What are Instant Payouts?
Instant Payouts is a feature that allows landlords to receive their rental payments immediately, even on weekends and holidays.
This feature allows you to improve cash flow and reduce the waiting time typically associated with bank transfers.
Eligibility Criteria:
To be eligible to trigger an instant payout, the following criteria must be met:
The landlord must have a total rent payment volume of more than $5000.
The landlord’s first rent payment must have been received more than 2 months ago.
The landlord's bank account must support instant payouts. This varies by country and specific banks.
The payout amount must be $25 or more.
A fee is required to trigger the instant payout. This fee is a minimum $9 and a maximum $25.
Timeline to Trigger:
An instant payout can be triggered as soon as the eligibility criteria are met and a payment (from a tenant) is received.
When a landlord meets the eligibility criteria above, they will begin to see a prompt in the email that notifies them that a tenant has made a payment:
Note: The prompt will only appear to landlords that meet the eligibility criteria
A landlord must opt-in to receive each payment individually.
When the regular payout process begins, the landlord is no longer able to initiate an instant payout. The regular payout process normally starts 24-36 hours after a tenant makes their initial payment.
At this time, landlords batching their payment-received emails will not have the prompt appear.
Timeline to Receive:
Once an instant payout is initiated, funds will typically appear in the landlord's bank account within 60 minutes.
FAQ
How can I get instant payouts when I don't meet the eligibility criteria?
Unfortunately you cannot receive instant payouts without meeting the eligibility criteria.
Do I need Premium to access Instant Payouts?
No. Premium members do enjoy faster deposits by default, but any landlord can trigger an instant payout by paying the fee.
Still have questions? Reach out to our Support Team via chat or by email at [email protected].