HOW TO SET UP BANK ACCOUNT AS AN AGENT

HOW TO SET UP BANK ACCOUNT AS AN AGENT

Set up Account

In Loft47, your Brokerage will can use either Payload or Zum to pay your commissions quickly via the Zum Rails or Payload integration. Either integration works the same way and you can set up your account by following these instructions:

1. Please log in and go to "MY PROFILE", "PAYLOAD SETTINGS" or "ZUM SETTINGS" on the left-hand menu.



2. Next go ahead and click the " + NEW " option at the top right of the page to add your new payload account



3. Fill out the required fields in the 'Add Payment Method' modal



4. Click Submit button  *Please note, it may take up to 48 hours to authorize your bank account.

Select Default 


An agent's payload settings page now displays which payment method is the default for both sending and receiving funds
Sending = account which brokerage collects AR from
Receiving = account which agents are paid to

Set an account to default by clicking the "edit" pencil 
Select checkbox to make an account the default for send or receive

Save your changes

Unverified status


If you see a status of "unverified" payment methods, payment processors offer the following information. Unverified payment methods don't always prevent transactions; it depends on why they are unverified.
  • 1) Incorrect account/routing numbers will cause non-verification - this will prevent transaction
  • 2) Banks that don't provide real-time verification will also cause non-verification - this won't prevent a transaction from being paid out

Check your account & routing number and be 100% sure they are correct. If the unverified status persists, wait to get paid on a deal & monitor your bank account for the deposit.

Payload Turn around times:

All payment processed after 4 PM PST (7 PM EST), will be considered a next day processing and the payment may take 2 business days

All payment processed before 4 PM PST (7 PM EST), will be considered same day processing and the payment will take 1 business day

If your agent is being paid out the first time, it can take up to 2 business days to process and pay.

Once paid out, you will receive an email from payload (alerts@payload.com) notifying you of their received funds.

Zum Rails Turn around times:

These will depend on which payment methods are chosed by your Brokerage, for more information on Zum turnaround times please check here: https://docs.zumrails.com/payments/payment-rails

For more information on which ones your Brokerage uses please check with them. 



If you have any questions please reach out to your brokerage administrator.

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