Busy news day for F3’s HOA management platform

Posted: September 1, 2010 by chrisbagley in F3 Technologies, Interaction Community Systems, Uncategorized
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Two pieces of big news today for Interaction Community Systems, our platform for managing communications and finances for homeowners associations.

You may have seen our press release this morning about our new relationship with TransFirst, the national payment processor. TransFirst processes $30 billion in transactions annually. The company has a special focus on community banks, which the Federal Deposit Insurance Corp. defines as institutions with assets of less than $1 billion. HOAs and property managers are local entities by definition, making them bread-and-butter customers for community banks. So it’s safe to assume that several million of the $30 billion is in the form of HOA dues and HOAs’ payments to landscapers, roofers, plumbers, property managers and other vendors. The Interaction platform probably won’t be exposed immediately to all of that, but F3 will try to expand the relationship if all goes well.

Fewer of you probably saw Interaction mentioned in the fifth paragraph of the August 20 article in the Chicago Tribune (circulation 515,000) about the trend toward automation and digitization among HOAs and property managers. I myself saw it just this morning.

Here’s the article’s “nut graf,” journalistic lingo for the summary paragraph following the lead-in anecdote about a paperless property manager:

“Over the past decade, community associations have been performing more and more of their operational tasks electronically. Owners go online to pay assessments, request maintenance, read the monthly newsletter and download the rules. Managers move money, solicit bids and send reports. Procedures like these save money and labor by providing easy storage and transfer of information and less time spent on the telephone.”

It’s worth noting that Interaction performs all of the tasks that I italicized in the passage above, and a lot more. It also lets administrators prepare accounting reports for analysis, and includes several functions found in more purely social networks — messaging, “walls” and photo sharing, for example.

  1. Jeffrey says:

    Hey Rockin Robin how about a tweet, tweet , about TIVUS !!

  2. Jeffrey says:

    Why so quiet , we need our fix, blog away my friend.