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.