It’s been a surprisingly eventful month in the world of online rent collection.
SparkRent and Rentmatic / Lovely transitioned users to other products that might not be a great fit for many landlords and tenants. SparkRent suggested a far more expensive alternative, while Rentmatic suggested a far more cumbersome solution without very much time to make the switch.
And just yesterday, WilliamPaid announced that they are shutting down as well.
Understandably, this makes some landlords and tenants wary. What do these services have in common, and how is Cozy different?
Simply put, for those services, rent payments were their only business. Cozy is different because we know rent payments are not our primary revenue source — in part, that’s why rent payments via bank transfer are free with Cozy for both tenants and landlords. We make money on credit reports and, in the future, other optional premium features.
What’s next if you use one of those services mentioned above? We recommend switching to Cozy as soon as you can.
SparkRent users have until March 23rd before the service shuts down completely, but because it can take a few days to get tenants set up and bank accounts verified, consider getting set up as soon as possible.
Rentmatic and Lovely users should migrate immediately to ensure that March rent is collected electronically on time.
WilliamPaid users have until March 3rd but, again, we recommend getting everything set up as soon as possible, particularly if you have tenants that sometimes pay after the 2nd.
If you need help migrating to Cozy, let our support team help. And, of course, welcome!