What is Faster Payments?
Faster Payments is a service designed to help shorten the time it takes for an Automatic Clearing House (ACH) payment to go from one bank to another. The normal time period for an ACH payment is 5-7 business days. To shorten the time, to the following day, the payment processor sends a payment to the landlord’s bank immediately and then waits to be reimbursed by the tenant's original ACH payment.
Faster Payments is available to all subscribed and verified members approved by the compliance team. Any misuse or suspicious activity will result in losing access to Faster Payments.
The link below might be useful:
How do I verify my account?
How do I enroll in Faster Payments?
All you need to do is go to the Payment Settings tab from the Online Payments settings where you will find the Faster Payments section. Click on the “Request” button.
The “Request” button will be available once Two-Step Authentication is enabled in your account.
The following link might be helpful:
How do I use Two-Factor Authentication?
The Faster Payments request can be canceled at any time before approval.
After our manager approves your request, you will see the “Enroll“ button and will have to agree to the Terms of Service before faster payments will be enabled.
Jul. 26, 2023