If your account has Commissions Splitting access you can manage your Payees and set up Commission Splits directly from the Mercury Commissions App.
Mercury has the facility to manage Commission Splitting with 3rd parties.
- You need Commission Splitting and Payee access to perform this function in Mercury. Refer to Commission Access in Mercury.
- In the Commissions App, select the Manage Payees.
- Click Create new payee.
- Enter the Payee details:
- Name (required): This is the Broker or Company name.
- Virtual Branch: You can link your Payee with a Virtual Branch so their payments only appear under that branch.
- Address Details (required): The Broker or Company address.
- ABN (required): This field is transferred into your Payees RCTI statements, which the Mercury system automatically generates.
- Password (required): Combined with the CP number, it can be used for payees to log in to view their payment details. They can log in via the Mercury portal.
- UFC Default (required): Upfront percent or dollar amount this payee will receive of loans allocated to them.
- TC Default (required): Trail percent this payee wil receive of loans allocated to them.
- TC Default Value(%) (required):
- Linked Associate (not required): Link the Payee to an existing Mercury user (a Mercury user should only be linked to ONE payee).
- Splitting Method: You can choose for this split to automatically be applied to loans with a particular loan writer, OR manually allocate this split for each Loan Account.
- Account Details: Bank account payment will go to.
5. Payees can NOT be deleted. If one is made and not used, please keep it in your system until you need to set up another payee, and then use it.
- After the payee has been created, note the Payee ID. When a payee wants to look at their RCTI's, they will log in to Mercury with this ID as their username. The password entered into the Payee Details record will be their password.
- Double click on a payee to change the details.
Note: For password assistance the user will need to contact the person or group that provided that account. The Mercury Helpdesk is not permitted to alter these passwords.