Expediting Payments for Property Management Companies and a Host of Industries
Remit Advantage is a comprehensive lockbox service that processes a wide variety of payment types through the convenience of using only one Post Office Box. Supporting multiple bank accounts, it was specifically designed to support the unique needs of the Property Management industry, but works well for markets such as government, higher education, not for profits, entertainment and law offices.
How it works
We open a U.S. Post Office Box in your company's name to be used for incoming customer payments. We retrieve these remittances at several key times during the workday, processing the items and directly crediting the specified accounts assigned to each of your properties or entities.
You have easy online access to a variety of reports that provide batch totals and details of every transaction, including summary and detail information at the entity level. Online imaging provides same-day web access to view and print your remittance images and reports. Your payments file is sent right to the Web, making it easier than ever to download your file and expedite the posting of your accounts receivable.
- Accelerated Availability of Funds - Your City National accounts are credited the day remittances are retrieved from the Post Office, reducing float associated with collections.
- Accept Multiple Types of Payments - Whether receiving a check, credit card payment, or ACH credit, all payments are checked against your processing instructions for acceptance and are included on your reports, files and web viewing.
- Easier Reconcilement - Remit Advantage will credit your remittances to an unlimited number of accounts without requiring a separate Post Office Box for each. All the payment information on the coupon scan line is read and Remit Advantage takes care of the rest.
- Resolve Exception Items Immediately -The optional Web Exceptions feature provides online images of all items that could not be processed so you can immediately review and submit your processing instructions.
- Same-Day Online Imaging and Reporting - You can retrieve your remittance information the same day, anytime and anywhere you have access to the Internet. Dual-sided imaging allows you to view the front and back of your remittance documents.
- Faster Accounts Receivable Posting - Same-day online access to your lockbox payment files and reports allows you to complete your accounts receivable posting more quickly.