| Checks were
once an innovation, but today’s electronic world has changed
the nature of money transfer: With millions of transactions daily, business
has long searched for a cost effective, time saving way to eliminate the check
issuing process. That’s where we come in. The Elan Purchasing Card
Program has been functioning for governments and corporations since 1989,
providing an efficient, controlled system to process payables.
The Hartford Insurance Company insures a large portfolio of fidelity
insurance for management companies. CIDcash® is the fraud control
tool used by The
MasterFidelity Program, underwritten by
The Hartford
Insurance Company. This long-standing partnership resulted in the Elan
Visa CIDcash® Program designed as a
better fraud control system, protecting against check manipulation,
check fraud, check washing and other deceptions. |
|
Here’s
How It Works.
A more efficient way to
pay With the CIDcash
program, management firms establish purchasing accounts for each
homeowners association. These purchasing accounts, known as
“ghost accounts”
or cardless accounts, are used to automate the payment process for
all homeowners associations daily and monthly recurring expenses.
Management firms do not have to maintain charge cards for each
homeowners association they manage; instead, the ghost purchasing
account numbers are used when goods or services are purchased. Plus,
CIDcash allows management firms to effectively remove paper
invoices and checks associated with traditional procurement. Trash
collection, snow removal, landscaping, contractor expenses and more
can be automated through the CIDcash program with this simple
process:
-
Management firm requests goods or
services
-
Management firm provides the
purchasing account number to the vendor
-
Vendor processes the transaction and
receives payment
-
Management firm receives monthly
electronic billing statement for each CIDcash purchasing account
|
|
The
Management Company is the Paymaster.
One of the best features is that the
Board of Directors, through its manager, is in complete control of expenditures. To reduce misuse or fraud,
the management company can set controls on an individual vendor service or
group of vendor services. This is done by setting up merchant category code
blocking (called MCC Blocking). MCC Blocking will block for certain
things automatically such as all adult entertainment, liquor sales,
travel, restaurants, or any other vendor that is not approved by the
Board of Directors.
Accounting
Made Easy.
An additional benefit is robust reporting that simplifies the accounting process for the
management company. At the end of each month, the management company receives
a rollup statement of all transactions. This can be set up by line item (by
company, by employees, department, etc) and customized to meet the management
company’s specific reporting needs and the Board of Directors’
approval.
The CIDcash® program enrollment has been
streamlined so that it only requires a minimum of paperwork. |
|
|
