Association Lockbox enables you to easily view and manage your daily transactions online, and generate remittance coupons that can be mailed to association members through a single Web-based application. Once Regions receives a coupon request, coupon books are printed (containing up to 12 months of scannable payment coupons along with return window envelopes) and mailed directly to association members. All association payments received from members will be directed to a unique zip code and box number.
Faster collection
Regions assures quick processing. By making frequent collections throughout the day and through automated payment processing, Regions Association Lockbox accelerates the collection process which improves your overall cash flow.
Better reporting
Regions simplifies reporting. Association Lockbox allows you to easily export data to specific accounts receivable programs such as Great Plains, TOPS, CSV, Yardi, Quicken, and QuickBooks at no additional cost. You also have the ability to create or download custom reports such as Detail Deposit Reports by Association, Coupon Order Reports and Stop Transaction Reports.
Special handling
Regions helps you react. For payments that do not contain a remittance coupon, Regions will print a replacement coupon at no additional cost and process the deposit to your account. If a payment does not contain an account (unit) number, an image of the check is posted online for you to review so that you can add the correct account (unit) number. By doing so, you will ensure that your exported transaction data appropriately reflects receipt of the payment from that owner.
Greater control
Regions puts you in control of your receivables. Associations and property management companies often do not want checks and coupon payments processed for a particular account (unit). Regions Association Image Lockbox solution allows clients to enter "stop" information online. Any "stopped" items received will be returned to you without being deposited.
Other key benefits
- Reallocation of resources – Labor-intensive payment processing is eliminated, allowing those resources to be redeployed elsewhere.
- Improved cash flow – Accelerating the collection process increases your working capital and allows faster access to the funds.
- Enhanced payment processing – Payments are processed faster and errors are reduced.
- Better security and safety – Security is improved by separating invoicing and receiving functions, while disaster recovery is covered by Regions contingency operations.
Other available Regions Association services
- Deposit Services – Regions offers a wide range of checking and savings account options along with special CD and Money Market rates to help your business deposits grow.
- Treasury Management – Regions Treasury Management services offer flexible collection and payment solutions and online account management tools you can access anytime, anywhere.
- Regions Quick Deposit – Regions Quick Deposit reduces the need for branch visits by enabling you to make deposits from the convenience of your office. Additionally, Regions Quick Deposit has an extended ledger deadline providing same day posting on deposits made before the 6:00 p.m. CT.
- Lending Solutions – Regions offers a variety of lending solutions to meet the unique needs of property management and homeowner associations; including improvement loans, lines of credit and association insurance premium financing.
Contact your Regions Relationship Manager, Treasury Management Sales Specialist or Business Banker for more information. Or, call 1-866-822-3770.