How PAD Works in Chexy
Select PAD as Your Payout Method – When setting up your payment in Chexy, choose Pre-Authorized Debit as the delivery method.
Provide Your Chexy PAD Banking Details – You’ll receive unique Chexy PAD account details to share with your recipient so they can set up the withdrawal.
Here's an article on How to Find your Chexy PAD account detailsSet Up PAD with Your recipient – There are two ways your recipient may set up PAD:
Directly with Your Recipient: Provide them with your Chexy PAD banking details. If they require a void cheque, you can download one directly from your Chexy dashboard.
Using a Tenant Portal (if this is a rent payment) (e.g., RentCafe, Yardi, Building Stack): Some recipients may require tenants to enter banking details manually in an online tenant portal. If your landlord uses a platform like RentCafe, Yardi, or Building Stack, you can input your Chexy banking details to enable PAD payments.
Micro-Deposit Verification (If Required) – Some recipients require a micro-deposit verification before enabling PAD. If your recipient initiates a micro-deposit, Chexy will email the deposit amount once received so that the verification process can be completed.
We Charge Your Credit Card Before Your payment is Due – Four business days before payment is due, Chexy will charge your preferred credit card to ensure funds settle in your Chexy account before the withdrawal request.
Your Recipient Withdraws Rent – On your payment due date, your recipient submits a withdrawal request.
Payment Due on a Weekend or Holiday?
PAD withdrawals are only processed on business days. If your payment is due on a Saturday, Sunday, or holiday, the withdrawal will occur on the next business day.
This applies to all PAD payments—if your recipient accepts PAD, they should already be aware of and prepared for this standard processing delay.
Important Considerations Before Choosing PAD
Confirm Your recipient Accepts PAD – Not all recipients support this delivery method. It is most commonly used by large institutions that already have PAD systems in place.
Ensure Your recipient is Set Up to Withdraw from Your Chexy account – Since Chexy does not initiate withdrawals, we have no visibility into whether your recipient has set up the payment correctly. Always confirm with them before your first payment.
Void Cheque Available for Setup – If your recipient requests a void cheque to verify your account details, you can download one from your Chexy dashboard.
Micro-Deposit Verification – If your recipient uses micro-deposit verification, Chexy will email them with the deposit amount once received, so they can complete the setup.