When a tenant pays rent or any other invoice, all monies are paid out to the owner's nominated bank account. We call this a 'payout'.
A payout to the owner may be for a single payment or multiple payments from tenants. Learn how payments work at Cubbi here.
In most cases the payout will be for a single payment. However when the owner has multiple properties/tenants, making multiple payments within a short period of time, you could receive one payout for multiple tenant payments.
For example, John pays $500 rent for property A and another tenant Sally pays $1,000 rent for Property B and the two payments are received by Cubbi at the same time, both payments will be packaged up together and sent as one payout of $1500 to the owner.
When are payouts made?
The minute we receive the payment from the tenant, we send a payout to the owner.
Please note, first rent and bond payments from tenants are held in trust before being released to the owner on move in day.
How long does the payout take to process?
In most cases the payout will be in the owners bank account within 30 seconds ( if your bank enables NPP payments). Otherwise 1-2 business days.
Where can I see all my payouts?
Owners can view each payout that has gone into their bank account with a breakdown of what that payment was for (e.g. rent minus the Cubbi service fee). This helps with reconciling.
For each payout we show:
- Date of the payout.
- Total amount of payout.
- List of tenant payments received within this payout. In most cases, this will be one tenant payment.
- Service fee: The total service fees charged by Cubbi (if any).
- Estimated date of arrival: The date we expect you to receive the funds in your bank account.
- Payout ID: The unique ID listed on your bank statement.
- Payout Method: The bank account where the payout was transferred to and if we know your bank account is NPP enabled.
Multiple payout accounts - Coming soon!
Owners will be able to have a different bank accounts per property, instead of just one for all properties. So if you have 10 properties you can have 10 different bank accounts.