Commissions are now transferred by BACS the day following completion and will be cleared funds into intermediaries’ bank accounts within four working days.
Stephen Johnson, Commercial First’s sales and marketing director, commented: “We believe we are one of the very few lenders in the financial services industry that pay commission the day after completion. Continuous investment in technology has enabled us to upgrade our internal systems to make next-day commission payments possible, and we believe that Commercial First’s approach to fast commission payments strongly supports our core value of streamlining our processes to achieve fast results for our intermediaries and their clients.
“The recent launch of our online processing facility – ‘cfirst’ – is delivering the benefits of improved application-to-completion times, and next-day commission payment is a natural next step in our drive to provide our intermediaries with an effective and beneficial business partnership. Good cash flow is crucial to every business and intermediary firms should not have to wait several weeks before receiving their commissions. Our next-day commission payments will make it easier for our brokers to re-invest in their businesses for future sales and business growth.”
