22 July 2024
Attention: Residents of Estates Managed on Qornerstone Platform
QuickPay Platform Fee – What It Is and Why It’s Necessary
Dear Sir/Mdm,
You may have noticed an extra 50c charge when paying your last condo bill, either when using PayNowTM or paying via Qommunity app. Naturally, you may be wondering about this.
Collecting payments accurately and efficiently is mission-critical for your estate’s finances. When Residents make payments by cheques, bank transfers or even static PayNow QR code, issues may arise such as:
a. Having to double-check beneficiary name to avoid bounced cheques, misplaced transfers, and guard against tampered QR codes;
b. Accounts may not be properly updated if Residents forget to include their number (which happens rather often); and,
c. Manual effort is needed to match payments to invoices and update accounts, which is costly and may lead to data-entry errors.
What is QuickPay
QuickPay is an end-to-end solution which automates the entire collections process. Invoices are generated on the Qornerstone property management software and payment details converted into unique QR codes by our bank partners, DBS or OCBC.
a. When you scan this QR code, all payment details are defaulted, simply tap Pay;
b. After payment is made, our partner banks send an automated payment notification to Qornerstone server; and,
c. Your ledger account is instantly updated with a same-day payment confirmation sent to you by email.
In short, QuickPay makes condo bill payments Automated, Traceable, Secure.
QuickPay Charges Explained
It took quite a bit of development work to integrate Qornerstone with the Banks’ systems. We also incur running costs as the Banks charge for each secure, server-to-server payment notification.
Using QuickPay (and paying the nominal charge!) helps you and your estate by automating payments collection and boosting the productivity of your property manager. After all, less time wasted on tracing payments and reversing late payment interest means more time improving your estate.
Rest assured, you’re not paying a surcharge to use PayNow (see PM’s reply to Parliament: https://www.mas.gov.sg/news/parliamentary-replies/2024/pq-on-charges-levied-by-banks-and-payment-service-providers-on-merchants-for-using-paynow#).
For more on how digitalisation can help save money for your estate and improve service levels, please visit Qornerstone.com/Residential
If you have further questions, write to our friendly Digital Transformation (DX) Team at [email protected]
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