Effi partners with Possibl to give brokers early access to upfront commissions
Mortgage broking platform Effi has partnered with cashflow solutions business Possibl to allow brokers early access to their upfront commission and innovative interim cash flow solutions for their clients.
Using the Possibl platform through Effi, brokers will see their upfront commission processed quickly and paid into their account within 24 hours.
The simple process will see brokers opt in to the Possibl system through Effi, nominate the amount of upfront commission they wish to receive and then go through a one-off validation process with Possibl’s customer service team. Ongoing commission requests will take place digitally.
As part of the partnership, Effi will credit 0.5% of the approved and funded loan from Possibl into a broker’s Effi account for use on the subscription fee or lead purchasing. Possibl offers upfront commission payments for a flat fee on either 42 or 60 days, with no other hidden costs.
Brokers, especially those new to the industry, need access to settlement commission to grow their business and invest in marketing but the delay in settlement commission means they have to put their monthly growth plans on hold while waiting to access their commission.
Effi CEO Mandeep Sodhi said the partnership will allow broker’s access to more working capital and avoid expensive overdraft fees.
“At Effi we’re always looking for more ways to support our broker network and through this partnership, we’re tackling one of the biggest frustrations for brokers. Through Possibl, brokers will be able to easily and quickly access their upfront commissions, unlocking capital and reducing the need to wait up to 60 days for their hard-earned money,” said Sodhi.
According to Sam Gobran, Possibl Chief Commercial Officer, the partnership with Effi is a win-win for brokers who are looking to improve their cash flow and enhance relationships with their customers.
“Cash flow is a huge issue for a range of participants in the property space, many of which are small businesses or sole practitioners. We’re particularly excited to help support brokers in growing their businesses and also assist with their own customers’ needs through our other products; whether it’s covering a vendor’s upfront costs incurred by preparing, listing and selling a property or accessing their deposit early.”
Effi recently announced it had expanded its open banking product search API, which is already being used by several fintechs to strengthen their offering in open banking, with LIXI Codes for lenders and the ability to identify lenders funding the fossil fuel industry which has become an important topic for borrowers.
The fintech is now working to white label widgets and landing pages that will allow Effi brokers to access the power of the API without having to build on top.
For further information on Effi’s platform, visit effi.com.au.