Description: This article explains how to set up payees and apply commission splits to loan accounts in Mercury.
Use this guide to understand how commission splits work and what you need to do before applying a split to a loan. You can redirect part or all of the commission to a third-party payee, and Connective will make payments on your behalf.
What is a payee commission split?
A payee commission split allows you to allocate a portion of your commission to a third party. When a split is applied, Connective pays the payee directly and adjusts the commission paid to you.
Note: Payee splits can be applied Manually or Automatically, depending on your business needs.
Access to Splitting
Enabling access to commission splits
To enable splitting access for a Mercury user, a Principal Owner or Director must email [email protected] with the access request.
Set up your payees before applying splits
Before you can apply a split, the payee must:
Be created in the Commissions app
Have an Active status
To create or manage payees, see: Create & Manage Payees.
Important: You are responsible for maintaining the payee’s contact details, password and bank details. Connective cannot update these details on your behalf.
Apply a payee split to a loan
You can only apply a split once the loan account appears in either the Interim statement or Loan accounts tab. This occurs when the lender statement is received and allocated to the broker.
Splits must be applied before the payment batch cut-off date. Please refer to the Commissions Payment Calendar for more information.
Follow the steps in Applying Payee Splits to Loan Accounts
Note: Splits may take a few days to appear on interim statements.
How clawbacks work with payee splits
If a clawback occurs on a loan that has an active commission split:
The clawback is applied using the same rules as the original commission split.
If a payee’s commission is not sufficient to cover their share of the clawback, the remaining amount is deducted from the Full Member or other payees at Connective’s discretion.
Additional information
If the commission remaining on a loan is less than the amount allocated to a payee, the payee will receive whatever amount is left.
Splits are not available for Asset Finance or QuickAF loans.
All Principal Owners receive email notifications when a commission split is changed. You cannot opt out of these notifications.
Need help?
If you need help with payee commission splits, contact your Partnership Manager or email [email protected].