Hello Landlords. I have been using the Open Rent for a while now and was alway happy. However recently I have been experiencing issue with Rent Collection. It takes way too long to reach my bank account. In February it took way over 24 hours (and that was after me calling Customer Service) March was alright, today again it takes long time. Tenant paid their rent in the morning, now it’s 8 hours later and it still has not cleared in my bank. Does anybody experience the same? I am disappointed with this service lately.
No.In February it took more than a day, and it should not have. This time it is also taking more than usual. I just don’t want this to happen again. I am asking if people also experienced that as it does not seem right. And if you do not have anything to say in this matter, please do not comment as it is far from being constructive. Thank you
Kate 8 is a real person . I have just pinched myself , so I know I am real and alive. I collect rents cash direct so I know it works . Those who complain about a few hours delay come across as tight people. only interested in money
We have more information about how Rent Collection works on our dedicated about page. As per our guidance on that page, there’s no holding period: as soon as the rent is paid to us, we pay it to you, automatically.
If you’re referring to the time between us notifying you payment has been received, and payment reaching your bank account, then there are a number of things at play here:
Whether our bank holds up the payment before it hits the UK payments network
Whether the Faster Payments / BACs system holds up the payment
Whether your bank holds up the payment
Unfortunately, all three of these things are out of our control and depend on what bank you use, exactly when your tenant makes a payment, and our own bank’s (Barclays) processing times.
What we can, and hopefully do deliver on, is that when we notify you of a payment then that payment will land in your account - and whilst this can take 1 working day, you can be confident the payment has been received and processed (as well as all the other Rent Collection benefits).
We are always looking at ways (and banks!) that can improve our processing times - and appreciate the feedback here.
good answer there Daz. Barclays can be slow as I know from experience. , and that is apart from branch closers of which I have suffered 3 and now a further 4th on the way
Thank you Daz, that was the most constructive answer. I just wonder why I never had this issue before, it only started in February.
Colin, I am not “only” interested in money, however I do have, rather healthy and balanced interest in it. If you rent your properties Non profit then hats off to you.
If the money was promised to be paid to my account on the same day as the tenant pays I believe I have every right to be suspicious and do a research. Even customer service was surprised it had taken so long.
In general, I need to rethink if it’s worth it or not to use the Rent collection.
Colin3 is not a troll. If you had contributed to this forum for any length of time you would know that. Just because someone doesn’t agree with you, it doesn’t make them a troll.
I use Openrent to advertise properties. Everything else I do myself. Cheaper, more reliable and quicker. You should think about it.
and how do you know what time the tenant paid the rent? If you in that close contact with them, why don’t you just collect it yourself and then you’ll have it at the exact time they pay?!
I have to agree with the experienced landlords here.
If you are personally running a tight ship and are finding it hard to balance your own books, then if possible go to case collections.
Banks I have noticed are holding on to money longer, remember the fast payment system is 2 hours plus, standing orders can be paid at anytime on the day but is normally am. Providing it arrives anytime during the rent day it doesn’t matter, BH will affect payments.
You alway have the opportunity to change banks but remember , if the paying bank is slow, the receiving bank payment may not be on the same day.
Although you just made a comment, don’t get upset with different replies and opinions. Often what is written with one mind set is read with another and can be misconceived!!!
A few hours variation in receiving the rent is really immaterial. When it becomes several days a week then something is up and normally a quick resolve as its often tenant related.
Dont get stressed or stress your tenants with this.
Thanks for your response. I don not struggle financially and I have funds to pay the mortgage. I also didin’t stress my tenants as I knew they did their bit. The thing was that rent was always received by me within max of 4 hours. When it started taking a lot longer I started getting concerned and searched for other peoples opinions. I do not pretend to be a person who is super experienced and knows everything. Hence the post. However apart from a couple of very resonable responses the rest I received was rather pathetic. I never know why people who have nothing to say shout the loudest.
I gathered the info that I needed so there’s no need to carry on with pointless responses.
Brian 7 correct about how long banks take to shift moey .It can be very quick or not. I have noticed when people do not get the answer that agrees with them ,they get “stroppy” about it. They only want an answer that agrees with them.
