Smartstreet dues collection services

Started by JonD1 • 7 replies • 2217 views

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JonD1
Posts: 2,350

Posted:

We just had a presentation of a service provided through our MC for the collection of our common charges.

They collect the CCs, provide payment reports, offer to take payments such as:
checks, credit cards, direct payments, debit cards, on-line banking payments.

Anyone have any opinions or information would be appreciated.

Thanks

RobertR1 (South Carolina)
Posts: 5,164

Posted:

JonD,
Does your management company provide any collection coverage of these common charges? Dues would be a common charge and so would fines and penalties. Is this Smartstreet a company, if so, you need to look at cost and cost comparison. It could be financially fruitful for your MC to act as middleman in the deal, do nothing and get percentage. I would look very closely at this but if this company is going to really save you money, it must be considered. The Boards call.

JonD1
Posts: 2,350

Posted:

Robert:

As presented there is NO cost to the property.

This company has a contract with our MC for these services. Rather than collect say 1000 checks ( ten properties) each month and do the reports this company will do that service for them.

Frres up the staff at the MC to hanlde other matters.

What is required is that our operating account and that account alone needs to be with their bank.

They offer as I said online payment of CCs. Debit, credit card payment at no cost to the property.

They also provide the property with a free website customized to the indiviual property.

They also offer CD and money market accounts at the going rate.

I was curious if anyone on here used this service.

RobertR1 (South Carolina)
Posts: 5,164

Posted:

JonD,
Don't recall reading about this kind of thing here. It almost sounds if it is too good to be true it probably is. I don't know about how liable a board would be if the misrepresented themselves to qualify for a specific account. I would sure look close and if your relations are good enough run it by your present bank. See what they advise. With all the foreclosure etc, etc, etc, some companies pop up to make a quick buck and run, not suggesting this company is suspect but be careful.

MaryA1 (Arizona)
Posts: 7,043

Posted:

Jon,

Apparently this org is a member of CAI and that is why your MC is recommending their services. You can get info on Smartstreet at www.mysmartstreet.com

One question I would ask is if the bank account would be in the name of the HOA. You don't want to deposit your HOA monies in a bank account under the name of the mgmt co.

SteveM9 (Massachusetts)
Posts: 3,699

Posted:

NOTE: There is a $9.95 handling fee for each scheduled transaction. This handling fee is automatically added to the payment amount you indicate.

Ouch. Charge homeowners $10 month ($120 year) for me to pay my dues online?

SteveM9 (Massachusetts)
Posts: 3,699

Posted:

Looks like they have a large list of clients. Over 4600 on this list.....

http://paste2.org/p/885226

JonD1
Posts: 2,350

Posted:

I don't see why our current bank would have any input in this decision. This is business.

All of our accounts are currently and would remain in the association's name. Just like the accounts presently open serving the property.

This company and the connected banking institution handles the collection and reporting period. Just like you current bank and OUR MC their signtures are NOT on our bank accounts nor do they have access to maving money or making payments.

Steve: My understanding is there will be a $9 fee to the unit owner IF they decide to pay by credit card ONLY. Like many credit card companies they want you to pay as quickly as possible and offer free transactions with any other form of payment. Their goal to collect the money as quickly as possible if you delay patment using a credit card there is a fee. Again to the unit owner NOT the property.

And with what Steve suggests 4,600 accounts shows something.

We were told their compnay processes 11,000 checks per hour. Not a small time operation.

Any other information or reviews please let me know and thanks for all your input.

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