Payment gateway for rent to be deposited in external account

I wish STESSA introduce the payment gateway for the rent amount to be directly deposited to your external bank account instead of only option to be deposited to cash mgt account.

The current process from rent payment via ACH to cash mgt account and from there to external bank account takes around 10+ days. For an example of rent of $3000 to be deposited into your account takes 10+ days.

Rent deposit to Cash Mgt. Account via ACH - 3 to 5 days
Daily withdrawal restriction in CMA is $1500 - 2 days to initiate withdrawal of $3000
ACH deposit to External bank account - 3 to 5 days

There should be a better way and should have an option to set up direct deposit to external bank account instead of deposit to CMA and then from there to external bank account.

5 Likes

Agree ā€“ it makes it easier to collect the payments and another autopay option that some tenants prefer, but harder for the owner to get the money actually into their own bank account. Almost any rental unit in a major urban area is going to be more than $1500/month so multiple transfers manually initiated over multiple days.

Iā€™m wondering if this is part of the business model, to try to have cash build up in the Stessa account / stay there for longer.

3 Likes

I would love this feature as well!

1 Like

Naveen, I also have the same issue. However, I was able to request for a higher daily withdrawal amount. Maybe you can try the same?
Note: the higher withdrawal amount is still below what I need to pull all of the funds out.

I agree! Iā€™m a newer user on Stessa and having trouble understanding the platforms logic/process with respect to withdrawals. I have rents coming in but can only withdraw 1500/day. My rents are scheduled to come in on the 1st of each month. My mortgage is also due on 1st of the month of approximately $10K/month. Is the logic that landlords will need to withdraw $1500/day until they have sufficient funds to pay their mortgage? If so, my mortgage payments will be late. It would take over 6 days to get sufficient finds out not including the hold times for each days out-going transfer. I must be missing something because this sounds very limiting for landlords. Increasing the withdrawal limit would be a solution or actually the option to deposit funds to external account would be better. Like another mentioned, very few rents are $1500 or less, and more importantly, even fewer mortgages for an investment property are less than $1500/month. To the Stessa team, this needs to be fixed. Thanks