Payee Splits allow you to redirect some or all of the commission on a loan to a third party. Connective makes cash payments on your behalf to your Payees, and makes a corresponding adjustment to the cash paid to you.
Commission splits can be applied Manually or Automatically
Access to Splitting
To enable Splitting Access, a Principle Owner or Director must email [email protected] to grant access to a Mercury user.
Managing Payees
Before applying a split, the Payee must be set up in Mercury and Active. To create a new payee, refer to Manage Payees in the Commissions App. For more information, please visit Create & Manage Payees.
You are responsible for managing the Payee's details, including password and bank details. Connective cannot amend bank details or login details for Payees.
Applying splits
Payee splits must be applied before the payment batch cut-off date. Please refer to the Commissions Payment Calendar for more information.
Commission splits can only be applied once the loan account exists in the Interim statement or Loan Accounts tab, which first happens when the loan is received on a lender statement and allocated to a broker.
See Applying Payee Splits to Loan Accounts for instructions on applying splits
Commission Splits and Clawbacks
If a clawback is received on a loan with commission splits, it will be applied using the same rules as a commission payment.
If a Payee's monthly commission payment is insufficient to cover any clawbacks split to them, the remaining amount due will be deducted from commission payments to the Full Member, or from other payees, at the absolute discretion of Connective.
Additional information
If at any point the commission remaining is less than the calculated amount for a payee, that payee will receive what is left.
Splits can take a few days to be visible on interim statements.
Splits are not currently available for Asset Finance or QuickAF loans.
All Principal Owners will be notified by email when a commission split is altered. You cannot opt out of receiving these notification emails.