Cozy Pay To Enter The Rent Payment With Credit Card Space

Update: Looks like fees will be 2.75%. Looks like prepaids will work as well.

Cozy is property management company, they provide a number of tools for property managers and renters (e.g a renter profile that shows your rental history). Previously they’ve allowed you to pay your rent online, but your landlord must opt in to use the service as well. They have just announced that they will be launching Cozy Pay, from what I know the service has been in the works for awhile but they decided to announce it early due to RadPad discontinuing their RadPad Pay service.

At the moment Cozy Pay is not live, but you can join the Beta waitlist to be invited when it does go live. They also haven’t shared what the costs of this service will be, other than saying: “The price for Cozy Pay will be reasonable and fair, so you’ll be able to rely on Cozy for as long as you are a renter.”

[Read: Complete List Of Options For Paying Your Rent With A Debit Or Credit Card]

The market leader in this space is Plastiq and they are currently offering rates of 1.75% for Mastercard and 2.25% for American Express (normally 2% & 2.5%). Cozy will either need to have lower fees or code in a more advantageous way for people chasing credit card rewards for it to be picked up by savvy consumers.

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9 Comments

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Ian (@guest_307259)

October 17, 2016 21:30

#307259

code as travel plz

James (@guest_307245)

October 17, 2016 20:21

#307245

Set up an account and they actually let me schedule payments etc. 2.75 for credit/debit AND prepaid. Might coming in handy for liquidating AGC and such.. But why would we end up with any in the first place 😉

Jay (@guest_307250)

October 17, 2016 20:37

#307250

James

But Plastiq lets you schedule and liquidate V/MC/AGC too…
(though some have quasi-randomly been hit by GC liquidation limits)

jack (@guest_307241)

October 17, 2016 20:12

#307241

COMMON QUESTIONS
How can I make payments?
With a checking account, credit card, or debit card. Payments made with checking accounts are free. For credit and debit card payments, we charge a 2.75% transaction fee. You can save multiple payment methods in Cozy.

When will payments be processed?
If you use a credit or debit card, your landlord will receive your money in 2-3 business days. Payments from checking accounts (ACH transfers) take longer to process—about 5 business days.

How can I start using a checking account in Cozy?
Checking accounts need to be verified before you can make a payment. If you add your checking account through your bank, it will be verified immediately. If you add it by typing in your account and routing number, you’ll receive deposits from Cozy in 1-2 business days. Then you can verify your account.