IMPORTANT: The feature discussed in this article may not be enabled for your CORE BackOffice account.

Overview

Each Broker will have the ability to add a bank account through the new Payment Gateway. This will allow for both the Instant Bank Verification (IBV) or a manual Bank Account and Routing Number methods. The IBV option will open up the ability to pay Agents with faster payment speeds.

Please Note: If your current bank account is not within the IBV Network then you will not be able to offer your Agents faster payment speeds. You may request CORE BackOffice Support reach out to eCommission to request that the funding source be added to IBV.

If you add the funding source via Instant Bank Verification, the standard payment time frame will be 2 business days. If you add your funding source via the Account Number and Routing Number, the standard payment time frame will be 3 business days.

Faster Payment Options

For Next Day payments, the fee is $15 per transfer.

For Same Day payments, the fee is $25 per transfer.

This may be paid by the Agent or the brokerage.

If an Admin/brokerage is setting the default payment speed for an Agent, they may choose if this fee will be paid by the Agent and come out of their commission portion, or if the brokerage will be covering this fee.

If the Agent is setting their default payment speed then the fee will, by default, be set to be paid by the Agent from their commission. The brokerage may decide to cover this fee and waive Agent responsibility as needed on the transaction info page before the disbursement is created. This allows Brokers the ability to offer the incentive of covering the Agent’s faster payment speed fees.

Important

There is a pre-approval process for using Payment Gateway. Your brokerage must close 10 transactions in CORE BackOffice, and the close dates of those transactions must be post-launch date. Once this is complete, please reach out to CORE BackOffice Support at cbosupport@insiderealestate.com so they may submit the application for your brokerage.

The pre-approval process can take up to 30 business days. Once approved, the main broker account email will receive a notification that they are approved and can start the process with Payment Gateway.

How to Setup the ACH Payments

First, go to the Payment Gateway. Then, select '+ Create Payment Gateway'.

Your Broker and Company information will be automatically pre-filled for ease. Fill in the fields that do not have an autofill response.

Please Note: All fields must be filled out to proceed to the next step.

After filling out all steps, select 'Submit' on the bottom right-hand side. A popup with the terms and conditions will appear. Agree to the terms using the checkbox and select 'Accept'.

Once this is accepted you will be taken immediately to a new page to add your banking information.

Search for your bank to add it via the Instant Bank Verification (IBV) method.

Please Note: IBV is required in order to use any expedited payment delivery options.

If the Bank Account Can Be Found

When the bank account is chosen, terms and conditions for the selected bank appear. Click ‘Next’.

Then, enter in the banking credentials and proceed with secure sign-in.

Select and save the correct account.

Lastly, review the information and select ‘Submit’.

You will then be taken back to CORE BackOffice. A popup to set the default payment speed will appear.

Select the timeframe that you would like as the default and choose ‘Save’.

You will then see the account status as ‘Inactive: In Review’. The review process is completed by eCommission, with an expected turnaround time of fewer than 24 hours.

Once reviewed, the status will either be ‘Active’ or ‘Inactive’.

If the status is showing as ‘Inactive’ it’s likely:

  • Incomplete and requires more information

  • Cancelled, and then the reason why will be visible.

The most common issues:

  • IBV did not work (e.g., the bank is unsupported)

  • Names do not match

  • Expired or unverified license

  • Invalid name on the account

  • Account closed or frozen

Once the status is ‘Active’, the Agents will be auto-sent an email to create their ACH.

If the Bank Account Cannot Be Found

Select ‘Exit’ from the top right.

You will then be taken back to CORE BackOffice.

Please Note: If the Broker’s current bank account is not within the IBV Network then the Broker will not be able to offer their Agents faster payment speeds. They may request CORE BackOffice Support reach out to eCommission to request that the funding source be added to IBV.

If the brokerage adds their funding source via Instant Bank Verification, the standard payment time frame will be 2 business days.

If the Broker adds their funding source via the Account Number and Routing Number, the standard payment time frame will be 3 business days.

To add the bank account from this point, click ‘+Add Bank Account’. A popup will appear asking you to choose how you’d like to verify your bank information.

If Manual Bank Verification is chosen, complete all fields on the following page and select ‘Submit’.

Then, the account status will show as ‘Inactive: In Review’. The review process is completed by eCommission, and the expected turnaround time is less than 24 hours.

Once reviewed, this will either be listed as ‘Active’ or ‘Inactive’

If the status is showing as ‘Inactive’ it’s likely:

  • Incomplete and requires more information

  • Cancelled, and then the reason why will be visible.

The most common issues:

  • IBV did not work (e.g., the bank is unsupported)

  • Names do not match

  • Expired or unverified license

  • Invalid name on the account

  • Account closed or frozen

Once the status is ‘Active’, the Agents will be auto-sent an email to create their ACH.

Have more questions or need assistance? Please reach out to Customer Support via the blue chat bubble to the right or by emailing cbosupport@insiderealestate.com!

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