RemitStream Remote Property Management Lockbox enables property management companies to remotely capture assessment checks and coupons for multiple homeowners associations and transmit them electronically to a central lockbox site for processing. At this central site, the payments are combined with assessment payments sent to the property management companyâs lockbox. A consolidated file, which is sorted by homeowners association, is then sent to the property management company to update the accounts receivable records of each of its homeowners associations. A separate file is also sent to the financial institution to enable deposits into separate demand deposit accounts for each property.
âIn the past, an owner or tenant might personally deliver an assessment payment to the property management company office, which would then courier the check overnight to the lockbox site,â said Anna Quinlan, president, Remittance and Check Solutions, Fiserv. âUsing RemitStream Remote Property Management Lockbox, that property manager can now scan the checks and coupons in the office and transmit the image electronically to our lockbox site for processing. In addition, property management companies no longer need to maintain separate lockboxes for each homeowners association. They simply send their assessments to one P.O. Box and our service enables the checks to be deposited into separate accounts for each property.â
Another feature of RemitStream Remote Property Management Lockbox is a look-up capability for checks received at the Fiserv lockbox site without coupons. One database is built from payments received with a coupon and populated with the homeownerâs association number from the coupon and MICR line information from the check. Another database contains account numbers as well as name and address information sent by the property management company. Using both databases, Fiserv can look up and process subsequent checks arriving at our lockbox site without a coupon, reducing the need for manual input.