Getting paid for your hard work feels great. But getting paid late or receiving a different amount than you expected? That’s just frustrating, and can leave you saying “I want my money!!!”
How you get paid
Our commission process is simple. Carriers transmit their commissions to us, and we pay it to you as we receive it.
It’s also incredibly complex. Behind the scenes, carriers send us commission records on thousands of policies each month. Most of them download into our commission system within EZLynx. Other carriers send paper statements, which have to be entered manually.
Regardless of how the carriers pay us, your commissions are electronically deposited into your bank account. You’ll also receive an email with details of each policy included in that month’s payment.
When you get paid
Firefly pays commissions on the 15th of each month. Since we started our agency in 2005, we have only paid late once. There was a holiday that we did not account for and the banks were closed on the 15th, so payments went out one day late. It has not happened since.
Since you get paid monthly, the length of time between writing a policy and receiving commission will depend on when the carrier pays the commission to Firefly. For example, If we receive a commission check on the 18th of the month, you will get your payment on the 15th of the following month.
This is unavoidable, and the time lag can be uncomfortable – especially for agents that are starting scratch – even if you get off to a fast start. It is entirely possible that you could write an account on the 8th of February, we could not get paid on it until March 12th, and you would not be paid on that account until April 15th. This is an example that doesn’t happen often, but you should be aware that it can take some time for your revenue to start coming in.
If you are transitioning from captive to independent you should keep this in mind as you consider how much money you need to have saved up, to start your agency.
We know you want to be paid consistently and in a timely manner. This is a basic and critical function of Firefly, and it’s one of our highest priorities to make it happen.