When transitioning Lockboxes, such as when moving to Vantaca Lockbox, there are several tasks that are important to ensure a seamless experience for both your staff and your homeowners. Below is a list of the common tasks that you will need to complete when transitioning to a new lockbox provider. If you are changing banks as well, take a look at the more comprehensive Bank Transition Checklist.
Table of Contents
- Update Remit Address in Vantaca
- Scanline Testing with Third Party Print House
- Send new Coupons/Statements
- Communicate to Homeowners/Boards
- Lockbox Transition and Check Forwarding
Update Remit Address in Vantaca
The Remittance Address for your Association is the address that your Homeowners will use to mail in their checks. While there will likely be some forwarding between your previous lockbox and the new one, it's definitely a good idea to proactively update this information for your homeowners.
You can change the Remittance Address for your entire Company, or you may need to adjust individual Associations. See the articles below for details on changing the Remittance Address of your Coupons/Statements.
For Company-wide Remittance Addresses, visit Company Info
For Association-specific Remittance Addresses, visit Association Addresses
Scanline Testing with Third Party Print House
If you are using a third party printing solution (such as Page Per Page, Southdata-DSG, HOAMailers, etc), then you may need to provide the new lockbox processor with a few samples of statements / coupons to confirm that the scanline will work for accepting homeowner payments.
Send new Coupons/Statements
Once you have confirmed that your Statements and Coupons will work with your new Lockbox processor (if necessary), then it will be important to give your homeowners an updated Remittance address. The easiest way to do this is by sending updated Coupons/Statements.
While there may likely be a forwarding agreement with your old/new Lockbox, it is good business to be proactive as well with Homeowners. The articles below can provide details and refreshers on sending items at irregular times.
Generate Statements (Billing Preference)
Generating Coupons + Troubleshooting Tips
Communicate to Homeowners/Boards
During this transition, the best thing you can communicate with your Homeowners and Boards. It is best to do this at least 30 days in advance of your transition date, as homeowners mailing checks will need time to get the notice and make adjustments.
Did you know?
Many Homeowners are unaware that even if they are using Bill Pay through their bank's website that the bank may still cut a paper check. They often "set it and forget it." In this case, they will need to update the "payee" information with their bank's Bill Pay system, or else checks will continue to go to the old Lockbox Processor.
You'll have the most success with a mail campaign. While Email may also be effective, keep in mind electronic people are more likely to make their payments online anyway. You can filter for your paper homeowners in a few ways:
- Filter your Homeowner List for Billing Communication Preference = Paper.
This allows you quickly grab your list of Paper homeowners and create a Bulk Action Item to send your mailer.
- You can view who specifically has sent in checks by using the All Action Items page to view Check Payment action items. From here you can either add a column for Account and get a list of account numbers to contact, or you can adjust your Check Payment action item to include an email (for example) that will let the Homeowner know about the new Remittance email.
You could also just send this to EVERYONE as part of a broadcast mailer. If you are lucky and it's near Annual Meeting or Annual billing season, then you can include an insert. If not, you can set up a Action Type Setup: Broadcast Mailing action item to send the information that way.
Regardless of the method used, be sure to save yourself, your staff, and your homeowners the headache of missed payments by communicating this change with them early.
Lockbox Transition and Check Forwarding
This can be done 3-4 days before the termination date. Ask the old lockbox to forward any payments to the new lockbox address. It is not recommended to continue receiving payments to the prior lockbox after your transition date.
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