Lockbox

About this Feature:

We know the business and understand the needs of merchants and community associations, and we cater specifically to your needs. This check processing solution simplifies the remittance process by allowing you to outsource the processing and depositing of payments to your bank. Community Bank can help you:

• Accelerate your daily collections, streamline remittance processing and reduce errors.
• Reduce the time it takes to process assessment payments to gain quicker access to your funds.
• View high resolution images of deposits online minutes after processing is completed.
• Monitor activity of lockbox deposits by transmitting to your computer system daily the automated posting of payments.
• Turn your receivables into cash and your time into your own.
• Provide import files to post the payments into your accounting software with a couple of clicks of the mouse.
• Eliminate Idle Funds! Owners remit assessment payments directly to the bank.
• Payments are processed the day they are received by the bank and are deposited directly to the association’s operating account.
• Increase security with dual control, locked bags, security tokens, and more, as well as increase security with payments going directly to the bank–they can’t be misplaced or left in a desk drawer.
• Automated Data Integration allows us to provide a record of the association’s deposits via secure web site, eliminating costly and time consuming re-keying of individual entries.