“How Much Does It Cost For A Commission Advance?”
This is the most common question we receive. Guess what our answer is? “80 cents per $1000 per day!”
At that point we’re usually told that Company #2 has quoted them a less expensive rate.
Are they charging less? Or are they charging more?
RealCash charges a flat rate of 80 cents/day/$1000. No Administration Charges, No Hold Back Fees, No Hidden Costs. Why? Because it’s easy and simple!
Here’s an example:
RealCash Bancorp Inc.:
$3000 Purchase Amount – 60+10days
less 80 cents/day/$1000 $168.00
Net Advance $2832.00
Agent repays $3000 after 69 days and receives a $2.40 refund.
Total cost to Agent is $165.60.
Total Advance is $2832.00
$3000 Purchase Amount – 60 days
less 63 cents/day/$1000 $113.40
less admin fee $29.50
less HoldBack (2.5%) $75.00
Net Advance $2782.10
Agent repays $3000 after 69 days and receives a $33.75 refund.
Total cost to Agent is $184.15
Total Advance is $2782.10
HoldBack Fee – Everyone understands that an Agent, let alone a commission advance company, never receives their commission cheque on the day of closing. Obviously Company #2 knows this. Their rate for the days following the closing date jump from 63 cents/day to $1.25/day! That’s a 98% increase. RealCash simply creates a contract that runs 10 days past the closing date with no rate increase. Nothing is hidden.
RealCash’s contracts are straightforward and simple to understand. Our competitors may claim to charge less but as you can see from the above example, it simply is not so.
So, the next time you call Company #2, please don’t just listen to what they are saying because as in most cases, it is what they are not telling you that matters.
Most companies use the line, “Why wait till closing to receive your commission?” Obviously we agree with that philosophy but we add the caveat, “Why wait till closing to find out how much your commission advance really cost you?”
If you have any questions or comments, please feel free to call me at 416.444.7790 and 1.800.265.2694.