How to Invite Your Tenants to Pay with Cozy

How to Invite Your Tenants to Pay with Cozy


Hi there I’m Maggie from Cozy. This video
shows property managers and landlords how to collect rent and payments in Cozy.
I’d like my tenants to pay rent through Cozy so I don’t have to bother with
paper checks. Cozy’s rent collection service is free for landlords and it’s
also free for tenants if they pay with their checking account. To get started,
I’ll invite my tenants to set up payments. Then Cozy walks my tenants
through the whole process. I can get started from the “Payments” tab or by adding a property to Cozy. I’ll add my unit to Cozy by entering its address and uploading a cover image, and then choose “Start collecting rent.”
I’ll enter the start date. Here’s where I’d choose if I want to collect rent
month-to-month or for a fixed term I’ll add my tenant’s first and last name,
and email. This is all Cozy needs to send them an email invite. If I have multiple
tenants living in the unit, I can add them all to the payment request and they
can divide the rent amount themselves. I’ll set my rent amount and monthly due
date and the date the first rent payment is due. If I want to collect a security deposit through Cozy, I’ll enter the amount here
and when it’s due. I can also collect any other one-time
payments. I’ll now add the checking account or
debit card where I want to receive payments. Cozy supports all banks in the
United States. If I add my checking account, I can log into my bank and add
the account where I want to receive deposits. or I can enter my routing and
account numbers manually. For today, I’ll choose one of the
checking accounts I’ve already added to Cozy. If I want the security deposit
to go to a different bank account or debit card I can add one here. If I require renters insurance in my lease, I can ask tenants to share proof
of coverage with me through Cozy. My tenant will be able to purchase a policy through Cozy or add their policy details. If they already have renters insurance
now I’ll review and confirm that everything’s correct. Looks good! Cozy will email my tenants and guide them through setting up their payments. My
tenants can set up automatic or one-time payments. They can pay using their
checking account for free or with a credit or debit card for a 2.75% fee. I can check if my tenant is set up to
pay under the “Tenants” tab. I can also resend their Cozy invite if they haven’t
signed up or can’t find the email. Now let’s look at one of my other units
which has been collecting rent in Cozy for a few months. I can check on the
status of any payment by clicking into the “Payments” page. Here I’ll see my
balance which is a running total of what’s been paid and what’s owed.
I can request a payment for my renters using a one-time charge for things like
utility bills or repairs. If my renter pays for something with a check or cash,
I can record that in Cozy as an offline payment. I can credit my tenant in Cozy
for things like repairs or discounts. Credits won’t automatically adjust the
amount of my tenant scheduled payments, but Cozy will let them know I’ve given
them a credit and they can edit their payment amount.
Here I see upcoming in-progress and completed sections. My tenant sees
similar info so we can both stay informed. Here I see my charges and my
tenants payments. Charges are like a bill from me. They show which payments are due and when. Payments are actual transactions for my tenants which go to my bank account. I can click on the payment to see more details like the send date, the estimated arrival date, and the payment method. Whenever my tenant pays,
I’ll get an email from Cozy that lets me know If my tenant chooses the free ACH
option, the payment will be deposited into my account within five business
days. If I need it faster I can use Cozy Express payouts, which will make those
same ACH payments in three business days. The service costs $2.99 per unit per
month for unlimited transactions. Under “Rental details,” I can make edits or end payments Cozy will email my tenants to let them know. From the “History” tab, I can
see a record of changes I’ve made to my setup That wraps up this video on payments in Cozy. Thanks for watching! Be sure to
check out our other videos and our Help Center

Leave a Response

Your email address will not be published. Required fields are marked *