IMPORTANT: The feature discussed in this article may not be enabled for your CORE BackOffice account.
Setup Without Instant Bank Verification (IBV)
If the brokerage was not able to set up ACH for the company using the Instant Bank Verification (IBV) method, then Agents will receive their payments 3 business days from when the payment is initiated.
Important: Payments must be initiated by the brokerage by 4 pm CST to have these payment speeds applied.
For example, if payment is initiated on a Monday at 3 pm CST, the payment will arrive on Thursday. However, if payment is initiated on a Monday at 4:02 pm CST, the payment will arrive on Friday.
Weekends and holidays are not business days, therefore, payments do not process or arrive on these days.
Setup With Instant Bank Verification (IBV)
If the brokerage had completed the IBV method when setting up ACH for the company, then Agents will have the option for faster payment speeds.
First, navigate to ‘My Account’, and then ‘Account Settings’. The Payment Gateway Settings area is on the right-hand side.
Two Day Payments - No additional fee
Next-Day Payments - $15 fee per transfer
Same-Day Payments - $25 fee per transfer
If this is set to be paid by the Agent, it will come out of the payment.
For example, if the brokerage is paying $1000, and it is set for same-day delivery speed ($25 fee) to be paid by the Agent, then the Agent will receive $975.
If this is to be paid by the brokerage, it will come directly from the brokerage bank account.
For example, if the brokerage is paying $1000, and it is set for same-day delivery speed ($25 fee) to be paid by the broker, then $1025 will withdraw from the brokerage’s bank account, and $1000 will be paid to the Agent.
Please Note: Payments must be initiated by the brokerage by 4 pm CST to have these payment speeds applied.
For example, if the brokerage initiates payment for same-day delivery at 3:30 pm CST, it will arrive that night. However, if the brokerage initiates payment for same-day delivery at 4:30 pm CST, it will arrive the next business day as it has missed the cutoff time for that day.
If a brokerage initiates payment for next-day delivery after 4 pm CST, it will arrive in 2 business days as it has missed the cutoff time for that day.
Weekends and holidays are not business days, and so payments do not process or arrive on these days.
If the speed setting has a fee that is currently paid by the broker, and the Agent goes to change this, it will be automatically set to be paid by the Agent. The only way to have this paid by the broker again is to have a Broker account (or an Admin account that has been approved for eCommission payments) update this.
As long as expedited speeds are available, payment speed can be set as needed per transaction if all the Agents on it have a bank account added.
Please Note: The payment delivery speeds will not be visible when originally manually adding the transaction. The Agent’s bank account will need to be verified as valid before it’s visible.
Once created, the payment speed appears under the commission data on the left of the transaction info page.
As an Agent, this can also be changed within the transaction. If an Agent chooses a paid speed then they will be responsible to pay the fee from the net amount. This does not affect the Agent’s default setting and only applies to the individual transaction.
When the Broker goes to pay that Agent on the ‘Pay Agent’ tab of the transaction, it will use the speed the Agent had set. This can still be changed on the payment page before initiating the payment.
Have more questions or need assistance? Please reach out to Customer Support via the blue chat bubble to the right or by emailing firstname.lastname@example.org!