Guide to online rent collection
Cozy's secure online rent collection ensures you get paid on time without the hassle of paper checks.
In this article
- How to collect payment through Cozy
- What's Cozy like for renters?
- How to check if your tenant is ready to pay
- How to check the status of a payment
- Learn more
How to collect payment through Cozy
You can set up online rent collection in just a few minutes. You’ll need your tenant’s email address and the details of the checking account where you’d like to accept payments.
Here, you'll add details like the lease start date, your tenant's name and email, the rent amount and due date, whether you'd like to collect a security deposit or configure a late fee, and the checking account where you'd like to accept payments.
In the last step, click "Confirm and Invite." Cozy will email your tenant(s) and guide them through scheduling payments to you.
See how it works in this two minute video:
What's Cozy like for renters?
It's easy for renters to set up payments. Your renter will receive an invitation email to pay you through Cozy. We'll walk them through these steps.
Renters can pay for free with their checking account (ACH transfer), or with their credit or debit card for a 2.75% fee that they pay.
Share this 1-page guide with your renters to introduce Cozy and answer commonly asked questions: Tenant welcome guide.
How to check if your tenant is ready to pay
After you've requested payment, check if your tenant is ready to pay from the Tenants tab of the ledger. Visit Payments from your main menu, and then click the address of the unit you'd like to check. From there, click the Tenants tab to see your tenant's setup status.
Here, Cozy will indicate if your tenant is "Ready to pay" or "Not ready to pay."
- A tenant is "Not ready to pay" if they haven't accepted your invitation to Cozy, or if they haven't verified their bank account.
The card below shows a tenant who hasn't accepted the invitation to pay through Cozy:
You can resend your tenant's invitation if they haven’t joined Cozy. And if your tenant can't find their invitation email, they can sign up for a renter account using the same email you invited them with. Your request for rent will be displayed in their account.
Here is an example of a tenant who still needs to verify their checking account:
Tenants paying with their checking account must verify the account before their payment is sent to you. Learn more about the verification process here.
- A tenant is "Ready to pay" when they have created their Cozy renter account and set up at least one payment method.
Here is an example of a tenant who has added their payment method to Cozy and has scheduled payments:
Here is an example of a tenant who has added their payment method to Cozy, but has not scheduled payments.
How to check the status of a payment
- Bills: These are bills from the landlord. Bills inform tenants about how much they owe, and when their payments are due.
- Payments: these are actual transactions from your tenant. Payment means money will be sent (or has been sent already).
- Upcoming: Your renter's payment is due or scheduled in the future. (If your tenant just scheduled a payment for today, it'll be listed as "Upcoming" for a few hours before it begins processing)
- In progress: Your renter's payment is currently being processed. You can click on a particular payment to expand it and view the estimated arrival date. This is the day we expect the payment to post to your bank account.
- Completed: Your renter's payment has begun depositing to your account. You should see it post within 1 business day of the payment being listed as Completed.
See an example of the invite email we send tenants.
If your tenant pays you outside of Cozy, you can record that offline payment to balance the ledger.
You can update the rent collection dates if a tenant renews their lease.
You can get paid faster with Express Payouts.