FastPay is now available through Avail. This allows payments to be funded to landlord bank accounts as soon as the day after being withdrawn from the tenant account.
FastPay uses proprietary technology to communicate with banks and obtain rapid authorization that allows us to decrease the processing period of payments from 3 business days to 1 business day.
There is no additional charge for FastPay. Landlords just need to be on one of our premium subscription options that start at $9.99/mo.
Our current process for this program requires a manual review by Payment Specialists at Avail to verify each landlord prior to activation. That is the main reason we are asking landlords to Turn On Fastpay rather than activating it for everyone automatically. Please read further for more on qualifying for and activating FastPay on your account.
To receive payments at FastPay speed, landlords need to:
- Be on a premium plan
- Set up payments
- Turn On FastPay
- Have tenants who pay from instant-connected bank accounts
Our Premium plans include our Landlord, Landlord Plus, and Professional subscriptions. All of these include FastPay and are set to scale up based on the number of units in a portfolio. Subscription settings can be found by pressing the User Icon in the upper right corner of your screen.
Set Up Payments and Turn On FastPay
In order to see the FastPay toggle in your account, you’ll need to set up payments first. Please refer to these guides if that step is not yet complete.
Turn on FastPay
Once the schedule of charges is created, navigate to the Payments tab. At the top of the page, press Turn On Fastpay to request activation.
The review process for activation may take up to 2-3 weeks. During this period, a label will indicate FastPay Pending.
Once approved the label will indicate as such and you will be eligible to receive FastPay payments.
FastPay Supported Bank Accounts
Additionally, tenants must have properly integrated their bank account connection to submit FastPay eligible payments. This means that your tenant has synced an account by connecting with their online banking credentials.
Landlords should review the My Tenants Page to review the status of bank account connections for each tenant.
If the FastPay Ready indicator is not checked as in the image above, the following guide can be shared with those tenants to help them update the link to their bank: Updating a bank account connection to pay rent through FastPay
With FastPay, Avail is proud to be the fastest rent payment processor in the industry.