Purchasing

Arranging Pre-Payments for Wholesale Orders

By June 4, 2019 June 6th, 2019 No Comments

When you order wholesale products from OCS, you will be required to pay for the order before it can be shipped to you. Initially, your payments can be made through wire transfer from your financial institution (FI) to ours, or by keeping a credit balance on your OCS Purchasing Account*. Once we have fully set up and confirmed your banking information, we will initiate a pre-authorized debit (PAD) process.

/ CHECKLIST FOR PRE-AUTHORIZED DEBIT TRANSACTIONS /

Once we have received and confirmed the items required on the list below, we will establish a Pre-Authorized Debit (PAD) transaction process between our institutions. This means that you will not be required to initiate any payments for your orders, as we will retrieve the necessary funds directly from your FI. To set up with PAD, please ensure you have provided us with the following:

  •  A signed, PAD Agreement authorizing OCS to retrieve funds from your account (Schedule B of your Retailer Agreement)
  • The name, transit number and address of your Financial Institution
  • The number of your bank account

/ QUESTIONS TO ASK YOUR FI ABOUT WIRE TRANSFERS /

The way you set up your account and the amounts you expect to wire may affect the way you can send one. Therefore, to make the wire-transfer transaction between our financial institutions as seamless for you as possible, please work with yours to communicate your specific needs and understand the following details:

  • Is there a daily cut-off time to request a wire-transfer? If so, what is that time?
  • What is the maximum amount permitted fora wire-transfer from my account? What is required to raise the limit, if needed?
  • Can I send a wire transfer electronically via online banking or must I visit the branch?
  • If the wire can only be done directly in a branch location: a) Who must be present from my business to request the transfer? b) What, if any documentation, must I bring?
  • Will I require additional approvals from the FI head office or other officials in the branch to send transfers in large amounts on a frequent basis?
  • Will I receive a date and time stamped confirmation of the wire-transfer when executed? How will I receive it?
  • How long can I expect for the funds to be received? What, if anything, might delay the process of transfer?
  • What are the fees for a wire transfer?

*PRE-PAID CREDIT ON OCS PURCHASING ACCOUNT

You may wire funds to us anytime in advance of placing your order and we will hold the funds as a credit on your OCS Purchasing Account. For example, if your budget is $100,000 for your upcoming order, you may wire-transfer that amount (or more) at any point before ordering, and it will be automatically applied to your order when placed. In these early days when you will be placing your first orders, you may wish to use this
option as it will enable you to avoid arranging your pre-payment on the same day that your order is confirmed, and may affect the timing of your delivery.

Please note: your order must be the same amount or less than the funds transferred.

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