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Frequently Asked Questions

We already have a big bank card program and the acceptance rates are far below what Lucrotec purports to achieve. How is this possible?

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 Surity 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 Surity does just that. That's why acceptance rates above 50% are achievable, but this requires flexible technology and a Supplier-friendly mindset.

Who are Lucrotec’s banking partners?

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.

Are Lucrotec’s financial controls SSAE certified?

Yes, Lucrotec is SSAE SOC1 Type 2 certified.

How is the bank account reconciled? Do we have access to a reconciliation report?

Reconciliation is automatically accomplished through our platform, Lucrotec Surity. Bank accounts are balanced daily and at the end of each month, Lucrotec provides the Client with a bank reconciliation report. Additionally, Lucrotec Surity’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.

Who performs the anti-money laundering and other risk/ compliance actions required before payments are made?

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.

Compared to many other automated payment providers, how does Lucrotec’s payment account funding process eliminate Client risk?

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.

How is intelligent automation being used, and why is it different from legacy systems and other payment automation providers?

Our payment platform, Lucrotec Surity, use AI and machine learning to determine optimal payment methods that will deliver the greatest rebate for each individual Supplier payment. Lucrotec Surity aggregates and stores this information, enabling it to optimize future payments across all Clients and payment types.

Robotic Process Automation (RPA), built into Lucrotec Surity 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 Surity, these are the fundamental areas that make Lucrotec’s solution superior to legacy payment and other automated payment solutions.

Can Lucrotec’s solution technology be used with our Suppliers on a global basis?

Yes. Our payment platform, Lucrotec Surity, processes payments in over 30 currencies and can intelligently route these payments to achieve optimal benefits.

Contact Us & Get Started

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Corporate Office

100 Enterprise Drive, Suite 301
Rockaway, NJ 07866
Phone: 1.855.677.6348

Virginia Office

10432 Balls Ford Road, Suite 300
Manassas, VA 20109

Support

support@lucrotec.com

Information

info@lucrotec.com

Sales

sales@lucrotec.com