Thanks for your patience, questions, and suggestions. 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.
While we empathize with the comment, “Computers don’t sleep on weekends … So Stessa … needs to work on weekends,” — 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.