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.
How to check the payment status
On your dashboard, under the properties tab, you will be able to see the payment status and online collection status for each property.
Payment Statuses
Overdue
The rent is overdue and the tenant has not made any effort to pay the rent using online rent collection.
Due Soon
The rent is due within the next 7 days.
Due Later
Payments are up to date and no further rent is due within the next seven days.
Multiple Statuses
This occurs when there is more than one valid status. For example, a tenant has scheduled a payment for part of the rent amount. This would then be both overdue and scheduled.
Scheduled
The tenant has scheduled the payment through the online rent collection but the payment has not yet been made e.g. the money has not yet started the transfer.
Processing
Payment has been initiated by the tenant and is processing through the ACH system.
Online Rent Collection Statuses
Enabled
Online rent collection is enabled.
Not enabled
Online rent collection is not enabled.
Tenant not invited
Online rent collection is enabled but the tenant has not been invited to use it yet.
Awaiting tenant
An online rent collection invitation has been sent to the tenant. Awaiting tenant account creation.
Bank not connected
Online rent collection is enabled but the bank has not been connected yet.
For further information, you can email us at help@landlordstudio.com and we can check both the notifications that were sent out as well as the status of the transfer.