of a failure somewhere else.  Cozy and most rental software companies offer the 'Same Day' processing for a few dollars.  At this point your money is completely cleared, if there's an error with your bank it will be returned to Cozy's payment processor.

We're required to send you notices immediately for each step of the process.  You shouldn't find out on day 5-8 that it failed.