Frequently Asked Questions
Bank card programs (even virtual card and single-use accounts) rely on a single payments route that is not widely accepted by your Suppliers. Lucrotec’s APeX technology is new and utilizes several newer technologies (robotic process automation, machine learning, sophisticated algorithms, etc.) to meet your Suppliers where they are today. There are no new processes for them. They accept cards, but they want payments delivered through their preferred products and gateways. Lucrotec APeX does just that. That's why acceptance rates above 50% are achievable, but this requires flexible technology and a Supplier-friendly mindset.
Lucrotec’s primary banking partners include Wells Fargo in the US and Canadian Imperial Bank of Commerce (CIBC) in Canada. Through these banks and their affiliates, Lucrotec supports transactions in over 30 countries.
Yes, Lucrotec is SSAE SOC1 Type 2 certified.
Reconciliation is automatically accomplished through our platform, Lucrotec APeX. Bank accounts are balanced daily and at the end of each month, Lucrotec provides the Client with a bank reconciliation report. Additionally, Lucrotec APeX's analytic dashboards (available 24/7/365) provide Clients with real-time transaction and funding details. Accounts are also audited by an external accounting firm on a quarterly basis. These capabilities ensure full Client visibility and accountability of all funds and payments.
Anti-money laundering and other compliance actions are the responsibility of the Client. Lucrotec does have a rigorous Know Your Client (KYC) compliance program in place that includes credit score and Office of Foreign Asset Control (OFAC) inquiries related to vendors.
Many payment providers require that, before vendor payments can be made, the Client transfers their funds into an account owned by the payment automation provider. This exposes the Client to unnecessary risk because, once the funds are transferred, the payment provider has complete ownership of the Client’s funds. Lucrotec eliminates this risk because the payment account is owned by the Client and, as a result, the Client retains 100% control of the funds throughout the vendor payment process. Lucrotec acts only as the facilitator for making vendor payments and never takes ownership of the Client’s funds.
Our payment platform, Lucrotec APeX, use AI and machine learning to determine optimal payment methods that will deliver the greatest rebate for each individual Supplier payment. Lucrotec APeX aggregates and stores this information, enabling it to optimize future payments across all Clients and payment types.
Robotic Process Automation (RPA), built into Lucrotec APeX and used in the vendor authentication and actual payment processes, leverages automation to reduce manual processes, expedite the payment process, and improve the accuracy of payments. While there are other uses for these technologies within Lucrotec APeX, these are the fundamental areas that make Lucrotec’s solution superior to legacy payment and other automated payment solutions.
Yes. Our payment platform, Lucrotec APeX, processes payments in over 30 currencies and can intelligently route these payments to achieve optimal benefits.