As an asset broker working with Oxcel Broker Services, you play a crucial role in helping clients secure asset financing. To ensure a smooth workflow, it's important to understand how commissions are processed and what steps you need to take to receive payments efficiently.
This guide provides an overview of commission processing for asset brokers, key timelines, and frequently asked questions.
How Asset Broker Commissions Work
1. Raising a Commission Deal
To ensure your commission is processed on time, you should:
✅ Raise the commission deal on the same day as settlement
✅ Avoid delays, as they may impact processing timelines
2. Processing Time & Verification
Oxcel processes commissions within 7 days once received. To avoid any delays, ensure that the following details are correct:
Loan contract number
Client name
Origination amount
Commission amount
GST figures
3. Receiving Your Commission Payment
Once your commission has been processed:
An RCTI (Recipient Created Tax Invoice) will be generated and sent to you
Funds will be deposited into your nominated account within 24 hours of processing and RCTI receipt
4. Clawbacks & Inaccuracies
If a clawback occurs, you will be notified via email. You can either:
1️⃣ Pay the clawback amount by the due date
2️⃣ Have it adjusted against your future commission payments
If your commission details contain errors or duplicates, the deal will be marked as "inaccurate" in the OBS system. You will need to verify and resolve discrepancies with the accounts team before processing can continue.
5. Tracking & Verifying Commission Payments
To track your commission status:
🟥 Red Status – Payment is pending or in processing
🟩 Green Status – Payment has been successfully processed
To verify your commission details, always check:
✅ Loan contract number
✅ Client name
✅ Origination amount
✅ Commission amount
✅ GST calculations
6. Communicating with the Accounts Team
For any commission-related queries, contact the Oxcel Accounts Team:
📧 Email: [email protected]
You can also use the dedicated notes section in the system to add any important details for the accounts team.
Commission FAQs for Asset Brokers
1. When should I raise a commission deal?
For optimal processing:
• Commission deals should be raised on the same day as settlement
• This ensures smooth and efficient processing
• Delays in raising commission deals may impact processing timelines
2. How are commissions processed at Oxcel Broker Services?
Commissions are processed within 7 days once Oxcel receives the same. To ensure accurate processing, the following details must be verified:
• Loan contract number
• Client name
• Origination amount
• Commission amount
• GST figures
3. When and how will I receive my commission payment?
Once your commission has been processed:
• An RCTI (Recipient Created Tax Invoice) will be automatically generated and sent to you.
• Funds will be deposited into your nominated account within 24 hours of processing and RCTI being received.
4. Who should I contact if I have questions about my commission?
For any commission-related queries, you can contact our accounts team at:
📧 Email: [email protected]
5. What happens in case of a clawback?
If a clawback occurs:
The accounts officer will notify you via email
You have two options for settling the clawback:
• Pay the amount by the specified due date
• Have it adjusted against your future commission payments (if this option is notified)
6. What happens if there are inaccurate or duplicate commission details?
If a commission deal contains inaccurate information or has been duplicated:
• The deal will be marked as "inaccurate" in the OBS system
• This prevents processing of incorrect or duplicate payments
• You should review and verify the details with the accounts team to resolve any discrepancies
7. How can I verify my commission details?
To verify your commission details, ensure you check:
• The loan contract number matches your records
• Client name is correct
• Origination amount is accurate
• Commission amount aligns with your agreement
• GST calculations are correct
8. What documentation will I receive for my commission payment?
You will receive:
📄 An automatically generated RCTI
📄 Commission payment confirmation
📩 Clawback notifications (if applicable)
9. How can I track my commission payment status?
You can track your commission payment status in the OBS system:
🟥 Red status – Payment is pending or being processed
🟩 Green status – Payment has been successfully processed
10. How do I communicate additional information to the accounts team?
For sharing important details with the accounts team:
• A dedicated notes section is available in the system
• Use this section to add any relevant information that the accounts team should know
• Include specific details that might affect commission processing or require special attention
• This ensures clear communication between brokers and the accounts team
For more support, please reach out to the Oxcel Accounts Team or check your broker portal. 🚀