I am thinking of using the service but I have no clue how to link the chexy service to my corporate landlord’s payment app. Would love to hear your experience with chexy if it is worth it?
Does it provide any financial benefit?
So Chexy offers three different payment methods - Interac e-Transfer, Pre-Authorized Debit (PAD), and Bill Pay. It depends which method(s) your landlord supports. If your landlord doesn’t support any of Chexy’s methods, then unfortunately, you can’t use Chexy to pay your rent. Chexy does not work with any third party payment app unless that app accepts one of Chexy’s payment methods.
AFAIK the Chexy fee typically outweighs the cashback you’d get for it, but technically it depends on the size of the transaction. It would build your credit, if you don’t have other bills going through on your card (that you’re paying off).
Chexy is great because it offers rush pay and delivery of payment by specific date. Everyone else tells you when your card is charged but not when the recipient receives the payment. And since in Canada, payments aren’t instant, there’s a 2-5 days difference that creates missed payments, late fees and interest. That’s definitely a feature I would copy from there.
Fun fact: Chexy’s Head of Growth is a Neo and Skip alum from Neo’s founding team.
In March this year, Chexy raised $14M Series A in a round led by Khosla Ventures.