PAYLOAD - HOW TO SET UP A NEW BANK ACCOUNT IN LOFT 47
Loft47 has embedded the payload.co payment gateway to offer direct payouts to agents for their commission on deals. Payload tracks your brokerages transaction payouts during the month, and Payload will bill your brokerage once a month so you may pay Payload via bank account or credit card.
Payload charges $1.50 USD per payout. Loft47 is not involved in the Brokerage>Payload financial transaction, we are the conduit to make paying your agents fast and easily.
If you are using the payload application to pay agents you can get your agent to add their banking information to the Loft47 platform or you can add their information for them if you have it. There are two ways to set your agents up in Loft47 via payload, it is recommended for higher security that your agent sets their own information up.
*Please note, new payload accounts take up to 24 hours to authorize before transactions can be paid out.
Payload charges $1.50 USD per payout. Loft47 is not involved in the Brokerage>Payload financial transaction, we are the conduit to make paying your agents fast and easily.
If you are using the payload application to pay agents you can get your agent to add their banking information to the Loft47 platform or you can add their information for them if you have it. There are two ways to set your agents up in Loft47 via payload, it is recommended for higher security that your agent sets their own information up.
*Please note, new payload accounts take up to 24 hours to authorize before transactions can be paid out.
SET YOUR ADMIN PERMISSIONS
To assign your admin permission to payout deals via Payload.
Head to the admin's profile>Edit> Check the Allow Direct Payout checkbox at the bottom of their edit profile page>Click Save to update change.
SETTING UP BROKERAGE PAYLOAD/BANK ACCOUNT
This is setting up a Brokerage Bank Account which will allow you to both send & receive funds.
Send this article https://support.loft47.com/portal/en/kb/articles/agent-how-to-set-up-payload-account to your Agents if you require them to set their own accounts up.
SETTING UP AN AGENT PAYLOAD/BANK ACCOUNT
This is how agents can set up their own payload/bank account which will enable them to receive their commissions. Learn more about this in this article.
STEP BY STEP GUIDE: SETTING UP YOUR BROKERAGE BANK ACCOUNT
Before you can pay your agents via Payload in Loft47 you will need to set up the brokerage bank account and only a BROKER or an ADMIN with permission can do this.
- BROKERAGE INTEGRATIONS MENU AND PAYLOAD SETTINGS
- CLICK THE ADD NEW BUTTON
- COMPLETE THE NEW PROCESSING BANK ACCOUNT FORM (ALL FIELDS MUST BE COMPLETED)
MAPPING YOUR BANK ACCOUNT
To map your newly authorized processing account in your Payload menu in Loft, click the pencil
Chose the account you want to map your processing account to be mapped to by selecting it in the dropdown
Check the box if you're setting this bank account to receive funds from your Agent's AR
Click Save to update your changes.
Related Articles
HOW TO SET UP PAYLOAD ACCOUNT AS AN AGENT
In Loft47 you can get paid quickly via the Payload integration and you can set up your account as follows : 1. Please login and go to "MY PROFILE", "PAYLOAD SETTINGS" on the left hand menu. 2. Next go ahead and click the " + NEW " option at the top ...Setup a new QuickBooks Account
Sign up for Quickbooks !!Your QuickBooks Online account must be Plus or Advanced subscription level for it to correctly integrate with Loft!! Go to the Intuit accounts page. Select the Create an account link. Enter your email address and phone ...Payload: Paying Mentor fees, Third Party payouts, and Agent Savings
!!Important Please read before proceeding: Third party paying from Payload CAN NOT BE REVERSED, so please make sure everything is correct before you finalize a payment. There are different scenarios to consider so please click the on the scenario ...Paying with Payload
Pay your Agents Payload Turn around times All payment processed after 4 PM PST (6 PM EST), will be considered a next day processing and the payment may take 2 business days All payment processed before 4 PM PST (6 PM EST), will be considered same day ...Setup a Xero account
Sign up for Xero If setting up a new account: Navigate to Xero.com >Plans From Xero transfer acceptance: Purchase the standard/growing level Once purchased, fill out the form below and follow the prompts to purchase. Last day of your financial year ...