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!


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. 

Pretty cool, right?

How does it work?

It's all triggered by APIs (which is a fancy tech word for messages sent from one platform to another).

On the rent due date - around 2am - the Cubbi platform will send a message to Assembly Payments telling them to initiate the rent payment.

The Assembly platform processes payment requests in 'batches' at different times throughout the day. 

The payment will get picked up in the morning batch at Assembly that will trigger the direct debit from tenants bank account.

Banks have 3 business days to report if the direct debit payment has failed (eg insufficient funds). Once the bank has established the cleared funds they'll release the payment.

As soon as the payment reaches Assembly, it is recorded and then marked for despatch to the owner. The recording and transfer takes 1 - 2 business days to reach the owner's bank account.