With over 40 years of experience developing and managing neighborhoods throughout New England, real estate firm Beacon Communities is seasoned in the business of creating communities.
Beacon Communities’ team of highly experienced residential real estate professionals develop, own and manage over 90 communities throughout the Eastern United States. They represent a diverse portfolio including affordable housing, market rate housing and mixed income housing.
Beacon’s driving passion is to create well-designed, healthy homes that improve the quality of life for residents and enhance the neighborhoods in which they are located.
The Payment Problem
Relying on paper checks as the primary payment method for their more than 90 properties proved to be problematic for Beacon Communities. In addition to the labor involved in handling, transacting and depositing inbound payments, the company also noticed issues with cash velocity.
Checks were dropped off by residents at the management offices and would sit there before finally making it to the bank. Once the checks were deposited at the bank, Beacon Communities experienced reconciliation issues with cash balances. Bank deposits were posted later than the payment was reported in the operation software.
Beacon Communities first attempt at a solution was to implement a check scanning application. Fortunately check scanning limited trips to the bank, but unfortunately it did not eliminate the loss of productivity. Property managers still had to manually scan each check. Furthermore, there were accuracy issues as managers had to complete the scans and then post items from the portal application. The process was taking too long and they needed to make a change.