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ACH Payment Gateway Setup Process Overview
How to Set Up ACH Payments
To set up ACH payments first, log in and select 'eCommission'. Then choose '+ Create Payment Gateway'.
A pop-up will appear, click 'Continue'.
Please Note: All fields are required to continue.
This is also where you set your default payment speed. If you wish to change this later, you may do so from 'My Account' > 'Account Settings' after the bank account is verified/active.
Complete the fields and select ‘Submit'. A popup containing the terms and conditions will appear. Agree to the terms using the checkbox on the left and hit ‘Accept’ to continue.
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: Agents that use JPMorgan Chase Bank must use the manual setup process, and not IBV. This is due to what Chase uses called 'virtual accounts' in the IBV process.
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. The account status will show 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 Active, the broker may begin to initiate payments to you.
If the Bank Cannot Be Found
Select ‘Exit’ from the top right.
You will then be taken back to CORE BackOffice.
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.
Please Note: If you have not added Two-Factor Authentication you will be prompted to do so at this time.
Select ‘Manual Bank Verification’. Then complete all fields on the following page and click ‘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 Active, the broker may begin to initiate payments to you.
Payment Speeds
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.
Payment Speeds Timeframe
Frequently Asked Questions
When setting up my bank account via Instant Bank Verification I'm getting an error reading 'Error: Bank Account Not Available'. What do I do?
In this case your bank account cannot be added via IBV. You will need to use your routing and account numbers to link your account to CORE BackOffice.
I added my bank account and it shows "Inactive: In review" - why?
The bank account was added successfully! You'll need to wait for eCommission to review the account. The review process is completed by eCommission with an expected turnaround time of fewer than 24 hours.
I input the wrong email and it needs to be changed - how can I update it?
If an email address needs to be updated you'll want to contact eCommission Support for assistance.
I'm receiving an error that reads 'Inactive : Unable to obtain account and routing information from your bank. Please complete the Manual bank setup'. What do I need to do?
If you receive this error you'll want to change your bank account and add it using the manual verification option.
Why do you require seeing my account balance when I sign up using IBV?
That information appears there because it is required information when a Broker sets up their account. It is something that only affects Brokers, but because it’s the same integration for both connections it appears when Agents set up their accounts as well.
Does CORE BackOffice or eCommissions store the users login information when they add their bank account via IBV for Payment Gateway?
No, CORE BackOffice does not store the login information. eCommission does not store the login, nor does finicity. The login returns a token that authorizes eCommision to send money to the account.
Who do the transfer fees get paid to?
Fees are paid to eCommission.
I don't have an MLS number. Can I sign up for eCommission?
Yes, please enter in your Real Estate License number in that field.
Can I connect multiple bank accounts to my account?
No - only one bank account can be connected per Agent.
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!