SkySlope Books is integrated with Payload.co to provide your brokerage with an easy and efficient way to send outgoing Electronic Fund Transfers (EFT) payments and to allow agents to pay invoices via EFT or Credit Card.
Important Details
How much does it cost to send EFT via Payload.co and who is it billed to?
At the beginning of each month, Payload.co will send a monthly billing statement to the brokerage for all transactions processed for the previous month.
- Disbursements up to $75,000: $1.00 for disbursements up to $75,000.
- Additional increment of $75,000: For every additional increment of $75,000 (beyond the initial $75,000), the brokerage is charged an extra $1.00.
How much does it cost to receive payments on invoices via EFT or Credit Card?
The bank convenience fee can be billed to either the brokerage or the agent. See the Payment Setting portion of the article to learn how to update who is charged after Payload has been set up.
EFT:
- $1.00 per transaction
- Note: The $1.00 fee applies to invoice payments up to $75,000. See above sample cost breakdown for increments over $75,000.
Credit Card:
- 2.9% + 20 cents per transaction
What are the cut-off and processing times?
- EFT payments to agents must be completed in SkySlope Books by 3:00 PM PST for a next business day transfer!
- EFT or Credit Card payments from agents will reflect as paid the next business day after the payment is made.
Important: This is Step One of the Money Transfers with Payload.co setup. Make sure to complete Step Two, adding agent bank account information.
Setting Up Money Transfers with Payload.co
1. In the left menu, navigate to Settings.
2. Click on Integrations.
3. Click on the All tab.
4. Locate the Money Transfers integration and select Activate.
5. Click the "Get Started" button.
6. Next, you'll need to create a Payload.co account. Click Create Payload.co Account to get started.
7. In the pop-up that opens, you will fill out a few sections of information to create the account.
- Funding Account Information: Provide the details for the bank account.
- Business Information: Provide the details for the business.
- Beneficial/Control Ownership Information: This is specific to each entity. If necessary, you can add more than one entity. Click + Add Beneficial Owner/Officer/Principle to add more.
8. Towards the bottom of the pop-up window, there are two important sections to review:
- Fee Schedule: This information is specific to invoice payments and not applicable at this time.
- Merchant Authorization and Acceptance of Terms and Conditions: Use the toggle switch to confirm that you accept the terms. Use the drop-down menu to select the individual accepting the terms. If adding more than one controller, you will need to agree for each individual.
9. Once you have completed all information and agreed to the terms, click Submit.
10. After clicking Submit, you will be prompted to connect the Payload.co account to a ledger account. You can either select an existing ledger account from SkySlope Books or create a new one. Then click Apply.
11. Once you've successfully connected to a ledger account, the setup is complete! The status will show as Pending Approval for 24 to 48 hours.
Important: You cannot initiate any electronic funds transfers (EFTs) until the review process is complete and the account has been approved. You will be notified via email once the account has been approved.
Payment Settings for Invoices
Brokerages can customize their Payload.co settings to determine the default party responsible for paying the convenience fee to Payload.co.
- In the left menu, navigate to Settings. Then, go to the Integrations page.
- Then, under Money Transfers, click Open.
- Once the Money Transfers settings have opened, click on Account Info on the right side of the page.
- Locate the Transfer Settings and then select your brokerage's preference.
Brokerages can choose between two default options:
- Money Sender: The broker/company sending the invoice will pay the convenience fee.
- Money Receiver: The agent/party receiving the invoice will pay the convenience fee.
Note: When creating an invoice, the default can be changed to bill either the Money Sender or Receiver.
Adding Agent Financial Information
Agents Receiving Payments: For an agent to be able to receive EFTs via Payload.co, their financial information must be added to their account. This can be done before or after the setup process outlined above.
Agents Paying Invoices: In order for an agent to pay an invoice, they can either add their financial information when paying the first invoice, or the financial information can be added by the admin or agent.
- Add Banking Information for Payload.co (Admin for Agent)
- Receiving Payments: Add Banking Information to Payload.co (Agent)
- Paying Invoices: Adding Credit Card and/or Bank Account for Payload.co (Agent)
Creating and Sending EFT Payments / Invoices / Recurring Invoices & Auto-Charging
Now that you are setup with Payload.co, you can start sending EFT Payments and Invoicing agents. Learn more by reviewing the below articles!
- Processing Payouts - EFT Payments via Payload.co
- Creating and Sending Invoices
- Recurring Invoices & Auto-Charging
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