Avail is one of the fastest rent payment processors in the country, and FastPay now allows funds to be delivered even faster.
Notifications are sent to landlords every time a payment is scheduled to confirm the amount, withdrawal date, and the date funds will be deposited to their account.
FastPay allows for funds to arrive in a landlord's bank account as soon as the day after processing from the tenant.
Avail uses proprietary technology that allows the tenant's bank to authorize funds to be transferred the next business day. In order to qualify for FastPay, the landlord must opt-in to the feature and then be authorized. The verification process may take 2-3 weeks. Tenants must also directly integrate their bank accounts in order to submit payments that can be transferred at FastPay speed. If this integration is not active, this guide can be shared with tenants to assist them in updating their banking link: How do I connect my bank account to prepare for paying rent through FastPay?
Payments scheduled from manually connected bank accounts:
Standard payments from a bank account are deposited to landlord accounts 3 business days after the withdrawal date. This means that for a typical week, payments scheduled for a Monday will be received on Thursday.
Payments scheduled on a business day before 2 pm CST can be withdrawn from a tenant account as early as the next business day. It is best to urge tenants to utilize the AutoPay function or at least log in in advance to schedule payments rather than waiting to do so until the due date.
Payment scheduling by credit/debit card:
When a tenant submits a payment with a credit card, the deposit is funded to the landlord more quickly than by bank transfer. There is also a 3.5% processing fee added to what the tenant pays for this type of transaction. The 2 pm cutoff remains in effect for card payments; however, the landlord will receive funds just two business days later. This means that if a card payment is scheduled at 1:59 pm CT on a Monday, the funds will deposit to the landlord on Wednesday morning.
Payments cannot be sent in real-time is due to regulations which govern the Federal Reserve’s ACH payment network. This system dictates communication between banks and only allows for processing by a single batch report each business day. Rules also allow grace period from the withdrawal request for banks to send a notification that the payment failed which is the main reason for delays.
Avail landlords receive email notifications when the tenant initiates the payment and another when the payment has been deposited into their account. Payment statuses are also easy to review in Avail.