VERICO Commission Payment & Management System for Brokers

The VERICO Commission Payment & Management System is available to all VERICO Broker Licensees.

There are no sign up fees and no fixed monthly fees no matter how many mortgage agent accounts you create or how often you use the system. The only fee payable are the Electronic Funds Transfer fees charged each by your bank each time a direct debit or deposit is initiated. The EFT fee depend on the Cash Management service charges provided by your Bank. Typically they are $10 per file and 10 cents per transaction.

The VERICO Commission Payment & Management System file output are accepted by the following banks. Please contact your Bank of Credit Unions Cash Management Serivices to setup an electronic funds transfer (EFT) account.

Electronic Funds Transfer(EFT) Process

Using the VERICO Commission Payment and Management System you will electronically direct deposit your broker or agent commission payment using the standard Electronic Funds Transfer system governed by the Canadian Payments Association and the Canadian Payments Act. At no time are your funds transferred over the internet. The system enables you to use your own Bank and your current business bank accounts.

EFT Payroll Benefits:

  • Decrease overhead expenses, increase your revenue
  • Modernize and streamline the commission payment process from Mortgage Lender to Broker to Agent
  • Minimize your exposure to risk and fraudulent transactions
  • Process payroll transactions quickly, accurately and successfully
  • Enable your business to manage its operations and grow more easily
  • Increase your security and fraud avoidance
  • Increase your efficiency - checks are never lost or delayed in the mail

With VERICO Commission Payment & Management System, my mortgage agents can count on a reliable and on time payroll schedule; enabling them to plan their life and their business.

Nadine S.

Intelligent reports help me track loan volumes and revenues, making it easier to plan for the future of my business.

Dave F.

VERICO Commission Payment & Management System's seamless integration with Verico Dynamics makes this a complete business and sales force management system for me.

Wilson L.

For just the cost of EFT fees, I have access to this industry first, all encompassing accounting system that increases efficiency and accuracy of my business accounting.

Paula J.