When HappyCo processes payments, all funds are transferred to your property bank accounts after two business days.
Please note that it can take up to five business days from the date of processing for funds to be verified.
What happens when payments fail?
A payment failure means that the payment didn't successfully process. This can be for various reasons, including non-sufficient funds, Invalid account information, stopped payments, etc.
Once HappyCo receives notification that a payment has failed, we do the following things:
Update the payment status (NSF, etc.)
Send a report of failed payments
- Notify the resident of the failed payment via email
- Withdraw the failed payment amount from the property account
$1,000 is pulled on January 1st from John's bank account
$1,000 is deposited into the property bank account
- John's account doesn't have sufficient funds for this transaction
- John's bank notifies HappyCo about the NSF by January 5th
- John's payment status changes to NSF, and HappyCo withdraws $1,000 from the property account
It's best practice to check your failed payments during the five business day window from the 1st of the month!