Put an end to banks!

Let's face it: the title is deliberately catchy, because it's hard to imagine a world without financial institutions.
But how can we limit the time lost at the bank for volunteer co-owners? With automated direct debits, of course!

What is pre-authorized payment?

In use for over 20 years in Canada, this type of service is the most widely used automated payment system for recurring payments, and is also the safest and least expensive. Contrary to popular belief, the system is very simple. It involves 3 simple steps. The Syndicate:
- Obtains one-time authorization (by form) from the co-owner to deduct monthly fees from his account and requests a copy of the cheque;
- via its representative, enters the direct debit details in the appropriate online form, depending on the supplier selected;
- Sends amounts to be paid, according to payment frequency, usually monthly.

The benefits of pre-authorized payment for condominiums

- Limits volunteer time for an important but non-value-added activity if it can be done quickly;

- Avoid:

-preparation of filing reports;
-trips to the bank;
-delays due to late arrivals or the temporary absence of the volunteer in charge.
- Secure and regularize your receivables;

Is it safe to pay with this payment system?

This is a frequently asked question. Canada's pre-authorized debit regulations are among the most stringent in the world. The regulatory body, Payments Canada, is responsible for the industry. Operators who fail to comply with the regulator's obligations are subject to significant penalties. Finally, isn't it reassuring to know that it's your neighbor who will process your payments, ensuring that they reflect your wishes?
Find out more about this service from the companies that offer it. You'll see nothing but advantages, and at a very low cost.