Do you have questions about electronic payments and/or cheque-imaging deposits? We have all the answers, just for you !

Electronic Payment with Suppliers

A new platform has been developed specifically for Laucandrique to facilitate payments to your suppliers and it is with great pleasure that we present you with this service.
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You will not need to coordinate signature of cheques anymore since all authorizations will be obtain via email. No matter what time of the day or where you are, you will be able to approve transactions directly from your computer, tablet or smartphone. In addition, the supplier will automatically receive a confirmation of the upcoming payment. Isn’t this wonderful?

1. WHAT IS AN ELECTRONIC PAYMENT TO YOUR SUPPLIER?

The electronic payment is a payment method that is made by bank transfer and replaces the cheque. It is easy to use, more efficient, faster than cheque payment and very safe. Moreover, with the electronic payment, no more expenses for stamps and envelopes!

2. HOW DO ELECTRONIC PAYMENTS WORK WITH YOUR INVOICES?

As usual, the invoice is sent to the accounting department, which will handle it/code it. Your manager will validate the transaction and you will receive an email to approve the payment. As soon as two (2) Administrators provide approval, the payment is done automatically within 24 hours.
Do not worry; electronic payments are reliable and secure. 

3. I AM PRESENTLY OUTSIDE THE COUNTRY AND I CANNOT SIGN THE CHEQUES. WHAT CAN I DO?

Thanks to electronic payment, you can pay your invoices 7 days a week, 24 hours a day, no matter where you are. Since everything is processed electronically, all you need is access to your emails to confirm electronic payments. You will no longer need to have cheques signed by two (2) Administrators. 

4. ARE THERE DELAYS? IF THAT’S THE CASE, WHAT ARE THEY?

The time spent by the Administrators to approve the transactions is the only time limit. Indeed, upon reception of two (2) authorizations, payment to the supplier will be made automatically within 24 hours. Postage and processing delays are eliminated, along with monetary economy on stamps and envelopes. ​

5. IS AN ELECTRONIC PAYMENT COMPLETED FASTER THAN A PAYMENT BY CHEQUE?

Of course! If you calculate the accounting processing time, sending the cheques for signature, the mailing… You certainly gain time! There are no more delays or chances of loosing the cheques. 

6. WHAT ARE THE COSTS RELATED TO ELECTRONIC PAYMENTS?

Electronic payments will save you money on your office supply costs. In fact, the price of an electronic payment is $0.65 per transaction compared to $1.90 when sending a cheque (including stamp and envelope). This is a great way to save time and money!

7. IS IT POSSIBLE TO PROGRAM A SERIES OF PAYMENTS (EX: PAYMENT FOR THE JANITOR, CONTRACTS)?

Yes! If you have to make recurring payments, always for same amount and on fixed dates (ex: 1st of each month), you only have to provide the information to your manager and we can program the series of payments according to the duration of the contract or your agreement. You will not need to approve each transaction since everything will be done automatically. You can, however, at any time, stop the series of payments, at no cost.

Cheque-imaging deposits

1. WHAT IS A CHEQUE-IMAGING DEPOSIT ?

Cheque-imaging deposit is a new method that is increasingly used and now imposed by many financial institutions. Rather than depositing the cheques physically at the bank, it is possible to do it via a scanner. The transaction is processed electronically, with the image of the cheque, allowing the deposit to be processed even more quickly, while remaining safe. ​

2. WHAT DOES THE CHEQUE-IMAGING DEPOSIT BRING TO THE SYNDICATE ?

What’s nice about cheque-imaging deposit is that it’s possible to make deposits into your account at any time when there is an immediate need, at no additional cost. In addition, we avoid any possibility of delay or loss of cheque. In fact, sometimes a bank loses a deposit or takes several days to process it. Although these situations are out of our control, this can cause problems for your Syndicate. Finally for every cheque deposited electronically, we automatically retain a copy of it. This is very useful in case of problems or research, knowing that banks procedures are long and complex. 

3. WHY MAKE THE CHANGE ?

Most financial institutions are imposing this change on us. Since 2016, they have changed their procedures to further integrate new technologies. As a result, many of them refuse our deposits if they are not previously digitized.
In order to comply with these new standards imposed by financial institutions, Laucandrique has reached an agreement with Otonom Solution for all of its Syndicates in order to offer an advantageous and less expensive solution. All financial institutions approve the scanner offered by Otonom Solution.

Please note that Laucandrique does not benefit from this new procedure. It is first and foremost a standard imposed by financial institutions

4. WHEN ARE THE DEPOSITS DONE ?

We make two (2) deposits per month; on the 1st and the 15th. We will continue to make deposits on these dates, but if for some reason we have to deposit a cheque more rapidly (emergency or isolated situation), we can do so, at no additional cost. 

5. WHAT IS THE COST FOR THIS NEW SOLUTION ?

Thanks to an agreement negotiated with Otonom Solution for all Syndicates managed by Laucandrique, there will be a volume discount benefit. Depending on the number of units, a discount will be applied on both the monthly rates and the transaction fees. 

5a. PRICES GRID

*DO NOT FORGET!
The pre-authorized payment method is the most efficient way to ensure the payment of all your invoices. To join this program, please click here. https://www.laucandrique.com/ppa