“MCSTs face problems with collecting money because payments are still being reconciled to invoices manually.”
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Errors & Omissions
Data entry errors
SPs forget to enter the unit number

Disputes
Double-billings
Late payment interest

Hidden Cost
Low productivity
More paperwork
How Can QuickPay Help?
QuickPay is a fully automated solution for ensuring MCST payments are accurate, complete, and secure.
“No more disputes over payments.”

What is QuickPay?
e-payments for MCSTs
MFSF bills
Booking fees, deposits
Unique PayNow QR
QR codes contain invoice amount, reference number
3 Ways to play
Statement of Account QR code
Qommunity Resident App
Over-the-counter
Automated Reconciliation
Updates MCST’s accounting ledgers instantly

How Does QuickPay Benefit your MCST?



Flow of Funds Using DBS-QuickPay
*Image courtesy of DBS*

QuickPay Risks & Mitigating Controls

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
QuickPay Risks & Mitigating Controls

QuickPay FAQs
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 transaction (b) QuickPay platform fees*: *applies for new customers without pre-agreed contracts. |
Any documents to be signed? |
Consent form |
QuickPay Cost Savings Computation

Large Estate:
Net savings $1,000 per annum

Small Estate:
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 Enabled by Qornerstone Estate
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.


Closing the Loop for Accounts Payables on Qornerstone Estate
- Switching from cheques to e-payments to pay supplier invoices.
- MCST must operate a DBS, OCBC or UOB account.
- Bank charges: 20c per transaction
If MCST opens a DBS account – FREE first 50 payments each month.


Get a free copy of
"Setting up e-payments
for Accounts Payables"