What is eCommission Payment Gateway? +
eCommission Payment Gateway is the service brokers use to pay agent commissions electronically as part of their regular payouts. Brokers or administrators authorize the payment, and eCommission handles the banking details, the transfer and the tracking. The brokerage no longer exports payment files, logs in to multiple banking portals or chases agent bank account changes.
Learn more about Payment Gateway. How much does eCommission Payment Gateway cost for brokerages? +
eCommission Payment Gateway is offered at no cost to brokerages. The agent pays delivery fees, which are deducted from the payment. Standard two-day delivery costs $1 per transaction, and expedited same-day delivery costs $25 per transaction.
How fast do agents get paid with eCommission Payment Gateway? +
Agents receive their commission in two business days with standard delivery or on the same business day with expedited same-day delivery as long as the brokerage authorizes the payment by 4 p.m. CDT. Agents choose their delivery speed in their secure eCommission account and can change it at any time. Each bank decides when the funds post to the agent's account.
Is eCommission Payment Gateway secure? +
eCommission Payment Gateway is built so brokerages never store agent bank information. Agents enter and manage their banking details in an encrypted portal where the information is verified. That means the brokerage no longer collects, stores or manually updates sensitive bank data, which significantly reduces the risk of exposure.
Do brokers still control commission payment approvals with eCommission Payment Gateway? +
Brokers keep control of commission payments with eCommission Payment Gateway. They still set up disbursements, control the amounts and timing, and maintain accounting visibility. When the brokerage is ready to pay an agent, one click hands the payment to eCommission to handle the transfer of funds.
What is the difference between eCommission Payment Gateway and a commission advance? +
Payment Gateway is a tool to help brokerages pay commissions on a regular payout schedule once a transaction closes. A commission advance is a way for agents to receive funds from a pending commission before the sale closes. Payment Gateway makes payouts faster, easier and more secure. A commission advance gives agents flexibility with their cash flow, and the brokerage carries no risk or liability.
Can a brokerage use Payment Gateway without commission advances or the other way around? +
Yes. Each service operates independently.
What is a commission advance for real estate agents? +
A commission advance is a factoring transaction in which a broker and agent sell a portion of a pending commission from an active listing or pending sale to eCommission for a fee. In exchange, the agent receives access to earned commissions before the estimated settlement date.
Why does the broker sign the commission advance agreement? +
The broker signs because all commissions earned by agents belong to the brokerage. Agents cannot advance their share without the broker's explicit consent. The agreement authorizes the sale and assignment to eCommission of the agent's requested net portion of the commission on a designated transaction after any split or balance owed to the brokerage.
Does a brokerage have any risk or liability with eCommission commission advances? +
No. All eCommission commission advances are nonrecourse for the broker and agent. In the unlikely event a sale falls through, eCommission asks the agent to replace it using future earned commissions. The broker's only administrative role is to direct any future commissions the agent earns to eCommission if an advance is outstanding. If the agent never earns another commission or leaves the brokerage, the broker has no liability to repay the advance.
How is an eCommission commission advance repaid? +
During underwriting, eCommission asks the broker to sign a commission disbursement authorization for the settlement company. That document instructs the settlement company to send the advanced portion of the agent's commission directly to eCommission at the close of escrow. Alternatively, the brokerage can direct payment of the advance to eCommission after closing.
Does eCommission advance commissions to brokers who buy or sell their own properties? +
Yes. eCommission advances commissions to brokers who are also buying or selling their own transactions. A few restrictions apply to the type and size of advances. The eCommission customer support team can provide details.
