• Individual – This means that we will pay a referral fee for each contact created on the partner and tied to a referral code. When this is selected your codes will be restricted to a single contact and that contact will be paid a referral fee to the bank information provided. So ‘referralcodea’ belongs to ‘John’ and Johns bank info is 1234 all policies with a code of 'referralcodea' are paid to bank account 1234.
• Business – This means that the payment is sent to a single bank account for all codes, defined at the partner level. So, if a business has codes Code1, Code2, Code3 all belonging to different contacts (or the same contacts) and bank information of 9999 any policy with codes code1,2,3 sold will be paid out to bank account 9999 regardless of who the code is assigned to.

 

 

• RECA (Real Estate Council of Alberta) sends a signed acknowledgement of a referral fee being paid to the customer, agent, and keeps it on file.
• ‘No’ does not do this.

 

 

• The referrals fees to be paid are configured at the code level – you can pick a flat fee, % of premium, % of commissions.

 

 

No, it will calculate on the brokerage commission only. The broker fee is kept by the brokerage. 

 

 

• Payments are not paid on renewals.
• The referral fee is clawed back if you cancel a policy within 30 days.
• Referral fees are not paid after endorsing a policy.

 

 

There is a box which you can check off if you want the code to apply at the renewal. 

If you go to the Codes section, in podium, and then Edit the code (using the edit pencil icon), the code set up screen will open and you will see this checkbox, like here:

 

 

• Payment handling, in general, works the same in Podium as it does BOND.
• NSF’s are not possible, but errors are, and they will drop an activity and schedule an automatic retry 3 days later. 99.9% of the time the error is invalid bank account information.
• On the first of each month an email is sent with referral information:
  • For business-pay types it goes to the primary contact
  • For contact-pay types it goes directly to the contact the code is assigned too.
• The payments themselves, made to partners, will show in the Payments section (right-hand side of partner profile in podium, just like here:

 

 

 

Effective date.

The report itself is automated to send on the 1st of the month (for policies within the previous month).

Payments for partners automatically send on the 5th. Please note that like bond payments, referral payments also take 3-5 business days to clear by the bank.