Agents who have worked with other aggregators have shared experiences of their commission payments sometimes been disorganized and late. That’s frustrating to them, and in our opinion, it’s unacceptable.
Firefly has been paying commissions since 2005, and our processes make commission payments as certain as the sunrise – just as they should be.
How Firefly’s Commission Payment Process Works:
- Almost all commission statements from carriers download directly into EZLynx. A few are entered manually. Then our team reconciles those statements throughout the month.
- You receive your commissions on the 15th of each month by ACH deposit.
- We pay you on all commissions we received from carriers between the 11th of the prior month and the 10th of the current month. For example, on May 15th, you would be paid on all commissions we received on your policies between April 11th and May 10th.
You can see for yourself what your statements will look like, by downloading this sample file:
You’ll see they are simple, clear, and make it easy for your office to track which producers should be paid on which accounts. Note that you will need to calculate your commission split with your producers on your own. You can edit the spreadsheet that we send to you, to do that.
The cherry on top is that even though you’ll write business with lots of carriers, you’ll only receive one 1099 from Firefly for your taxes.
Since we started in 2005, we’ve only had a late commission payment one time. We hadn’t realized that there was a bank holiday on the15th of that month, so even though the payments were set up in the banking system, they could not be deposited until the 16th. We learned from that experience and have not been late on a payment since then.
How Much More Commission Would You Make with Firefly?
👉 Now that you know how commissions are paid, use this online calculator to see how much more you could make with Firefly than you are now.
When you choose an insurance partner to work with, you need to be sure they can deliver on their promises. When it comes to consistency in your commissions, you can count on Firefly.
Ready to learn more and take the next step toward becoming an independent agent? Discover all the answers in our comprehensive ebook.