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Data entry errors
SPs forget to enter the unit number
Double-billings
Late payment interest
Low productivity
More paperwork
QuickPay is a fully automated solution for ensuring MCST payments are accurate, complete, and secure.
MFSF bills
Booking fees, deposits
QR codes contain invoice amount, reference number
Statement of Account QR code
Qommunity Resident App
Over-the-counter
Updates MCST’s accounting ledgers instantly
*Image courtesy of DBS*
Third Party Control
Bank has waived right of set-off; account effectively works like escrow
Payments Go Missing
Payments instantly posted to MCST’s ledger accounts
Collections tallied daily to MCST’s bank statement
Unauthorised Withdrawals
Only automated server-to-server instructions
No access by ibanking, ATM, chequebook
Fraudulent Transfers
Each payment tracked electronically with a unique transaction ID number
| Questions | Answers |
|
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 |
|
What are the fees? |
(a) Transaction fees*: 50c per payment (b) QuickPay facility fees**: |
|
Any documents to be signed? |
Consent form |
Net savings $1,000 per annum
Net savings $280 per annum
Cost
|
|
Large Estate (1000 units) |
Small Estate (100 units) |
|
| 1 |
Transaction costs |
$3,200 |
$160 |
| 2 |
QuickPay facility fees |
$1,200 |
$40 |
|
Net Total Cost |
$4,400 per annum |
$200 per annum |
Savings
| 1 |
Increase in Booking Fees |
$3,600 |
$300 |
| 2 | Savings on Printing & Postage |
$1,800 |
$180 |
|
Total (Revenue Increase + Savings) |
$5,400 per annum |
$480 per annum |
QuickPay is available on Qornerstone Estate – a modern, cloud-based software for managing strata-titled estates.
Modules include strata, billings, finance, and maintenance work together with apps for Residents and Staff.
If MCST opens a DBS account – FREE first 50 payments each month.