• Payment flow on financed programs

• Payment flow on paid in full programs

• Frequently asked questions

Starter:

Ascend Starter is a free plan that allows agencies to collect agency bill payments from your clients, including premium financing. Agencies on this plan have 2 payment flows depending on the insured's chosen payment type -- Financed OR Paid in full.

For the Premium Financed programs:

1. The Insured pays Ascend

2. Ascend funds commissions to the agency's operational account

3. Ascend funds premiums to Carrier/MGA

Payment timing depends on the policy(s) effective date:

• If the insured makes payment before the policy's effective date, payment will be sent within 2 business day of the effective date.

  • Funding will not be issued before the effective date, regardless of when the insured completes the down payment due to the additional risk involved in sending out financed premium before the policy is in effect.

• If the insured makes payment after the effective date, payment will go out within 3 business days.

The Ascend financial operations team performs compliance related checks at random and on larger premiums, which may cause small delays in funding if quote docs are not attached when the program is paid for. Our team will reach out to gather more information about the policy payment when this applies.

See here for more information about the insured's payment methods to understand the fill payment flow.

For Pay in Full programs:

1. The Insured pays Ascend

2. Ascend funds the total amount (premiums, commissions, fees, etc.) to the agency

3. The agency is responsible for funding the markets for the policy.

Ascend will initiate payment to your agency within 1 business day of receiving the insured's payment.

(1) EFFECTIVE DATE - Payment timing depends on the policy(s) effective date:

• If the insured makes payment before the policy's effective date, payment will be sent within 2 business day of the effective date.

  • Funding will not be issued before the effective date, regardless of when the insured completes the down payment due to the additional risk involved in sending out financed premium before the policy is in effect.

• If the insured makes payment after the effective date, payment will go out within 3 business days.

(2) AUDIT - The Ascend financial operations team performs compliance related checks at random and on larger premiums, which may cause small delays in funding if quote docs are not attached when the program is paid for. Our team will reach out to gather more information about the policy payment when this applies.

Your team must connect your bank account(s) to receive payouts. Admin and accountant users can set up bank accounts by clicking the setting icon in the top right of your dashboard and adding the Bank details section. For more details, see how to set up your banking information here.

Operational Account

The account you use to manage your agency's operational expenses. For financed policies, Ascend will send your commission to this account.

Trust Account

This account holds funds for other parties (e.g., carriers, wholesalers, etc). Ascend will transfer all funds (premium and commission) to this account for paid-in-full policies.

You will receive payment via ACH. It should take 48 hours after payment clears to receive commission to your account.

• If it's delayed, it could be that the premium financed loan downpayment is less than commission, or it isn't approved. If you have questions, reach out to support@useascend.com.

There are no fees required to accept payment imposed by Ascend. Please confirm with your receiving bank that they don't charge fees for incoming transfers.

For every payout, we will share a batch report as soon as the payout is complete. The report includes the following information:

• Insured info

• Payment Option (Pay-In Full / Financed)

• Payment Method

• Premium & Fees

• Commission details

Your team is responsible for paying the wholesaler or MGA when your customer opts to pay in full (for premium financing, our system will automatically pay the market and split out your commissions and fees). For these programs, you'll see a notification in the dashboard that says "Agency Responsibility."

Need more help? Contact us at support@useascend.com for more help.