What is Property Management Lockbox?
RemitStream Solutions' Property Management Lockbox service is a specialized lockbox that enables assessment payments to be sent to one lockbox with the deposits made to separate accounts (DDAs) for each homeowners association.

How does Property Management Lockbox work?
Residents or owners mail their payments with a machine-readable coupon to RemitStream Solutions' P.O. Box in Chicago, Illinois; Walnut, California; or Miami, Florida. RemitStream Solutions processes the payments as retail lockbox work on our advanced equipment. We capture images and read the coupon to speed up the payment process.

One data transmission sorted by homeowners association is sent to the property management company to update the accounts receivable records of each of its homeowners associations. A second transmission sorted by homeowners association feeds payment information to the financial institution for DDA posting. Physical checks are sent to Fiserv, a correspondent bank, or the Federal Reserve for check clearing.

RemitStream Solutions provides same-day Web-based access to images of the owners' checks and coupons. Searches can be conducted by homeowners association number or other data in the coupon scanline. Same-day online decisioning of lockbox exceptions is also available through LockboxOnline Unbankables.

What are the benefits of Property Management Lockbox?
Because assessments are processed more quickly and accurately, property management companies get faster access to funds and improved cash flow. They need to handle in-house payments less, saving them valuable time. Accounts receivables are updated more quickly and easily, and customer service is facilitated through the same-day online access to check and coupon images.

What makes us different?
In the past, property management companies had to maintain a separate lockbox for each homeowners association, which increased administrative costs considerably. With Property Management Lockbox, property management companies can have property owners send payments for their homeowners association assessments to one P.O. box; yet, the funds can be credited to separate DDAs for each association.


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