Note: We have switched to a new processing bank so deposits are currently on a 3-4 business day settlement time. We have requested a shorter time of 2-3 business days.
The typical deposit schedule for eRentPayment for the standard 3-4 business day processing time is the following:
Payments submitted before 7pm EST on: Will be deposited on:
Payments submitted before 6pm EST on a business day typically begin processing that day and payments submitted between 6pm EST and 8pm EST on a business day may begin processing that day depending on when we send our file to our bank as it can vary. Payments submitted after 8pm EST or on a weekend or bank holiday would not typically begin processing until the next business day. For example, a payment submitted on Saturday would begin processing on Monday and would be deposited on Friday if it isn't returned. Also, please allow for a delay if a bank holiday falls during the processing window. The schedule above does not account for any delays outside of our control, such as a delay in the national banking system.
Typically, the latest a return for NSF or an account issue could occur would be the afternoon of the deposit day so you will know by the afternoon of the deposit day not only has the payment been deposited but also cleared.
The transaction status will be set to Pending during the processing time and updated to Processed on the day it deposits to the payee's bank account.