Hi there I'm Maggie from Cozy. This video shows property managers and landlords
how to collect rent and payments in Cozy. I'd like my tenants to pay rent through
Cozy so I don't have to bother with paper checks. Cozy's rent collection
service is free for landlords and it's also free for tenants if they pay with
their checking account. To get started, I'll invite my tenants to set up payments.
Then Cozy walks my tenants through the whole process.
I can get started from the "Payments" tab or by adding a property to Cozy.
I'll add my unit to Cozy by entering its address and uploading a cover image,
and then choose "Start collecting rent." I'll enter the start date.
Here's where I'd choose if I want to collect rent month-to-month or for a fixed term
I'll add my tenant's first and last name, and email. This is all Cozy needs to send
them an email invite. If I have multiple tenants living in the unit, I can add
them all to the payment request and they can divide the rent amount themselves.
I'll set my rent amount and monthly due date and the date the first rent payment is due.
If I want to collect a security deposit through Cozy,
I'll enter the amount here and when it's due.
I can also collect any other one-time payments.
I'll now add the checking account or debit card where I want to receive payments.
Cozy supports all banks in the United States. If I add my checking
account, I can log into my bank and add the account where I want to receive deposits.
or I can enter my routing and account numbers manually.
For today, I'll choose one of the checking accounts I've already added to Cozy.
If I want the security deposit to go to a different bank account or
debit card I can add one here.
If I require renters insurance in my lease,
I can ask tenants to share proof of coverage with me through Cozy.
My tenant will be able to purchase a policy through Cozy or add their policy details.
If they already have renters insurance now I'll review and confirm that everything's correct.
Looks good!
Cozy will email my tenants and guide them
through setting up their payments. My tenants can set up automatic or one-time
payments. They can pay using their checking account for free or with a
credit or debit card for a 2.75% fee.
I can check if my tenant is set up to pay under the "Tenants" tab. I can also
resend their Cozy invite if they haven't signed up or can't find the email.
Now let's look at one of my other units which has been collecting rent in Cozy
for a few months. I can check on the status of any payment by clicking into
the "Payments" page. Here I'll see my balance which is a running total of
what's been paid and what's owed. I can request a payment for my renters
using a one-time charge for things like utility bills or repairs. If my renter
pays for something with a check or cash, I can record that in Cozy as an offline payment.
I can credit my tenant in Cozy for things like repairs or discounts.
Credits won't automatically adjust the amount of my tenant scheduled payments,
but Cozy will let them know I've given them a credit and they can edit their
payment amount. Here I see upcoming in-progress and
completed sections. My tenant sees similar info so we can both stay informed.
Here I see my charges and my tenants payments. Charges are like a bill
from me. They show which payments are due and when.
Payments are actual transactions for my tenants which go to my bank account.
I can click on the payment to see more details like the send date, the estimated arrival date, and the
payment method. Whenever my tenant pays, I'll get an email from Cozy that lets me know
If my tenant chooses the free ACH option, the payment will be deposited
into my account within five business days. If I need it faster I can use Cozy
Express payouts, which will make those same ACH payments in three business days.
The service costs $2.99 per unit per month for unlimited transactions.
Under "Rental details," I can make edits or end payments
Cozy will email my tenants to let them know.
From the "History" tab, I can see a record of changes I've made to my setup
That wraps up this video on payments in Cozy.
Thanks for watching! Be sure to check out our other videos and our Help Center