At VORO we want to reward our agents for their dedication and hard work by ensuring commissions are paid in a seamless and timely manner. In order to meet these objectives we have instituted the Invoice & Disbursement Policy which is intended to give guidance on submitting invoices and payment of commissions.

To ensure timely payment, we expect agents to submit invoices within thirty (30) days of the date the transaction was completed.

  • Transactions requiring an invoice
    1. To prevent delays in invoicing and broker fee payment, when submitting an invoice to the customer, particularly in such case of an OP payment, the agent will note the broker fee is “Due and payable upon receipt but no more than 30 days.”
    2. All commissions payable by a customer must be made payable to VORO. Under no circumstances can agents accept payment of commissions payable in their name or an unauthorized entity.
    3. Upon receipt of a commission payment, the agent will deposit the commission check to the VORO bank account immediately.
    4. The agent will provide a copy of the original commission check and bank deposit receipt with other required documents when submitting an invoice for payment using the method determined by VORO.
    5. Only authorized transactions where a customer has paid a commission shall be considered for disbursement by VORO.
    6. Agents must submit an invoice within thirty (30) days of closing for all transactions.
      • Invoices submitted more than 30 days, but less than 90 days will incur a $100 administrative fee.
      • Invoices submitted more than 90 days will incur a $299 administrative fee.
      • All fees will be assessed for each 30 days thereof.
  • Disbursement of commissions
    1. Upon receipt of an invoice, VORO will review the invoice and the required documents.
      • Agents will be advised by email of receipt of the invoice.
      • If the invoice cannot be approved, the agent will be advised of this including what action must be taken to further process the invoice.
      • Upon approval, VORO will authorize the payment of the invoice.
    2. After an approval of the invoice, VORO will disburse the commission based on the commission agreement with the agent that was in effect on the date of the transaction.
    3. Commission payments will be disbursed within three (3) working days after the funds have cleared the company’s bank account.
    4. All commission payment will be made via ACH transfer into the agent’s account or Pay Card. Such will become the default disbursement method. An Agent who has enrolled in the Pay Card program shall have all subsequent commissions deposited to their Pay Card account. Agents must provide the Account Holder’s Name, Bank Name, Routing Number and Account Number in addition to any additional information required.
      • Other disbursement options will include Check Pick Up, Mail or Wire Transfer.
      • Agents may elect to have all or a portion of their commission check paid via bank wire transfer at a cost of $50 per transaction or such cost incurred by VORO plus a $15 administrative fee, whichever is less.
      • VORO shall not be responsible for any fees or delays caused by the recipient bank for ACH or bank wire transfers.
  • Deposit of agent’s commission check
    1. Where commission disbursement is made by check, all agents are required to deposit checks into their bank account within sixty (60) days of receipt.
      • Commission checks are void after sixty (60) days.
      • Checks held in excess of sixty (60) days by an agent and have not been deposited will be assessed an administrative fee of fifty dollars ($50) per thirty days outstanding or any portion thereof.
    2. VORO shall in its discretion, determine if any commission checks held for deposit by the agent beyond ninety (90) days shall be re-issued.
      • If an agent requests a commission check to be reissued, there will be a fee of two hundred dollars ($200) per item.
      • The fee must be paid prior to reissuance of the check.
      • Checks undeposited by 12/31 shall not be reissued and therefore forfeited without exception.
    3. Any check issued in one calendar year and requested to be reissued in subsequent years will incur an administrative fee of five percent (5%) of the amount of the check or the amount of the tax liability and accounting fees incurred by VORO, whichever is greater.
  • Check payment fees
    1. All requests for “Stop Payment” will incur a $50 fee. Payments will be reissued no earlier than 48 hours following receipt of the stop payment request provided the check has not been paid.
      • VORO and/or its bank shall investigate any checks requested for Stop Payment that has already been paid by its bank.
      • There may be an additional delay reissuing checks for checks already paid.
    2. Agents may request split payment of the invoice payment based on the payment methods offered by VORO. The fee shall be $15 for each additional payment method requested.

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