The property management market is a prime target for lockbox services. RemitStream® Property Management Lockbox from Fiserv offers specialized lockbox services that are designed to help these customers improve cash flow, increase efficiency, boost accuracy and reduce paperwork.
Ongoing consolidation, increased competition and new government regulations create challenges for property managers. Leading property management companies are using technology to increase the efficiency and quality of their services. Remittance Solutions from Fiserv offer financial institutions a way to help property managers and the associations they manage to automate assessment collection and processing, increase productivity and reduce operating costs.
RemitStream Property Management Lockbox enables a smooth transition from paper to electronic payments processing. Residents or homeowners send their payments and a machine-enabled coupon to a dedicated P.O. Box. Images are captured, coupons are read and items are processed automatically – greatly expediting the payment process.
An add-on tool, RemitStream Exception Management streamlines exception handling by enabling property managers to review and repair exception items online, so they are deposited rather than returned. With our online lockbox viewing and reporting solution, RemitStream Receivables Online, property managers can view check and coupon images online the same day they are processed. Items can be searched for by homeowner association (HOA) number or other data. Special property management lockbox reports are also available online.
- Single lockbox for all accounts: Assessment payments for multiple HOAs can be sent to a single lockbox, with deposits made to separate bank accounts for each property to comply with legal requirements.
- Master file: Property management companies can upload an extract of information about their associations and residents, which is referenced during remittance processing to help reduce exceptions and improve data accuracy
- Secure Web portal: Remittance Manager from Fiserv provides a central point where your property management customers have single sign-on access to applications for lockbox viewing and reporting, electronic payment initiation, service requests and more. These businesses also have the ability to set up access for their employees and customers. There's no need to maintain multiple user credentials or perform separate user setup for each application
- Remote deposit: Property management customers can use RemitStream Remote Property Management Lockbox to scan payments and coupons received at their offices and transmit them to our lockbox site for processing. Remotely captured payments are combined with payments received through the lockbox to create a consolidated file sorted by HOA
- Image archive: Images of checks and coupons are accessible online within hours of lockbox processing. These images are retained in a standard image archive for 180 days with the option to expand to a long-term image archive of one, three or seven years
- Faster online bill pay processing: RemitStream Electronic Lockbox enables end-to-end electronic handling of online bill payments. The solution reduces processing time by several days, helping guarantee that lockbox customers receive timely credit for payments made online