Rent payouts will arrive in your default payout account 6-10 business days after your renter makes their rent payment. You can check your rent payout status from your dashboard under the Tenants tab.
On this page:
Rent payout timeline
Credit card payments arrive in 2-3 business days. ACH payments arrive in 5-7 business days.
Payment is verified
When your tenant makes a rent payment on Flip, we verify that the payment is successful before sending a rent payout to you. You'll see the rent payment marked as Pending until it is verified.
The verification process takes less than a minute for card payments (note that your renter will incur a 2.95% fee for any card payment). For ACH (bank account) payments, the verification process takes 5 business days.
Payment is sent to you
Once the rent payment is verified, it will appear as Completed or Succeeded. A rent payout will arrive in your default payout account in 2-3 business days.
Different timeline for first month of rent
If your lease hasn't started yet, your first payout will arrive 4-5 business days after the start of your lease. If your renter makes their first rent payment less than 5 business days prior to the start of your lease, your rent payout may be delayed by an additional 5 business days.
Keep in mind that renter's may file a Listing Guarantee claim within 24 hours of the start of the lease.
Failed rent payments
If the status of a rent payment changes from Pending to Failed, this means that we were unable to withdraw your renter's payment from their bank account. This can happen for a variety of reasons related to your renter's bank account, though it is typically due to insufficient balance. Your renter will need to re-attempt their payment.
To receive money from Flip, add a payout destination to your account. Follow this link if you're logged in, or click Settings > Payouts.
You will need a payout account if you are:
- A lister who is receiving rent payments on Flip
- A renter who is getting their security deposit back
- A Flip Instant buyer who is being reimbursed for rent
- A user being reimbursed for any other reason by Flip
How do I setup my payout account?
- Go to the Payouts page
- Enter your name, date of birth, address, and last four digits of your SSN
- Add a debit card, or, log in with your online bank and select an account
This is all we need to send your first few payments. Once you pass a certain threshold, we are required to collect additional information from you. We've written more about this here.
Financial reporting of rent payouts
You can view and download summarized and itemized transaction data so you have a clear picture of historical incoming rent payments. You can easily download and import these into your accounting software.