Automated Rent Payment Processing
Designed for the real estate industry, the rCash COLLECT™ system automates rent payment processing and cash management. COLLECT consists of technology (an application interface accessed in a Web browser over the Internet) and a business process outsourcing solution (a lockbox processing center and ASP hosting) that eliminates the costly, manual tasks associated with traditional accounts receivable.
COLLECT provides a tenant three ways to pay their rent:
- Lockbox processing. Payments are mailed to the COLLECT lockbox processing center where they are scanned and processed into the COLLECT system.
- Electronic transactions. Checks or credit cards are scanned on-site at the property management office to create electronic transactions. Recurring check or credit card transactions can also be created.
- Online self service. Tenants can enter payments directly into the COLLECT website. Both ACH and credit card transactions are supported.
Using COLLECT is surprisingly simple, especially when compared to the way that most real estate companies manage AR today. While processing monthly rent payments with COLLECT is relatively simple, the results are dramatic. Overhead and delays associated with receivables are eliminated – because you get your money into the bank faster – while cycle times and resident/tenant relationships are significantly enhanced.
COLLECT Highlights
- Supports commercial, multifamily, industrial, and retail payments
- Facilitates automation of all payment methods, including centralized lockbox, on-site, and online collection methods
- Check 21 compliant
- Same-day processing and deposit
- Deposits are made directly into your existing operating bank accounts
- Supports both one-time and recurring ACH and credit card transactions with variable monthly totals due
- User-defined transaction processing criteria can be set at enterprise, property, and tenant/resident levels
- Two-way synchronization with several popular property management accounting systems
- Point-and-click online exception handling for lockbox, ACH, and credit card transactions
- Real-time access to all rent collection activity with drill down to the transaction level
- Hawkeye feature enables a tenant account to be flagged so that transactions from that account are not automatically deposited
COLLECT Screenshots
Control Center Overview Screen
Transaction Detail Screen
The Transaction Detail screen displays transaction details including images of the check and payment coupon. The Transaction Detail screen is also available for ACH and credit card transactions. Staff members can use this screen for transaction inquiries.
Online Review Detail Screen
The Online Review Detail screen enables staff members to process exception transactions. Staff members can either choose to accept a transaction, in which case it is deposited into the bank and the tenant account is updated as paid, or to return a transaction, in which case the transaction is referred back to the property management office for appropriate processing.
COLLECT Benefits
- Designed specifically for real estate
- Provides a consistent, controlled process across all accounting systems and properties
- Enables real-time, company-wide visibility of AR cash flows, data, images, and history
- Accessible via the Internet anywhere a broadband connection is available
- Supports tenant/resident preference to pay on-site or online, and improves customer service
- Saves time and money by reducing manual data entry and errors, because credit cards and checks can be scanned
- Eliminates need for local bank accounts — no more manual deposits or daily bank runs
- Reduces phone calls into central accounting and site management offices, because of self-service payment options
- Helps enforce corporate AR policies and procedures across your organization with complete audit capabilities, and supports Sarbanes-Oxley compliance
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