Refer your friends to Summar and once they have funded their first freight invoice, get paid 5% of the fees earned for the life of the account.
Every month you’ll receive a comission check for your referrals.
There are no costs or limits to the number of companies you can refer to this program.
Factor will pay to Broker referral fees for any and all referred prospects who ultimately utilize Factor’s services, and subject to ALL of the following conditions:
(I) Referred prospect has not previously been contacted by a Summar Financial staff member or by another broker or referral party or previously factored with Summar Financial;
(II) Summar Financial and such referred prospect both execute a factoring agreement (“Factoring Agreement”);
(III) Summar Financial purchases accounts from such party referred by Broker (“Client”) (purchase shall be evidenced by issuance of payment by Summar Financial to or on behalf of the Client for said accounts).
The Following Commission Methodology will Apply
– Factor will remit to Broker a commission equaling 5.00%of the gross charges (excluding late charges) retained by Factor as earned fees. The payment of the commissions will be subject to the other terms and conditions of this Agreement.
– Such commission shall not be deemed earned by Broker until Factor’s fees are actually received and cleared from the referred Client. Factor will provide to Broker a monthly accounting and fee check within 20 days of the conclusion of each month. Such payment will include Broker’s commission for each Factor/Client transaction successfully concluded during the preceding month.
– Should Factor never be repaid by Client or its customer; or for some other reason Factor never receive its fee(s), then no commission shall be owed by Factor to Broker for that specific transaction.
– Should Factor believe that there is a good chance that Factor will not be repaid in full under the Factoring Agreement as a result of, inter alia, the cancellation of the insurance coverage of a debtor, commercial disputes, country risk, etc., the Factor shall have the ability to put the payment of commissions from the relationship with that Client on hold, and only pay those commissions in the event that all amounts owing from such Client are repaid in full to Factor.