In payments, as in many other areas, there are a number of best practices that can help you keep all your payment types under control. There are a few basic principles to follow to make sure you get off to a good start.
It's not recognized who says it
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 "Revenus Québec.
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 offering you ultra-simplified forms or telling 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 service provider will be sure to communicate with its customers to alert them to the risks and offer advice on best practices.
In conjunction with Fraud Prevention Month in March each year, Otonom Solution offers a publication to its customers. This year, the focus is on supplier payment fraud. Here are a few tips:
- Without notifying the applicant, validate any request for a change of payment method or address using the contact details on file.
- Be wary of 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, report potential fraud to the police immediately.
Do your own thing.
Otonom Solution would like to emphasize that with electronic payments, as with checks and other forms of payment, it is important to check your bank account regularly. An honest and regulated payment service will provide you with the tools to track your payments easily, and will be available to answer any questions you may have.
Contact us and schedule a free initial call! 🙌🏻
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