Bank
Lockbox Interface
The RDP property management system interfaces with your bank's
Lockbox service. The Lockbox interface saves you time when it comes to
sending statements and processing receivables from your owners.
RDP
exports the end of month owner statement information to your bank
via a file mechanism. The bank processes and sends the owner
statements to each owner. The MICR (Magnetic Ink Character
Recognition) code is included on each statement. The bank collects
and processes the payments directly into your bank account. It sends
back the information in file that is imported using the Lockbox
interface. The owner account is updated in RDP, showing the account
has been paid.
There are many benefits to the Lockbox interface:
- Increased speed and efficiency because payments are
processed by your bank and go directly into your account
- Amount of time for the money to hit your account is reduced
- Information from RDP to your bank occurs seamlessly with an
easy export/import program
- Decreased data entry errors because the payment information
is entered by the bank
Lockbox Diagram
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For more information the Lockbox interface, please contact RDP.
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