The new Home Buyer debit / credit card payment facility offers brokers a simple and cost effective route to collecting payments. This can be anything from fees charged for their advice, providing research, administration and any other payments that customers need to make to them. Many brokers do not have a high enough volume of transactions to qualify for an individual plastic card facility arranged by their bank or the expertise to create online systems. Even if they do individual systems can be costly and time consuming. .
The new card payment facility also offers a fee management system that can be used to keep track of all payments, whether by cards, cheques or cash, and it produces confirmation documents for the broker and customer.
Richard Angliss, managing director of Home Buyer Systems commented: “The remuneration landscape for mortgage brokers has dramatically altered and brokers are now realising that they need to charge a professional fee for their knowledge and skills, which will help them to overcome the problem of dual pricing, which has resulted in uncompetitive intermediary products and falling procuration fees.
“As plastic card payments have virtually replaced cheques and cash for the majority of retail payments, customers expect to be able to pay by cards and often no longer carry a cheque book. If the broker fee cannot be collected when the advice is given, then brokers can find it difficult to collect payment at a later date.
