provides you with the latest, most comprehensive, cloud based, revenue management system on the market. As the name suggests, this solution offers cost effective revenue management for those licensees that are comfortable with processing their own commissions and revenue payments.
Revenue processing is a niche industry, so if you have experienced processing staff, this solution may be perfect for you.
- Industry first, free, unlimited Australian based support for your admin staff
- Truly independent and complete open architecture for sharing amongst systems
- Scores of fixed and variable reports
- Bank account reconciliation with PaySafe technology
- Submission and lodgements register with customisable staging for WIP generation
- Integrated invoice and debtor management system
- Optional aPay Integrated Payment Collection (gateway)
- Web based, accessible anywhere with internet
- FDS solution with PDF or email distribution channels
- Opt-in solution with PDF or email distribution and reminder alerts
If you’re concerned about, time, resources, key person risk, or simply don’t have the right staff for the job, that’s where Revex Assist comes in.
Undoubtedly the service of choice, REVEX assist incorporates the market leading Revex software with our exceptional outsource offering utilising our co-directed sister company and staff at CommCentral.
With over 100 AFSL holders now using the Revex Assist service, you needn’t look far to speak with one of our clients for a reference.
Why allocate precious resources to a non-income producing role, when Revex Assist will do it all for you?
- Remove the need for Commission Staff and reconciliation of banking
- We process your banking and reconcile via view only banking access
- We allocate Fee for Service income to clients
- We obtain all your Commission Files via signed authorities during implementation
- We match all product and providers
- We match all policies to clients
- We categorise all transactions in accordance with FoFA and FDS compliance
- We follow up missing commissions
- We generate pays based on scales advised by you
- We generate all pay reports including RCTIs prior to posting for you to overview and double check and even pay your employees for you
- We provide all information ready for you to create reports, whenever you want
- We do it all at the fraction of the cost of an in-house employee
With our extensive and comprehensive knowledge of the industry, Revex now provides consulting services to dealer groups and AFSL holders. Having worked with literally tens of thousands of advisers over the years across institutional, large independent AFSLs, boutique dealers to one man operations, our combined knowledge is unrivalled.
Due diligence is critical for businesses wanting to truly understand the management of their revenue. Whether you are intending to use Revex, or another provider, our experience means we can guide you in the right direction when it comes to the management of:
- Commission processing efficiency
- Staff training (an introduction to commission processing)
- Deductions and dealer retention models
- PI charge models and reporting revenue
- Report management
- Data flow (the difference between integration and open architecture)
- Industry platforms – pitfalls and positives
If you’re comfortable with your existing revenue software, but have some reservations about the processing, CommCentral Outsourcing is Australia’s premium revenue manager.
- Can’t find experienced commission staff?
- Maternity/Paternity leave impacting your resources?
- Expensive training and retraining of staff?
- Key Person risk keeping you up at night?
- Are you, the director, spending your valuable time reconciling commissions?
It’s time to look at outsourcing one of the most complex and time consuming aspects of having your own AFSL. Get it wrong, and you are looking at an ASIC nightmare. Here’s exactly what we do:
Description – Core Service for entity
- Maintain Licensee structure as directed by Licensee from time to time.
- Record details of new representatives and exiting representatives.
- Setup new representatives with product providers and obtain adviser codes.
- Maintain commission system database.
- Obtain documents and data files from product providers as agent for Licensee.
- Obtain new product provider access codes where required.
- Maintain product provider access details data.
- Download bank statements for each commission account.
- Monitor receipt of payments and payment data from product providers.
- Bank any cheques received to nominated bank account.
- Receipt and bank cheques and other payments from clients in respect of client fees.
- Load data files from product providers and Reconcile data with payment details (banking).
- Process all payment data from product providers.
- Provide bank reconciliation of banking and processed amounts.
- Log and respond to commission and payment queries from Licensee and representatives/practices.
- Liaise with and follow up product providers with all payment and client queries.
Payments to Representatives (Bi-monthly Arrangement for example)
- On specified dates generate representative payments for Licencee approval.
- Prepare all documentation and export files.
- Prepare EFT payment file and lodge with bank/Licencee as appropriate.
- Post and confirm payment batch.
- Distribute adviser statements to the network via the commission system
Payments to Referrers
- On specified dates generate representative payments for Licencee approval
- Prepare all documentation and export files.
- Prepare EFT payment file and lodge with bank/Licensee as appropriate.
- Post and confirm payment batch. Distribute referrer statements via the commission system.
- Liaise with Accounting Department in respect of Client Fee receipts (BPay etc)
- Manage lodgement of periodical debits and credit card payments concerning client fees.
Seamlessly integrated invoice management has the potential to positively change the entire cash flow of your business. Forget your bank or generic receivable platform providers, this solution is 100% tailored to the financial planning industry. You!
The key term here is ‘seamless’. When invoices are prepared in Revex, then distributed via email or PDF, by setting the collection method to use aPay, your need for reconciliation resources and time is completely alleviated. Direct Debiting the client’s bank account or (optional) their credit card, puts you back in control of your cash flow.
Our aPay Direct Debit facility requires no security, NONE. There are no limits per se and perhaps the best thing of all, you still receive Revex’s unrivaled support and training. No need for time consuming and frustrating meetings with your banker, just a simplified process whilst your Revex site is being set up.
- Direct Debit collection from bank accounts
- Credit Card facilities including recurring payments
- POLi Pay client instigated payments (2H/17)
How does it work? Simple really. We batch up all of your requested debits and process them each night. When the funds are received overnight (in a bulk file), Revex automatically splits each income to the invoice you generated. The funds are assigned to the client, allocated to the invoice, classified as per your FDS instructions, and removed from your debtors list. Whether you’ve received 1 payment, or 10,000 payments, all at the click of a button, reconciled in less than 5 seconds. No uploading files, no mapping, no transaction type allocation and next to no debtor chasing.
One of the most highly demanded functionalities of REVEX is available as an additional function to all clients. Finally, a way to efficiently rebate commissions to your clients by creating an aba file at the click of a button. REVEX will calculate, track, store and report on all aspects of your commission revenue, as well as generate ‘Activity Statements’ for disclosure to your clients so they know exactly what is being rebated.
There is no question that commissions are fundamental (or at least have been) to cash flow, so you must ensure your pricing model is complementary to this service. Take a look at our Premium Partners page to see who can give you advice on this strategy. Get on the road to Independence faster and with more control than ever before. When we say we’re business partners, we mean it.
Love your REVEX sms service, but tired of manually downloading and importing your banking? Speak with our support team to enquire about linking your bank account to REVEX.
Tried and tested with a number of our REVEX assist clients, sms LINK now alleviates the time and effort required to import your bank statement each day.
Logging in to your bank software, exporting csv statements, logging in to REVEX, import your statements and link any new items. It seems a little un-necessary. We’ve been visualising this concept for years, but only now, have we found a provider that is reputable, reliable, secure and cost effective enough for us to enable this service upgrade.
Each morning you log in to REVEX, your banking is all ready to go… making life just that little bit easier.