Here’s how the different components of the COLLECT system work:

• Lockbox transactions: Payments are mailed to a lockbox processing center where they are scanned and processed into the COLLECT system. “Accepted” transactions are automatically deposited into the appropriate operating accounts on the same day.
• Electronic transactions: Payments that are scanned on-site are converted into electronic transactions, and payments can also be entered directly online by residents/tenants. Both ACH and credit card transactions are supported. Payments are securely processed over the Internet and deposited into the appropriate operating accounts.
• Intelligent two-way integration: COLLECT works with your existing property management accounting system — all data is synched and payments are processed on the day they are received.

Real-time Web access to transaction details is available to designated users, including payment data and images. Exception transactions are identified based on client-definable payment handling criteria, and can be viewed and manually processed online.

PO Box Number and Lockbox Processing Center

COLLECT uses standard PO box numbers that are issued by the post office. A company establishes one or multiple PO box numbers and tenants mail their rent payments to these PO boxes.

Lockbox Processing Center

A major component of COLLECT is the traditional COLLECT lockbox processing center. Tenants mail payments to a lockbox address, where a bonded courier picks up and delivers the mail to the SAS 70-certified COLLECT processing center. Once all mail has been opened and sorted, it is processed against data in the COLLECT application to determine deposit viability regarding tenant identification, tenant stop status, designated business acceptance rules, and the active depository account for the building. All accepted deposit items are batched according to the depository account and the items are sent via bonded courier to either a bank branch or the federal reserve bank. The COLLECT processing center supports all paper checks (consumer checks, business checks, money orders, and third party checks).

Electronic Transactions

As a complement to lockbox processing, COLLECT also supports electronic transactions. The two types of electronic transactions that tenants can make are:

• ACH (One-time and Recurring) – ACH transactions are electronic funds transfers from a tenant’s bank account to a property management company depository account. There are several different types of ACH transactions (all are governed by NACHA) that are determined by the source and frequency of the ACH transaction request.
• Credit Card (One-time and Recurring) – Credit Card transactions require the property management company to establish a merchant account for the desired credit card types (Visa, MasterCard, Discover Card, American Express). Once the merchant account is established, COLLECT will provide real time authorization for one-time (single) transactions or pre-processing authorization for recurring transactions.

Integration with Accounts Receivable (AR) Systems

COLLECT is designed to support multiple accounting systems simultaneously, and conveniently synchronizes data with your company's accounting systems. Property, tenant, stop file, and monthly rent bill data are retrieved from your AR system and sent to COLLECT. This tight integration minimizes data entry and enables COLLECT to extend the AR process to the site level. For companies employing multiple accounting systems, COLLECT is a single-process solution for the entire AR function.

For integration, COLLECT supports the preferred XML format and also the CSV format. The COLLECT team has worked closely with the leading property management system providers and has developed integration templates for use with Yardi, BJ Murray, MRI, CTI, and others.