How and when are commissions paid?
How and when are commissions paid?
We recently updated our commission payment process, making it even simpler and faster for our agent partners to receive their payments.
Payment Schedule & Details:
Getting paid is straightforward and secure with our automated clearing house (ACH) payments. We'll transfer your commission directly into your bank account, which you provided during the onboarding process. These payments are scheduled for the 8th business day of each month.
Getting paid is straightforward and secure with our automated clearing house (ACH) payments. We'll transfer your commission directly into your bank account, which you provided during the onboarding process. These payments are scheduled for the 8th business day of each month.
Remember, to receive your payments without delay, it's important that you keep your banking details accurate and up-to-date. If you need to update your ACH details, you can do so here.
Please note that Cover Whale pays fully earned commission up front, meaning that unearned commission could be due back to Cover Whale throughout the policy lifecycle.
Payment Criteria:
Monthly commissions are paid to licensed agencies for policies that were bound the previous month (e.g., commission for a policy bound in June will be paid in July), as long as they meet a few simple conditions:
Monthly commissions are paid to licensed agencies for policies that were bound the previous month (e.g., commission for a policy bound in June will be paid in July), as long as they meet a few simple conditions:
- Payments on the policy or endorsement must be current, with no past-due amounts.
- Either full funding from the premium finance company or a payment in full for the policy / endorsement must have been received by Cover Whale.
- There must be no unearned commissions due back to Cover Whale.
Please note that statements are sent to the agency's billing email address. If you have questions, please contact your agency's billing representative.