When a tenant makes a payment, both you and the tenant will receive a payment notification saying the payment is on the way.
The payment speed will be 3 - 5 business days, on average - but may take up to a maximum of 7 business days in total. Payment processing takes up to 3 days, and can still fail if your tenant has insufficient funds. Once the payment has cleared, the payment will typically reach your account in another 1 - 2 days.
If the payment is initiated on a Monday, you will typically see the funds available in your bank account at the latest by Friday.
However, if the payment is initiated on a Thursday, you will typically see the funds available by the following Wednesday. This is because the payment network is not operational over Saturday and Sunday, therefore is not counted as business days.
We never hold your funds at any time, the transfer goes straight from the tenant to the landlord's account. The speed of the payment isn't to do with the payment company, but the underlying ACH system.
Payment data is sent to the originating bank. This bank then sends the Federal Reserve the ACH data. Once the data is received, the Federal Reserve processes the information and sends the ACH transaction to the customer’s bank. For more information on the ACH system's payment speed, please click here.
We intend to offer next-day ACH payments in the future, however, there are a number of risks we want to mitigate before enabling this feature and will be based on your tenant payment history.
For further information, you can email us at email@example.com and we can check both the notifications that were sent out as well as the status of the transfer.