How are rent payments processed?
Cubbi is not your average real estate service and we don't use an average method of processing rent payments, either!
From 11th March 2019 Cubbi is adding 2 new payment options and therefore how we handle payments is a little different.
Here's a quick diagram to explain how it will work based on one property:
For extra clarification, if a tenant pays via the NPP and the owner is able to accept NPP payments into their bank account a payment from a tenant will take 60 seconds from the moment the tenant makes the payment on their end to the money actually landing in the owners bank account. Pretty cool, right?
Owners can also have different Pay-out bank accounts per property.
Cubbi uses an innovative payment platform called Assembly Payments which essentially acts as a courier; collecting the money from the tenant's bank account and transfers the money to the owner.