November 2024
Is your condominium corporation still encouraging residents to pay their fees by cheque? There are benefits to encouraging electronic payments.
Inertia is what keeps cheque payments popular. This is the way payments have been made in the past so why change it? Another impediment is older accounting systems that are not designed to accept electronic payments. Some feel that payments by cheque are safer which is true only when compared to cash payments.
Cheques have a greater risk of fraud and take longer to process. Electronic payment systems accept credit and debit cards, and direct deposit from one bank account to another, along with cheques.
Electronic accounts payable systems used by condominium corporation vendors accept payment by these same electronic methods saving your corporation the time and cost of generating and mailing cheques.
Perhaps the greatest advantage of electronic payment systems is the reduction in manual data entry which saves time and money while reducing the number of manual errors.
