Delivering Ethical Accelerator Payments.
Do commission based structures damage the quality of your customer service? It seems they certainly may.
A report in the Australian Financial Review, quoting Stephen Sedgwick, who recently undertook a review of payment and incentive systems within banking, found that staff members were begin pressured to reach certain sales targets. The meant they were obliged to offer products to their customers just to reach the target, rather than to meet the customer need. More sales leads to higher commission rates.
In particular, Mr Sedgwick pointed to Accelerator payments, saying they “may create increased risk if staff try to maximise their sales before the end of the incentive period.”
While some banks are shifting their focus away from the heavy emphasis on accelerator payments, others are pushing harder towards them.
In light of this recent press, Invoice Money is pleased to confirm there is to be no change to our tiered, Accelerator commission structure for business introducers. We place our emphasis on customer service.
Separation of responsibilities between Client Services and New Business teams allows us to enjoy the best of both worlds – outstanding client services levels for existing relationships, with best of breed new business commissions for new business, rapidly increasing as the number of annual client referrals increases.
As many of our current introducers know, these commissions are payable as a % of income earned by Invoice Money, and increase in rate based on the number of clients referred each year, not the value of invoices assigned. This means we pay you a higher percentage reward for referring any client to us, not just the big ones.