Since the inception of Payreq, the digital invoicing platform has helped countless businesses streamline their payments experiences, go paperless and find new efficiencies.
More recently, Payreq sent their 1 millionth invoice and joined more than 50 connected apps in the comprehensive PropertyMe integration ecosystem.
Let’s dive into this month’s PropertyMe Integrator Spotlight on Payreq.
What is Payreq?
With more than a decade of fintech experience at BPAY, CBA and Service NSW, the founder of Payreq, Andrew Stein, saw an opportunity to disrupt the payments space by improving the experience for both billers and their customers.
Payreq Founder Andrew Stein said, “Bills are a constant in life. We receive them from various channels and there are often a number of different ways to pay. You might need to log into online banking and enter the biller data, pay on the biller’s website or ring a phone number to provide your credit card details. All these manual processes create inefficiencies in the payments experience and can lead to misplaced bills, late payments and unnecessary stress for customers.”
Thus, Payreq was founded in 2015 to help more billers integrate with BPAY so they can easily send invoices to their customer’s preferred digital bill delivery channel. This might be their online banking platform, email address or accounting system, just to name a few.
Not only does Payreq make it easier for billers to request payment, but it also reduces the likelihood of late payments and misplaced bills as customers can track and pay all their bills in one centralised location.
Payreq CEO Brian White said, “By delivering bills to the customer’s preferred channel, there’s less admin for customers and the payments experience is much more efficient and secure for all parties involved.”
“Similarly, property managers are responsible for paying bills on behalf of their owners and depending on the size of their rent roll, they could be processing hundreds or thousands of invoices on a monthly basis. With Payreq MyBills Agent, they can completely automate bill data entry into PropertyMe without lifting a finger.”
How does Payreq work with PropertyMe?
PropertyMe users can create a free Payreq MyBills Agent account to send bills from Payreq-connected billers to their PropertyMe portfolio. This can be done in four easy steps:
- Connect Payreq MyBills to your PropertyMe portfolio
- Set up forwarding rules
- Invoice data automatically flows into PropertyMe
- Pay single or bulk bills in PropertyMe
Once you’ve connected your Payreq MyBills Agent account to PropertyMe, simply set up forwarding rules for each biller by selecting the relevant PropertyMe supplier, indicating whether the bill includes tax and mapping the bill due date field.
Thereafter, invoice data will flow automatically into PropertyMe with the dollar amount, due date, payment reference and property ID, ready for single or bulk payment. Effectively, this reduces the number of outbound calls to councils and utility providers and eliminates the need for bill scanning and data entry.
What does the future of Payreq look like?
Payreq has come a long way in just five years. Payreq has been certified as a PEPPOL E-Invoicing Access Point by the ATO and Payreq MyBills supports the creation of BPAY Batch files to make it easier for users to make bulk payments via online banking.
Meanwhile, Payreq MyBills Pay is an innovative way to automate card payments using integrations with existing payment gateway providers. Currently, you can pay securely by credit card with more payment options coming soon.
“Looking to the future, we will be expanding the range of payment features offered. We’re always looking for ways to create a better payments experience for billers, their customers and agents,” said White.
“As more billers join the Payreq platform, more and more bill imports can be automated. We look forward to the day that paper and email bills become a thing of the past.”
Thanks for reading this month’s PropertyMe Integrator Spotlight on Payreq. You might also be interested in:
- PropertyMe Integrator Spotlight: Rental Heroes
- The shift towards customer experience in real estate
- @Lisa Pentland: single solution or seamless integration