How long does a PendoPay transaction take to process?
Once a Tenant has been successfully set up on PendoPay and you have created either a one time or a recurring transaction for their next rental payment, the transaction will appear in two places:
1. Under the People card for that tenant
2. Under PendoPay
Upcoming transactions will appear under Scheduled. While in this status, the transaction can be edited or deleted.
When the payment is scheduled to process on the specified day, it will move to the Processing category. A few things to note:
1. The transaction cannot be edited or deleted.
2. It can take 3-5 business days for a transaction to move from the tenants bank account to a landlords bank account. Timelines are set by Bank of Montreal who is Pendo’s payment processor and Pendo has no control over the timeline or any delays outside of our system. Payments are not processed on weekends or statutory holidays.
3. Rental funds are advanced by Pendo. In the event a tenants bank account has insufficient funds, is closed or has a stopped payment, the funds that were deposited to your account will be automatically withdrawn. The landlord & tenant will be notified if an NSF payment occurs. A $20 fee for insufficient funds will be charged to the Landlord.