Managing Owners Corporation fees can be challenging, especially when faced with large quarterly or six-monthly payments. For many property owners, finding a convenient way to pay Owners Corporation fees is crucial. The DEFT payment system offers an effective solution to ease this burden while promoting financial stability through secure fee payments.
Let’s explore this further.
What is the DEFT payment system?
DEFT (Direct Electronic Funds Transfer) is a secure payment platform that allows property owners to take control of their fee payments through automated and recurring transactions. The system offers various payment options to suit different needs:
- One-off payments by card online without registration
- Registered user payments via card or bank account
- Scheduled future-dated or recurring payments
- BPAY® integration
- Over-the-counter payments at Australia Post
When you register for DEFT, you gain additional benefits like payment history tracking, easy management of multiple reference numbers, and email notifications for successful and unsuccessful payments.
Why choose the DEFT payment system for your Owners Corporation fees?
Consistency in budgeting
One of the primary advantages of using DEFT for Owners Corporation fee payments is the ability to set up recurring payments based on pay frequency. If you receive your income fortnightly, for instance, you can allocate a portion of your pay to cover your fees. This ensures you’re consistently contributing towards fees, making it easier to budget and manage finances.
More seamless payments
Quarterly or six-monthly fee notices can sometimes catch us off guard, leading to last-minute scrambling to gather funds. DEFT reduces the stress of large lump-sum payments by making regular contributions throughout the year. This proactive approach ensures that when the fee notice arrives, significant progress has already been made in covering the costs.
Eliminate late fees
Late payment of Owners Corporation fees can result in penalties and strained relationships with property management. DEFT allows you to set up automatic payments, reducing the risk of forgetting due dates and incurring unnecessary late fees.
Set custom payment schedules
DEFT offers flexibility in setting up payment schedules according to your financial preferences. Whether you prefer paying weekly, fortnightly, or monthly, DEFT allows you to tailor the payment frequency to align with your income structure.
Greater financial control
By automating Owners Corporation fee payments, you gain better control over your financial obligations. You can track payments, monitor your account balance, and make adjustments as needed. This level of control contributes to overall financial stability.
DEFT payment system security
Security is a cornerstone of the DEFT payment system. All information displayed on the DEFT website is protected by 256-bit encryption running on a Secure Socket Layer (SSL). Your personal information and account details are stored in an encrypted secure database and handled in accordance with strict privacy policies.
When making card payments, you may be prompted to complete additional verification through 3D Secure (3DS), a fraud protection tool that adds a second layer of authentication. This might involve entering an SMS code or authenticating through your bank’s website or app.
The system maintains constant security monitoring and regular updates to ensure your financial information remains protected. All transactions are tracked and recorded, providing a clear audit trail for your peace of mind.
Why DEFT over other payment systems for your Owners Corporation fees?
The DEFT payment convenience stands apart from traditional methods through its comprehensive approach to property fee payments. Unlike standard bank transfers, the DEFT payment system provides complete payment flexibility and automated scheduling options for your Owners Corporation fees. The system offers lower processing fees compared to regular credit card payments and provides better integration with property management systems.
The platform’s user interface is specifically designed for property-related payments, making it more intuitive than general payment systems. DEFT’s customer service team also specialises in property fee transactions, ensuring you receive relevant and helpful support when needed.
FAQs
“How do I register?”
To create a DEFT account, follow these steps:
- Select ‘Register now’
- Enter your name, email address and contact details (your email will be your username)
- Complete the security verification
- Create your account and await your temporary password via email
- Log in with the temporary password and create your own secure password
- Enter your personal information when prompted
- Begin setting up your payments through the ‘Make a payment’ button
“What happens if a payment is dishonoured?”
If a payment is dishonoured, you should contact your financial institution to understand why. Common reasons include:
- Insufficient available balance
- Closed account
- Incorrect account number
- Account type restrictions (some savings accounts don’t permit direct debits)
DEFT charges a dishonour fee which your biller may pass on to you. For recurring payments, you can update your payment details to prevent future issues.
“Can I change my payment schedule after setting it up?”
Yes, you can modify your payment schedule by:
- Logging into your DEFT account
- Selecting the ‘Scheduled payments’ tab
- Choosing the payment you wish to modify
- Selecting ‘Edit’ to adjust:
- Payment frequency
- Payment dates
- Payment amounts
- Payment methods
- Confirming your changes
“What is my DRN?”
Your DRN is a unique identifier provided by your biller, typically found on your invoice, card, or correspondence. If you cannot locate your DRN, contact your property manager for assistance.
“Are there other fees involved?”
Your financial institution may charge dishonour fees if payments cannot be processed. DEFT may also charge your biller a dishonour fee, which may be passed on to you. Contact your property manager for specific fee information.
Make property management easier with MBCM
At MBCM, we believe property management should be straightforward and stress-free. Our recommendation of the DEFT payment system is just one example of how we’re committed to making your life easier.
Our local teams across Australia work to simplify every aspect of property management, from maintenance and compliance to financial services and owner support. We combine our deep industry expertise with innovative solutions like DEFT to ensure you receive the most comprehensive and hassle-free property management experience possible. Contact your local MBCM branch today.