Commission Reconciliation
Commission reconciliation in this industry is a tedious, labor intensive problem. Our clients employee teams of people specially trained to manage this data intensive process. Typically the process takes place on monthly basis when clients are paid by the carrier. Our clients were looking for a solution to perform this process in real-time communication issues to the field immediately, and reduce labor costs.
+%
Customer retention
+k
Revenue
%
Annual company growth
Employees
Challenge
Each month wireless carriers pay dealers their commission for the previous months sales and discrepancy rate is roughly 1.5%, over a million dollars monthly at their volume. Dealers have a limited window of time to review the data provided from the wireless carrier, compare it to their sales data, and provide proof to the wireless carrier of payments missed or underpaid.
Each transaction can include ten or more data points to reconcile and the data is sourced from up to four different reports. The amount of data is staggering, hundreds of thousands of rows, need to be cross referenced daily to find any transactions which do not match exactly.
Tools used in this project
Solutions
Each month wireless carriers pay dealers their commission for the previous months sales and the discrepancy rate is roughly 1.5%, over a million dollars monthly at their volume.
Developed tailored mortgage solutions to meet diverse client needs, ensuring transparency and trust throughout the process.
Established proactive communication strategies to keep clients informed of market trends and interest rate fluctuations, enabling them to make confident decisions.
By fostering collaboration between underwriting, sales, and compliance teams, optimized efficiency and improved overall client satisfaction.
Results
EmergeLabs built a platform which reconciles our customers point of sale data against the carriers data daily, including automated communication to and from the sales managers to resolve any discrepancies found with hours instead of weeks.
The platform includes dashboards to track trends and provide daily ROI feedback. Since implementing the platform, on average clients have reduced their carrier payment error rate by 60% saving them well over a million dollars a year, while reducing labor costs, and increasing employee moral due to fewer commission charge backs.
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