HOA Lockbox Options Available
Easily print and mail your HOA statements and coupon sheets, meeting the requirements to be accepted at HOA lockboxes!
What is an HOA Lockbox Solution?
What is a lockbox solution for HOAs and how is it used for community management companies? A lockbox is a name for the role banks play in receiving and depositing homeowner association payments for you. The current process for utilizing a lockbox for HOAs involves homeowners sending their regular homeowner payments for community dues and monthly assessments to a PO box addressed to your bank. The bank opens the mail, scans the check and payment coupon and deposits all the money into the HOAs bank account automatically.Why Use An HOA Lockbox Service?
The lockbox process streamlines HOA payment processing by eliminating the work for your Accounts Receivable department when it comes to receiving homeowner dues. Instead of having them do the manual check processing for HOA’s (meaning they get all the mail, match it up to the homeowner, credit the homeowner’s account and deposit the money by running the micr code through a scanner connected to your accounting software), the bank easily does it all. Plus, they send a deposit file to your accountant letting them know your funds have been deposited. With the number of homeowner checks processed each year, it really is quite a savings. If you intend to use an HOA lockbox operation to process your Accounts Receivables (AR) then this page is for you. Even if you are undecided about lockbox operations, getting educated about the process and laying the groundwork early will help make the switch easier down the road. Click below to create a LetterStream account and easily start sending your HOA Letters.
Features
- Use our pre-flight tool to make sure your scan line is in the correct location for fast processing.
- Pick from payment coupon books, coupons sheets, tear-off miniature remittances, or 1/3rd perforated tear-off coupons.
- We have all the coupon paper you could need, in various forms and in stock at all times.
- We have various remittance/return envelopes in stock and our preflight tool will help you decide what you need.
- We can process a single coupon or as many as you need.
Benefits
- Banks appreciate our standardized remittance coupons and often give us quick approval.
- We have an extremely high accuracy rate on coupon production and excellence.
- Moving your payment processing to a lockbox reduces the time and labor required to get your money deposited into the bank.
- Lockbox operations are secure and reduce the chance of financial theft of HOA dues.
