Electronic Funds Transfer (EFT) for Landlords Only
We are encouraging our Landlords to utilize our free Electronic Funds Transfer (EFT) payment program to make for the most efficient payment process. The following are some of the benefits and expectations when Landlords choose to set up EFT:
- Starbucks will send remittance advice 3 days before the funds settle directly to the landlord. This is typically received by the payee in a 48-72 hour period prior to the funds landing. The payee can use any one email address they prefer for remittance advice delivery.
- The emailed remittance advice is advance notification of payment amount and settlement date. This helps payees with timely cash application and cash flow projections.
- EFT lands directly in the Landlord’s bank account. This eliminates any waiting time that may be experience when a check is being processed by the bank.
- This will help eliminate the possibility of any lost checks in the mail and will ensure payment is on time as long as the provided bank account is active.
- All bank accounts are already enabled for EFT. There should be no additional fee by the receiving bank to records the funds deposited to Landlord’s account.
- Canadian Landlords will not be subject to potential customs hold that can occur with postal service delivery of checks.
To enroll in EFT, please send us a request to opt in to the Legal Notice Address and we’ll be in touch with processing your enrollment.