What does Alcove consider late or delinquent rent payments? How does our rent withdrawal process work when rent was not paid on time?
What is Late and Delinquent Rent at Alcove?
We understand that oversights can happen when it comes to rent being paid on time! Our goal at Alcove is not only to set clear expectations of late and delinquent rent, but also to assist as much as possible when these oversights happen! Payment method can always be updated on your My Alcove Portal (big tip, use a bank account to avoid a 3rd party processing fee!).
Late Rent: Rent is considered late if the payment has not been completed 5-1o days past the original due date. At 5 days past the original due date, a late fee will be posted on the tenant's account that is equal to 5% of the payment. This cannot be put towards rent or any other payments.
Delinquent Rent: Rent is considered delinquent if the payment has not been completed 10 days past the original due date. At this time a series of communications will be sent to the tenant instructing of next steps to either pay rent or quit.
What if my rent fails after the first attempt?
Not a problem! Alcove will re-attempt to run your payment on an automatic, set schedule that cannot be paused. We will re-attempt your rent 3 days, 5 days and then 10 days after the first attempt was made if the payment continues to fail.
After the 10th day of no payment, there will be no more automatic re-attempts at withdrawing rent, but Alcove will attempt periodically based off conversations with tenants. After the 10th day of no payment, the eviction process will start. This can only be resolved, by paying the full amount of delinquent payments prior to the eviction date.
NEW!! How do I re-run my payments?
Alcove tenants can now, re run any failed payments in their My Alcove Portal under billing! Our Support Team can manually re-run payments for our tenants as well. Just message "Please re-run my rent payment" to our Support Team at 919-925-5755 or email us at email@example.com.