Costs going Down: StrataPay fees decline from January 1

Yes, you read the headline right. It’s rare these days, but we are happy to announce that StrataPay is reducing its transaction fee for levy payments in the new year.

Starting from January 1, the new fees by payment channel will be:

• Direct Debit $0.40 per transaction (Inc. GST)
• All other channels $0.95 per transaction (Inc. GST)

This is down from the current price of $1.60 for all transactions.

It’s a small reduction on each payment, but if you multiply it out across the number of owners and the number of levy notices per year, the total starts adding up to a real saving in the body corporate budget.

As you can see, there is an incentive towards owners paying by direct debit and StrataPay is improving its capacity to set up and manage direct debits online. It is hoped that this will become one of the major means by which owners can make payments moving forwards. Tower will do some promotion around this in the New Year to give owners a push to sign up.

The price reduction has been made possible by increases in the reserve bank rate and it is good to see the saving is being passed on to body corporate consumers. Costs across the industry are increasing and it is important for owners to understand that the body corporate infrastructure that surrounds their buildings is conscious of the need to keep body corporates financially viable. The saving achieved here is the visible face of many, many conversations and efforts to try to achieve this kind of benefit industry
wide. Hopefully, it is but one step toward a series of improvements that the industry can achieve moving forwards.

To sign up for Direct Debits go to the Stratapay website.

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