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Receivables

Receivables

Receivables

Receivables

Merchant Payment Processing

Give your unit owners more payment options with merchant payment processing. This service, offered through Elavon Merchant Services, allows the management company to accept credit card payments for ancillary services provided outside of assessment collections. Click here to learn more.

Retail Lockbox

Designed to receive a large volume of monthly assessments, our retail lockbox service allows unit owners to send payments to a post office box. We take care of the heavy lifting preparing checks and depositing funds to the individual condominium accounts on a daily basis. Remittance coupons that unit owners enclose with their payments will provide all the information you need to post assessments. This tool accelerates funds availability, provides timely assessment collections, and expedites assessment receivables while providing all the information you need to manage your accounts. 

Retail Lockbox services come with i-BusinessLockbox, an online tool that allows customers to quickly access account information and retrieve images of coupons and checks. 

Wholesale Lockbox

Allowing you to efficiently collect and process assessments, our wholesale lockbox service has unit owners send assessments to a unique lockbox address to be picked up each day and credited to your account. Associations can have quicker fund availability, increased audit control, and reduce operating and collection costs.  

Wholesale Lockbox services come with i-BusinessLockbox, an online tool that allows customers to quickly access account information.

i-Assessment Pay

i-Assessment Pay lets unit owners pay assessments directly to the association online. Unit owners receive a receipt and confirmation e-mail and the management company receives real-time reports. i-Assessment Pay eliminates mailing time, improves accuracy, reduces collection risk and related expenses, and gives unit owners a convenient and easy way to pay.The system accepts any card with a VISA®, MasterCard®, or Discover® logo.

Unit owners will be charged a convenience fee for each payment. These fees are subject to compliance with Visa®, MasterCard® and Discover® rules and subject to change without notice. Additional fees for this service may also apply.

Automatic Debit & ACH Services

Automated clearing house (ACH) debits and credits allow you to improve operational efficiency. Transactions are maintained electronically providing management companies greater control while reducing operating costs and enabling more efficient collections of monthly assessment fees and disbursement payments to vendors.  

All ACH transactions originated by customers and delivered to the bank are processed through the Federal Reserve Bank of Chicago. They have a settlement date that determines the actual debit/credit date.

i-BusinessCapture®

i-BusinessCapture provides an easy, fast, and convenient way to deliver deposits to the bank electronically. Special scanners are installed onsite to scan checks and transmit the images directly to the bank for deposit. Up to 50 checks can be inserted into the feeding tray at once.  

How it works

  1. Log onto the bank's secure i-BusinessCapture site
  2. Feed your check into the scanner
  3. Balance the deposit
  4. Submit