How long do rent payments take to process?
With Cozy, renters can make payments with their debit or credit card, or by sending ACH payments directly from their checking account. Here's how long each of these payment types typically take:
Free ACH bank-to-bank payment time:
5 business days
If your renter pays with their checking account, Cozy's free processing time is 5 business days. Of these 5 days, it usually takes about 3 business days for us to receive notification that a payment has been successfully debited from a tenant's account, and then an additional 2 business days for that payment to deposit and post to you.
ACH payment time with Express Payouts:
3 business days
If you need ACH payments to deposit faster, turn on Cozy’s Express Payouts to receive deposits in 3 business days. With Express Payouts, as soon your renter sends a payment, Cozy starts a deposit to you. Express Payouts costs landlords $2.99 per unit per month for an unlimited number of transactions. Visit the Paid Services page to set up Express Payouts.
Card payment time:
1-3 business days
If your renter is paying with a credit, debit, or prepaid card, those payments take 1-3 business days to deposit to your account. Renters pay a 2.75% fee to pay with their card. It's free for landlords to receive card payments.
Cozy will send you an email whenever your payment is processing. You can also check the estimated payment deposit date from your Cozy account. Learn how to check the status of a payment here.
Keep in mind that weekends and bank holidays will delay payment, as these are not considered business days in the processing timeline. See a list of bank observed holidays.