Blog

Why It's Time to Ditch Cheques and Cash

Apr 9, 2025

Making the Case for Digital Payments

A practical guide for condo boards and not-for-profits

If your board is still collecting condo fees or processing reimbursements by cheque or cash, you’re not alone — but you are taking unnecessary risks.

Paper cheques and cash may feel familiar, but they’re not safe or efficient. Digital payments, especially when managed through secure platforms like Plaid, are far more secure, transparent, and easier to manage. This article will help you understand why switching is better for your organization and your members — and how to bring everyone on board, even those who are hesitant about technology.

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The Risk No One Talks About: Cheques and Cash Are Easy to Steal or Lose

Let’s start with the facts:

• In 2023, 65% of organizations experienced cheque fraud — the highest of any payment method.
• Banks in North America are flagging hundreds of thousands of cheque fraud cases per year.
• Cash? It’s untraceable. If it’s stolen or misplaced, it’s gone — and there’s no audit trail.

These methods are magnets for both internal mishandling and external theft. And with today’s rise in mail fraud, a cheque dropped in a mailbox isn’t nearly as safe as it once was.

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Why EFTs and Platforms Like Plaid Are Safer

Electronic Funds Transfers (EFTs) have been around for decades and are widely used by governments, employers, and financial institutions. But when paired with a secure platform like Plaid, they become even safer.

Plaid connects your bank to approved financial software — without ever exposing your login credentials. It uses:

• ✅ Bank-level encryption
• ✅ Tokenized connections (your data is never shared with third parties)
• ✅ Read-only access (no one can touch your money without authorization)
• ✅ Multi-factor authentication (MFA)

This is like upgrading from a lockbox to a bank vault with security cameras and ID checks.

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Dual Approval: Even Safer Than a Two-Signature Cheque

Your old process may have required two board members to sign each cheque. That’s a good practice — but it’s manual, slow, and still vulnerable.

With a digital system like Noble Ledger, dual approvals can be enforced digitally:

• One person initiates the payment.
• A second person reviews and approves it.
• MFA ensures both people are who they say they are.

No one person can act alone, and every step is logged. It’s more secure, more auditable, and far less hassle than tracking down paper signatures.

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Reassuring Your Members: “But I Don’t Trust Online Payments…”

This is a common concern. Many members, especially seniors, may not trust new technology — or may simply not understand how it works. Here’s how to help:

• ✅ Start with the “why”: Emphasize the safety and traceability. “If there’s ever a question about where your money went, we’ll have a record — down to the minute.”
• ✅ Use analogies: Explain that cheques are like sending money in an envelope through the mail, while EFTs are like wiring money securely through a bank.
• ✅ Offer support: Let members know they can ask for help setting it up. Some may prefer to use their bank’s pre-authorized payment form rather than a digital app — that’s fine too.
• ✅ Give options, but set a direction: You don’t have to cut off cheques overnight. But let members know the organization is moving toward digital payments for everyone’s safety and efficiency.

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Why This Matters for Your Organization

For boards and administrators:

• Less time chasing signatures or cash receipts.
• Fewer errors and manual entries.
• Easier reporting and year-end audit prep.

For members:

• More payment options.
• Instant receipts.
• Greater confidence that their fees and reimbursements are handled securely.

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Bottom line: Digital payments aren’t just faster — they’re safer. They protect your organization’s money and your members’ trust. The tools are here. It’s time to use them.

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Disclaimer: The information provided in this article is for general informational purposes only and is not intended as legal, financial, accounting, or tax advice. Please consult with a qualified professional before making any decisions based on this content.

Accounting policies

Apr 4, 2025

Setting up appropriate accounting policies for a condo corporation

Introduction

For Canadian non-profits (NPOs) and condominium boards, financial oversight is crucial. Yet, many organizations still rely on outdated, manual payment approval methods—primarily cheques that require dual signatures. While this traditional approach was once a gold standard for financial control, it has become increasingly inefficient, costly, and vulnerable to fraud.

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Noble Ledger Inc., utilizing Plaid’s API, is revolutionizing payment approvals by providing a secure, digital, and real-time alternative that maintains the necessary oversight while vastly improving efficiency. This article explores the core problems with traditional cheque-based payment approvals and why a digital transformation is overdue.

The Challenges of Traditional Payment Approvals

1. Slow and Inefficient Processing

• Delays in obtaining signatures: Coordinating two signatories for every cheque can take days or even weeks if board members are unavailable.
• Physical presence required: Signers often need to be in the same location, requiring in-person meetings, couriers, or mailing cheques.
• Time wasted on administrative work: Preparing, printing, signing, and mailing cheques adds unnecessary workload for staff and board members.

2. High Operational Costs

• Cheque fees: Banks charge for issuing, processing, and reconciling cheques.
• Courier/mailing expenses: When signatories are not available, courier services or express mail add extra costs.
• Lost time: Delays in cheque approvals lead to late payments, resulting in potential penalties or strained vendor relationships.

3. Security & Fraud Risks

• Forgery & alterations: Cheques can be altered, forged, or stolen, leading to unauthorized transactions.
• Lack of real-time oversight: Boards typically approve payments after they’ve already been issued, increasing the risk of undetected fraud.
• Duplicate payments: Human error can lead to duplicated transactions, causing unnecessary financial losses.
• Vulnerability to embezzlement: If internal controls fail, rogue employees or board members can exploit gaps in cheque approvals.

Why NPOs & Condo Boards Need a Change

With the increasing availability of secure financial technology, organizations no longer need to rely on slow, outdated cheque-based approval methods. Canadian NPOs and condo boards must embrace modern digital solutions to:

• Speed up approvals by enabling remote dual approvals through secure online platforms.
• Reduce costs by eliminating cheque-related expenses and manual processing.
• Enhance security through encryption, audit trails, and automated fraud detection.
• Ensure transparency with real-time tracking and digital documentation of every payment.

How Noble Ledger Inc. & Plaid Provide a Better Solution

Noble Ledger Inc. has integrated Plaid’s API to offer a seamless, digital-first payment approval system tailored for NPOs and condo boards. Here’s how it works:

• Dual Digital Approvals: Just like traditional dual signatures on cheques, Noble Ledger ensures that two authorized board members must approve every payment before it’s processed.
• Real-Time Bank Integration: Plaid securely connects to the organization’s bank account, providing instant updates on balances and transactions.
• Automated Budget Controls: If a payment exceeds a certain threshold or pushes a budget category over its limit, the system automatically flags it for further review or board approval.
• Vendor Authentication: Organizations can pre-approve vendors to prevent fraudulent payments.
• Enhanced Security: With end-to-end encryption, multi-factor authentication (MFA), and audit logs, every transaction is tracked, reducing fraud risks significantly.

Conclusion

The days of relying on slow, frustrating, and error-prone cheque-based approvals should be over. Digital payment approvals not only streamline processes but also improve financial oversight and security. Noble Ledger Inc., powered by Plaid’s API, offers a faster, safer, and more transparent solution for NPOs and condominium boards. By modernizing payment approvals, organizations can focus less on administrative bottlenecks and more on their mission.

Testing the blog feature

Apr 1, 2025

The Problem with Traditional Payment Approvals: Why NPOs & Condo Boards Need a Change

Introduction

For Canadian non-profits (NPOs) and condominium boards, financial oversight is crucial. Yet, many organizations still rely on outdated, manual payment approval methods—primarily cheques that require dual signatures. While this traditional approach was once a gold standard for financial control, it has become increasingly inefficient, costly, and vulnerable to fraud.

Noble Ledger Inc., utilizing Plaid’s API, is revolutionizing payment approvals by providing a secure, digital, and real-time alternative that maintains the necessary oversight while vastly improving efficiency. This article explores the core problems with traditional cheque-based payment approvals and why a digital transformation is overdue.

The Challenges of Traditional Payment Approvals

1. Slow and Inefficient Processing

• Delays in obtaining signatures: Coordinating two signatories for every cheque can take days or even weeks if board members are unavailable.
• Physical presence required: Signers often need to be in the same location, requiring in-person meetings, couriers, or mailing cheques.
• Time wasted on administrative work: Preparing, printing, signing, and mailing cheques adds unnecessary workload for staff and board members.

2. High Operational Costs

• Cheque fees: Banks charge for issuing, processing, and reconciling cheques.
• Courier/mailing expenses: When signatories are not available, courier services or express mail add extra costs.
• Lost time: Delays in cheque approvals lead to late payments, resulting in potential penalties or strained vendor relationships.

3. Security & Fraud Risks

• Forgery & alterations: Cheques can be altered, forged, or stolen, leading to unauthorized transactions.
• Lack of real-time oversight: Boards typically approve payments after they’ve already been issued, increasing the risk of undetected fraud.
• Duplicate payments: Human error can lead to duplicated transactions, causing unnecessary financial losses.
• Vulnerability to embezzlement: If internal controls fail, rogue employees or board members can exploit gaps in cheque approvals.

Why NPOs & Condo Boards Need a Change

With the increasing availability of secure financial technology, organizations no longer need to rely on slow, outdated cheque-based approval methods. Canadian NPOs and condo boards must embrace modern digital solutions to:

• Speed up approvals by enabling remote dual approvals through secure online platforms.
• Reduce costs by eliminating cheque-related expenses and manual processing.
• Enhance security through encryption, audit trails, and automated fraud detection.
• Ensure transparency with real-time tracking and digital documentation of every payment.

How Noble Ledger Inc. & Plaid Provide a Better Solution

Noble Ledger Inc. has integrated Plaid’s API to offer a seamless, digital-first payment approval system tailored for NPOs and condo boards. Here’s how it works:

• Dual Digital Approvals: Just like traditional dual signatures on cheques, Noble Ledger ensures that two authorized board members must approve every payment before it’s processed.
• Real-Time Bank Integration: Plaid securely connects to the organization’s bank account, providing instant updates on balances and transactions.
• Automated Budget Controls: If a payment exceeds a certain threshold or pushes a budget category over its limit, the system automatically flags it for further review or board approval.
• Vendor Authentication: Organizations can pre-approve vendors to prevent fraudulent payments.
• Enhanced Security: With end-to-end encryption, multi-factor authentication (MFA), and audit logs, every transaction is tracked, reducing fraud risks significantly.

Conclusion

The days of relying on slow, frustrating, and error-prone cheque-based approvals should be over. Digital payment approvals not only streamline processes but also improve financial oversight and security. Noble Ledger Inc., powered by Plaid’s API, offers a faster, safer, and more transparent solution for NPOs and condominium boards. By modernizing payment approvals, organizations can focus less on administrative bottlenecks and more on their mission.

Problem with Traditional Payment Approvals

Dec 23, 2024

The Problem with Traditional Payment Approvals: Why NPOs & Condo Boards Need a Change

Introduction

For Canadian non-profits (NPOs) and condominium boards, financial oversight is crucial. Yet, many organizations still rely on outdated, manual payment approval methods—primarily cheques that require dual signatures. While this traditional approach was once a gold standard for financial control, it has become increasingly inefficient, costly, and vulnerable to fraud.

Noble Ledger Inc., utilizing Plaid’s API, is revolutionizing payment approvals by providing a secure, digital, and real-time alternative that maintains the necessary oversight while vastly improving efficiency. This article explores the core problems with traditional cheque-based payment approvals and why a digital transformation is overdue.

The Challenges of Traditional Payment Approvals

1. Slow and Inefficient Processing

• Delays in obtaining signatures: Coordinating two signatories for every cheque can take days or even weeks if board members are unavailable.
• Physical presence required: Signers often need to be in the same location, requiring in-person meetings, couriers, or mailing cheques.
• Time wasted on administrative work: Preparing, printing, signing, and mailing cheques adds unnecessary workload for staff and board members.

2. High Operational Costs

• Cheque fees: Banks charge for issuing, processing, and reconciling cheques.
• Courier/mailing expenses: When signatories are not available, courier services or express mail add extra costs.
• Lost time: Delays in cheque approvals lead to late payments, resulting in potential penalties or strained vendor relationships.

3. Security & Fraud Risks

• Forgery & alterations: Cheques can be altered, forged, or stolen, leading to unauthorized transactions.
• Lack of real-time oversight: Boards typically approve payments after they’ve already been issued, increasing the risk of undetected fraud.
• Duplicate payments: Human error can lead to duplicated transactions, causing unnecessary financial losses.
• Vulnerability to embezzlement: If internal controls fail, rogue employees or board members can exploit gaps in cheque approvals.

Why NPOs & Condo Boards Need a Change

With the increasing availability of secure financial technology, organizations no longer need to rely on slow, outdated cheque-based approval methods. Canadian NPOs and condo boards must embrace modern digital solutions to:

• Speed up approvals by enabling remote dual approvals through secure online platforms.
• Reduce costs by eliminating cheque-related expenses and manual processing.
• Enhance security through encryption, audit trails, and automated fraud detection.
• Ensure transparency with real-time tracking and digital documentation of every payment.

How Noble Ledger Inc. & Plaid Provide a Better Solution

Noble Ledger Inc. has integrated Plaid’s API to offer a seamless, digital-first payment approval system tailored for NPOs and condo boards. Here’s how it works:

• Dual Digital Approvals: Just like traditional dual signatures on cheques, Noble Ledger ensures that two authorized board members must approve every payment before it’s processed.
• Real-Time Bank Integration: Plaid securely connects to the organization’s bank account, providing instant updates on balances and transactions.
• Automated Budget Controls: If a payment exceeds a certain threshold or pushes a budget category over its limit, the system automatically flags it for further review or board approval.
• Vendor Authentication: Organizations can pre-approve vendors to prevent fraudulent payments.
• Enhanced Security: With end-to-end encryption, multi-factor authentication (MFA), and audit logs, every transaction is tracked, reducing fraud risks significantly.

Conclusion

The days of relying on slow, frustrating, and error-prone cheque-based approvals should be over. Digital payment approvals not only streamline processes but also improve financial oversight and security. Noble Ledger Inc., powered by Plaid’s API, offers a faster, safer, and more transparent solution for NPOs and condominium boards. By modernizing payment approvals, organizations can focus less on administrative bottlenecks and more on their mission.