Cubbi uses the New Payments Platform (NPP) to facilitate instant payments between tenants and owners.
Instant payments is the fastest way to pay and receive funds, where payments are transferred between tenants and owners via Cubbi within 60 seconds, 24/7.
You pay our PayID to make the payment instead of using a traditional BSB and Account Number.
Instant Payments is facilitated through the New Payment Platform (NPP) in Australia and we typically refer to Instant payments as a 'NPP'.
Why Instant Payments?
With Instant Payments the tenant is in control and can make the payment for rent, bond or any other invoice.
Instant payments are so important when renting a property because time is such a critical factor in getting rent paid on-time. In addition, if tenants do fall behind in rent getting it fixed up in an instant, without question, without further concern is a priority for both owners and tenants. Complete transparency, no wondering when a payment will clear!
Payments are almost instant, taking up to 60 seconds from tenant to owner. From the moment the tenant presses pay from within their own bank it will be ticked off as paid in Cubbi, and in the owner's bank account all within 60 seconds.
- 30 seconds from Tenant to Cubbi
- 30 seconds from Cubbi to Owner
Check your ' Rent payment terms' agreed with your owner to see if you can pay rent via Instant Payments (NPP).
You can only make or receive an NPP payment if your bank is on this list.