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. 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 reach your account in 1-2 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.
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.
Note: In 2 weeks' time, you will see a new properties page that shows the payment as "Processing" once the payment has been initiated instead of overdue.
For further information, you can email us at firstname.lastname@example.org and we can check both the notifications that were sent out as well as the status of the transfer.