Please use the below times as a guide. Remember that the time taken only includes business/banking days so factor in weekends, public holidays and bank holidays when communicating to customers and clients.
Tenant Paying Rent
The below payment methods process within these time frames:
Credit Card - Received in the Property Wallet instantly.
BPAY - Received within 24 hours if paid before 5pm. You will usually see the payment mark as completed in the app around lunchtime. Note: The payment status will not change as we don't know when the tenant initiates their payment.
Direct Debit - Received up to 3 days from when the debit is started. The payment status will change to Processing when the debit is initiated. It is sometimes faster but we recommend tenants have the funds available in their payment method 3 business days before rent is due.
Note: This is standard bank processing times for direct debit, as there is a 3 day clawback period for dishonoured interbank payments. To avoid these processing times, you can utilise BPAY or Credit Card.
Owner Receiving Rent
Once the rental funds are received via one of the above methods, they will be marked as Paid on the transaction list and as the Managed App transactions using NPP technology, funds will appear in the owner's bank account within seconds. The transaction will have the property address and suburb in the description so it can be easily recognised and reconciled.
Owner Paying Bills
Wallet to Tradie - Funds will be facilitated from the Owner's Wallet to the Tradie's bank account within seconds.
Credit Card to Tradie - Funds will be facilitated from the Owner's Credit Card to the Tradie's bank account within seconds.
Bank Account to Tradie - Funds are debited from the bank account and received in within 3 days. Once cleared, the funds will appear in the tradie's bank account within seconds.
Bank Account to BPay - There are two legs for this transaction. Firstly the funds are debited from the bank account and received in the wallet within 3 days. Once cleared, the BPAY Biller will then usually receive their funds in 24 hours but could take up to 3 days, accounting for holidays, non-batching days and bank non-processing days.