Today’s eMemo contains the following updates:
- Member Direct Billing (MDB) is coming September 2020
- If you’re switching from Office Billing to MDB, there are steps you can take now to start preparing for the move
- Where to find MDB information and resources
Member Direct Billing is coming September 2020
Member Direct Billing (MDB) is a value-added member billing service that many Fraser Valley Managing Brokers have been requesting.
Immediately following our AGM in February, when the membership voted in support of MDB, the Board started developing a plan to prepare for a September 2020 launch.
Benefits of MDB:
- Reduce administrative burden and costs
- Reduce brokerage financial risk and interruptions in Board service if members are in arrears for their payments
- Give your members more control over their own billing
MDB is optional:
- If you would like to continue to send dues and fees to the Board on behalf of members (Office Billing), take no action. Your member invoicing system remains as is.
- If your brokerage decides to adopt MDB, all of your members will become responsible for paying their individual dues and fees.
Under MDB, the following dues and fees would be paid by members themselves:
- member dues (FVREB, BCREA, CREA)
- listing fees (including Lease listings)
- Commercial EDGE fees
- REBGV access fees
Note: This list may be revised, as the Board’s products and service offerings evolve over time.
Criteria for MDB:
- Your office’s Board billing accounts must be up to date. No unpaid FVREB invoices that are more than 30 days overdue.
- All your members’ personal information on file at the Board through the Member Portal– including their home address, mobile phone number, email address, valid credit card and enrollment with Auto Pay – must be up to date.
The Board’s early payment discount for offices does not apply to MDB:
- Brokerages that currently collect and submit member dues and fee payments promptly to the Board receive a 7.5 per cent discount. This discount would not apply to MDB offices.
- As indicated, under MDB your members become responsible for paying their individual invoices and the Board takes on the responsibility of collection.
If MDB doesn’t work out for your brokerage, you can switch back to Office Billing:
- If your brokerage adopts MDB in the fall and you find out it doesn’t meet your needs or the needs of your members, you can switch back to Office Billing. It’s your choice!
If you’re switching to Member Direct Billing, there are steps you can take now to start preparing for the move
Three key steps:
1. Alert members in your brokerage early so they can prepare for the change in how their accounts will be handled. Their profile in the Member Portal must have their home address, mobile phone number, email address, a valid credit card and enrollment with Auto Pay. Send them our “MDB – Getting Started” document to walk them through the process.
2. Review our “MDB – General Information” guide, which contains Broker FAQs, so you are fully prepared to make the transition.
3. Fill out our “MDB – Registration Form,” when you have completed all the preparations and send it to email@example.com. That way, you’re already “in the queue” when the option becomes available in September.
Digital banking and accounting are now the norm and we’d like to offer these options to improve services for brokerages and members.
Where to find MDB information and resources
Go to our updated and dedicated Member Direct Billing page on REALTOR Link®.
Source: FVREB Communications