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Abstract

In accordance with one embodiment of the present invention a collection processing system comprises a payment service center that is configured to receive payments on behalf of a plurality of third parties, such as property managers and other parties expecting payments in return for their goods or services. The payment service center processes the payments, which includes scanning the payment that are typically in the form of checks or money orders, or other payment instruments. Each tenant or payer associated with a payment is identified, along with the building associated with that payment. A demand deposit account module (DDA X-Check) is set to first associate a payment to a corresponding tenant. A middle pass processor receives information relating to the payment made by tenant and determines whether the payment is to be accepted, based on a predefined set of acceptance and rejection rules that are applied based on the customer or tenant level, entity or building level and global or property manager level. The middle pass processor also determines whether certain payments are required to be reviewed by the property manager before acceptance or rejection. The information generated by the middle pass processor is then provided to a packet table processor, which generates instructions to the payment service center so as to process the received payments accordingly. As such, accepted payments are physically selected at the payment service center and carried to property manager's bank for deposit in a designated bank account. The returned payments are also physically selected for mailing back to the sender, or to the property manager's location. In accordance with another embodiment of the invention an automatic clearinghouse processor is provided to handle payments made by electronic means, such as credit cards, wire transfers, and third party payment processes.

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First Claim