Over the past few days — especially as we see more and more landlords transitioning to Cozy from SparkRent — we’ve gotten a lot of questions about how Cozy handles late fees.
While we are developing the functionality for landlords to charge their tenants one-time charges, you most likely won’t need it to charge late fees.
We looked at the data, and over 99% of Cozy rent payments are made on time.
Cozy’s rent payments are automatic. A few days before rent is due, we send tenants a reminder email, so they can be sure they have enough money in their account. If they need to, they can log in to their Cozy account and choose to make a payment offline.
Other services, like SparkRent, require tenants to initiate a payment every month, which leaves room for human error. Cozy removes the most error-prone step in this process. Tenants still receive a reminder email, but they don’t have to do anything, and their rent is paid on time.
We’ve heard from tenants and landlords alike: automatic rent payments are better for everyone, and we’re excited to have you try it out!