Benefits of QuickPay
IMPROVE SITE STAFF PRODUCTIVITY
Eliminate Administrative PaperWork
QuickPay streamlines or automates the following:
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Manual receipt issuance
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Cash or cheque collections
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Trips to bank-in cheques
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Manually compiling payment listing
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Sending paperwork from site to HQ Finance
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Manually reconciling payments
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Keying receipts to update ledger accounts
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Site Staff are freed from burdensome tasks, which add little value to the estate, and are free to focus on serving residents and taking care of the estate.
INCREASE RESIDENTS' SATISFACTION
Modernise How Collections Are Handled
Current modes of payment like bank transfers or PayNow using static QR codes have 2 main issues:
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Issue #1
- Residents sometimes forget to include their unit number as a reference, which causes problems when it comes to tracing the payment and reconciling to update their account.
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Issue #2
- Residents need to wait until the next billing cycle to confirm their payment has been correctly taken in, which leads to no small amount of anxiety since the amounts can be sizeable.
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QuickPay SOLVES THESE ISSUES by automating the entire process:
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PayNow QR code is generated dynamically and unique for every invoice
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Users simply need to scan the QR code and tap PAY
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All payment details are defaulted by the PayNow QR code (no need for user to key in any details!)
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Payment is reconciled in real time and Residents' ledger balance updates to NIL outstanding instantly and can be viewed on the app
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Payment confirmation sent same day by email
AUTOMATE FINANCIAL BOOKKEEPING
Improve Accuracy and Timeliness of Financial Accounts through Automation
Moving from paper-based manual collections to a fully automated e-payments and receivables management solution like QuickPay allows for faster and more timely month-end account closing. Ask your Managing Agent to arrange a demo with the Qornerstone team so you can see for yourself a side by side comparison of manually updated accounts versus automated financial bookkeeping processes.
PAYMENTS GATEWAY
What is QuickPay
e-payments for MCSTs
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MFSF bills
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Booking fees, deposits
3 Ways to Pay
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Statement of Account QR code
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Qommunity Resident App
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Over-the-counter
Unique PayNow QR
& Credit Cards
QR codes contain invoice amount, reference number
Automated Reconciliation
Updates MCST’s accounting ledgers instantly
EXPLAINING QUICKPAY CHARGES
Why Is There 50c Charged for QuickPay Transactions
ROI Calculation
Consider how taking in payments manually results in:
- Time taken to manually record payments at the counter means less time for site staff to maintain the estate
- Mistakes made in manual entry of payment details results in anxiety and frustration for Residents and time wasted for site staff
- Manually taking in payments and tracing back to bank statements is time-consuming and costly
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Compare all that to 50c per transaction regardless of payment value.
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Here's how QuickPay saves money for your estate:
1. Reduce transaction cost for facility bookings
- Instead of credit card MDR of 2~3% or $1.50 onwards per booking, the cost is now 50c
- Cost of trips to bank in cheques $20 ~ $30 per trip in transport costs
- Eliminate paper printing & postage by at least $1,000 per annum
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Cost of QuickPay for a 100-unit estate
- 4 quarterly bills: $200 per annum
- Small payments: $60 per annum
Total: $260 per annum
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Cost of QuickPay for a 1,000-unit estate
- 4 quarterly bills: $2,000 per annum
- Small payments: $1,800 per annum
Total: $3,800 per annum
FAQs
Can Payer use any PayNow-enabled bank account?
Yes
Can MCST operate any bank account?
Yes
How do payments flow from Payer to MCST?
2 Options Available:
Direct to MCST bank account and Indirect through DBS Collection Account.
When are payments transferred into the MCST bank account?
Immediate and same day
Any documents to be signed?
Consent form
What are the fees?
(a) Transaction fees*: $0.50 per transaction
(b) QuickPay Platform fees*:$5 per month for every 50 units
*applies for new customers without pre-agreed contracts.