Is this how it will always be? If so, I see the only way to extract money (if I’m reading it correctly) is by paying a wire fee every time? Will that change?
@mcgovernfj It’s a checking account, so you’ll be able to access/move funds via the typical methods, including writing a check to yourself, ATM (fees may apply), and ACH. Hope that helps!
Hi @devin, hope all is well. What is the current status of online rent collection through Stessa?
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Big news: rent collection is now available to all Stessa customers! Thanks for your patience as we built, tested, and launched this major new feature. You can read more about how it works at:
And for more info about how it works from the tenant perspective, check out:
Is zelle supported with the cash management account so tenants can pay rent via zelle, instead of the standard AcH method, and be available in the stessa checking account?
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Why can’t we simply collect rent and other charges via Stessa, and have it deposited into any bank account we want? We are being forced to use a subpart Cash Management Account, that has limited features (no zelle, no bill pay, long lags, no auto-transfers). Apartments.com allows me to collect rent/other payments for FREE and transfer them right into my BOA business bank account with a short lag. Stessa made a big mistake by forcing us to open a new account with them, that should be optional. I’m very disappointed.
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I really like the new feature and the direction that Stessa is moving for rent collection. It would be nice to have a feature where you can see a portfolio level view of rent. This would include rent that has been scheduled, rent that has been withdrawn from Tenants accounts, and rent that has posted into the landlord’s account, and any rent that is overdue. This would allow me to pre-emptively focus my comms efforts on the tenants who have yet to take action
Also, it would be really nice to have a little bit of control/customization over rent reminders. For example, I like to remind tenants to pay rent 5 days before its due, if they haven’t scheduled it, I remind them the day before its due, and then again on the due date if they still have not scheduled payment with late notice reminders every date they haven’t paid.
Thanks for all the excellent questions and suggestions in this thread. I want to respond directly to some of the comments above, clarify how our newly upgraded rent collection service works, and be candid about what we can’t promise. My goal is to help everyone understand the progress we’ve made recently, why some deposit delays are inevitable, and what we’re doing to make things smoother.
What’s new (and improved)
With the launch of our new Stessa rent collection service, we’ve upgraded our tech stack to a more streamlined, integrated system. Here are some of the key changes:
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Landlords pay no fees for rent collection. Some payment methods do incur convenience fees on the resident side. These are fully disclosed in the resident portal.
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Residents can pay via ACH, credit card, or debit card.
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Timeline expectations are clearly defined:
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ACH — up to 5 business days (cutoff 3 pm ET), many ACH payments clear much faster
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Credit/Debit — up to 2 business days, with “instant eligible” (coming soon) in some cases
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You can have rent deposited into a Stessa Cash Management account (as was always the case) or an external bank account (new!).
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All transactions are tracked and reconciled in Stessa automatically.
The truth is that banking rails, fraud checks, and settlement systems often only work during business hours. Internal controls and risk checks are essential required elements of all banking transactions. Business-day constraints on deposit timelines are real and unavoidable, which is why our rent reminder emails typically go out to residents a full ten (10) days prior to the day rent is due.
Our intention here is to make the rent collection process faster, cleaner, and more transparent. We hope you agree that our latest upgrade represents considerable progress on all three fronts.
The current fee schedule is available at: Stessa Rent Collection | Stessa Help Center
@devin one more item in the rent collection to consider an electronic cash payment. for those without bank bank accounts.
@jmnelsonservices Are you talking about e-cash and/or digital wallets like Apple Pay, Cash App, Venmo, Paypal, Zelle, etc?
Fraud continues to be a significant problem on some of these platforms, which adds significant cost burdens on the support and administration side of things. For a number of reasons, we generally do not recommended that landlords use these platforms for rent collection.