a. About Chexy
Chexy is a service that allows renters to seamlessly pay their rent online while earning rewards and building credit. We do so by charging tenant’s preferred payment method each month automatically and then paying their landlord via Interac E-transfer on their behalf.
b. About E-transfers
Transfers are sent at noon (12PM EST) of the day that rent is due. That said, there is a possibility that transfer emails may be sent a couple hours later on occasion, therefore we suggest that if a landlord wants to be paid on the morning of rent day that tenants consider setting their rent due date as the day before. For more information on what Landlords can expect to receive on rent day, please see here.
Renters’ monthly rent E-transfer is sent directly through Interac E-transfer and payment confirmation is sent from the email address ‘notify@payments.interac.ca‘ with the email subject line: “Chexy has sent you money”. If a landlord has auto-deposit enabled, this email will confirm the deposit is complete. However, if a landlord does NOT have auto-deposit enabled this email will contain the link necessary to follow the steps to complete the deposit.
Inside this payment confirmation email the landlord receives from Interac (notify@payments.interac.ca), there is also a 120-character Custom Memo. A tenant can use this memo to include relevant information making it clear to their landlord that this payment was made on their behalf. See how a tenant can set a Custom Security Q/A or Memo here. If a tenant has not selected a Custom Memo, a Default Memo in the form of the first 120 characters of the tenant’s address will be set automatically. Please note that Interac E-transfers expire after 7 days.
c. About Credit Builder
If tenants opt to use our Credit Builder platform whereby their rent payments are paid to Equifax (the credit bureau we submit our rent reports to) then Chexy is required to verify that each tenant is paying rent to a real person or commercial entity. This is done through a secure 3rd party app called ‘Plaid’. Please note that we never save landlords’ data or share their personal information with any 3rd parties whatsoever. We also NEVER link landlords to their tenant's reported payments or include anything about their identity when we report their tenant's payments to Equifax. See here to learn how a landlord can approve Credit Builder for their tenant.
If tenants simply want to pay their rent, nothing is directly required from their landlord in order for them to start paying your rent with Chexy! We'll charge tenants’ preferred payment method each month automatically and then pay their landlord on their behalf via Interac E-transfer.