Good payment practices 💫

In payments, as in many other areas, there are a number of best practices that can help you keep your payment management on track.

The starting point is to choose your service provider

Choose a reputable service provider with the necessary accreditations to operate. Don't hesitate to ask for proof of registration - after all, it's YOUR money we're talking about. Here in Quebec, the organization responsible for this accreditation is L'Autorité des Marchés Financiers.

Implementing pre-authorized debits for condo fees? Comply with Canadian regulations.

In Canada, the organization that regulates the payment industry is Payments Canada (payments.ca). To comply with the law, you must have your co-owners fill out a consent form and keep it with you. The form must include several clauses to be valid. Don't be fooled by companies that offer you ultra-simplified forms or tell you that no form is required by law.

Be aware of possible risks and frauds

Choose a service provider who is committed to communicating with you about frauds in circulation. One of the frauds currently causing damage within condominium corporations is supplier payment fraud. A committed provider will be sure to communicate with its customers to alert them to the risks and offer advice on best practices.

To mark Fraud Prevention Month, Otonom Solution has put together a special fraud booklet for its customers. Here are some important points to put in place to avoid fraud that we suggested in our publication:

- Without notifying the applicant, validate any request for a change of payment method or address using the contact details on file.

- Pay attention to the notion of urgency. Don't pay bills under pressure.

- Make sure that the work has been completed and that you have agreed a final price with the supplier. Any subsequent changes to what has been agreed should alert you.

- Beware of e-mails that are full of mistakes, whose sender seems unfamiliar or that arrive in the middle of the night.

- Set up a verification system with at least two people, especially for large payments.

- If in doubt, immediately report the fraud to the police.

Do your own thing.

It's one thing to outsource payment processing, but quite another not to monitor it afterwards. Check your bank account regularly to make sure everything is in line with what you've submitted. An honest and compliant supplier will provide you with the tools to track your payments, and will be available to answer your questions if you need them. Make sure your supplier provides you with easy-to-reach contact information and responds within an acceptable timeframe. Whether by e-mail or telephone, we're talking about managing your payments, so good customer service will make all the difference.