Flow of Funds

Note: this funds flow only applies to agencies subscribed to Ascend Plus. For information about payment flow for Ascend Base/Starter agencies, please see this article here.

Payouts on Programs

Payment Flows

For both paid-in-full and financed programs, the following funds flow applies:

1. The Insured pays Ascend, funds settle in the Ascend FBO bank account.

2. The agency reviews and approves the policy payouts (more info here).

3. Ascend funds commissions + agency fee (when applicable) to your agency's operational account

4. Ascend funds premiums net of commission to Carrier/MGA/Wholesaler

Payment Timing

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 days of the effective date once approved by a user with accounting or admin privileges.

  • Funding will not be issued before the effective date, regardless of when the insured completes the down payment. If a carrier/wholesaler receives funds before the policy has been invoiced in their system, they may refuse to accept/return funds rather than apply them.

• If the insured makes payment after the effective date, payment will go out within 3 business days once approved by a user with accounting or admin privileges.

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

Manual Review by Ascend

The Ascend financial operations team performs compliance-related checks at random and on larger premiums ($50K+), which may cause small delays in funding if quote/invoice 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.

Payments on Invoices

One-time payments are simple invoices made from a client directly to your agency, while Installment Plans are recurring payments made from a client to your agency. When Ascend receives the insured's payment, the payout(s) are initiated to your agency (and billing company, if applicable) within 1 business day. Payout approval is not yet available on one-time invoices and installment plans The following funds flow applies:

1. Your customer successfully pays Ascend.

2. Ascend sends payment to your agency and the billing company (if applicable)

To learn more about one-time invoices, check out this Help Center article.

To learn more about installment plans, check out this Help Center article.

Frequently Asked Questions

Why is there a delay in payment to the carrier/MGA or Wholesaler?

1. Effective Date - Payment timing depends on the policy(s) effective date:

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

      1. Funding will not be issued before the effective date, regardless of when the insured completes the down payment. If a carrier/wholesaler receives funds before the policy has been invoiced in their system, they may refuse to accept/return funds rather than apply them.

   2. 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.

How do I know when funds have been deposited in my account for each payout?

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

Contact Us

Need more help? Contact us at [email protected] for more help.