Auto-Generate Payroll With Energy Broker Commissions

Calculating sales commissions and payroll at your brokerage can be challenging. Energy Broker Commissions from Edge alleviates the burden.

 

Auto-Calculate The Most Complex Commission Plans

Feeling the pain of having to keep track of multiple commission plans?

Manually calculating commissions based on complex pay schedules slows down most energy companies. Energy Broker Commissions from Edge gives you the ability to create custom sales compensation schedules that can be unique to a deal or agent. With the Commissions application, brokers can:

 

  • Create custom commission schedules based on individual deals or groups of deals.

  • View upcoming commission balances due to agents and referral partners.

  • Manage multiple layers of agents and commission advances.

  • Auto-calculate payroll for processing with the click of a button.

 
 

And did we mention that the Commissions app fully integrates with CRM
and Contracts? Now you can manage your energy broker business from anywhere.

Energy Commissions Features

Commission Plans

Create the custom compensation plans that are right for you.

  • Create unique pay schedules.

  • Add multiple agents to a single compensation plan.

  • Assign pay schedules to specific customer contracts.

Commission Balances

Simplify accounts payable with Edge commission balances.

  • Gain a master view into accrued commissions.

  • Set approval processes to release commission payments.

  • Automatically satisfy commission payments each pay period.

Commission Payouts

Pay your teams and salespeople with ease.

  • See a master record of all commission payments by customer and account.

  • View upcoming agent commission reports marked for approval.

  • Get access to an audit trail of all commission payments, dates, and files.

Agents

Manage your sales agents and keep an active roster of your team.

  • Create new sales agents, sales personnel, and referral partners.

  • Assign agents and salespeople to specific commission rates.

  • Export agent contact information for end-of-year reporting and communication.

 

Upfront Commissions

Upfront commission payments and tracking made easy.

  • Track commission advances to sales agents.

  • View real-time advance balances against accrued commissions.

  • Auto-generate financial reporting for true-ups and more.

Energy Commissions Tips & Facts

How Do Energy Broker Commissions Work?

Most energy brokers employ sales personnel in the form of employees or independent contractors. And typically, those salespeople are compensated for the customers that they sell. Usually, sales staff are paid a percentage of the broker’s total commission or a flat fee for closing a new customer. Either way, the broker must have a reliable system in place to track energy sales commissions and pay their staff.

What Are Some Challenges Energy Brokers Face With Commission Payments?

Energy brokers face several challenges when it comes to calculating and paying sales commissions. First, sales compensation plans are never one-size-fits-all. Unless it is a broker with a strict commission structure, most energy brokers are flexible in their commission plans in order to attract the right talent. A seasoned sales agent with a book of business might get offered a higher commission rate than someone who is new to the industry. With that being said, it can be very challenging to keep track of many different commission schedules and pay rates. Furthermore, some brokers pay two or three people on a single deal. There might be a sales manager or regional manager earning override commissions on a sales agent. And some brokers offer advanced payments or draws that are repaid later as the deal begins to flow. This brings a whole new level of complexity to the commission payment process. 

Energy brokers are often seeking new systems and programs to help them organize compensation plans and to pay their teams more efficiently. In essence, the broker needs to find a way to calculate who gets paid what every time a supplier issues payment on a customer’s utility account.

Contact Us

Interested in seeing what an energy broker CRM can do for your energy business?

 

What Type of Commission Plans Can Edge Handle?

Edge prides itself on offering the most robust commission payment application in the industry. Not only can energy brokers easily calculate sales commissions using Edge, but they can also create many levels of complex compensation plans. In fact, Edge is designed in such a way that allows brokers to customize any type of commission structure and tie that structure to an individual customer or contract. Then, the system does the work. As soon as the supplier payments come in, we will automatically calculate who gets paid what based on your pre-defined compensation protocol and issue a commission report for approval. 

Furthermore, Edge can handle upfront advanced commission payments or drawls and get help your organization keep track of future commission payments against any sort of drawl balance. This function alone sets Edge apart from the competition and gives our broker clients a new perspective on growing their businesses.

How Technology Is Changing The Retail Energy Sector

Technology is changing the way we do business throughout the world, and although the retail energy sector might be lagging, it is no different. Energy brokers who take advantage of technology have an unfair advantage over those who do not.

Overview

The retail energy industry has been late to adopt technology as a way of transacting business. Many energy brokers and suppliers still process energy quotes and contracts via the telephone and email. As technology continues to develop and grow, the retail energy industry is beginning to transform. Today, there are online energy brokers who allow residential and small commercial customers to transact with suppliers on their websites. Other brokers are implementing reverse-auction functionality where suppliers bid on customer contracts in real-time. As this industry continues to evolve, it is important to be positioned for success with the right technology.

Workflows

An energy broker software application, like Edge, allows brokers to be at the forefront of this technological revolution. Not only does a system like Edge allow brokers to replace manual processes with automated workflows, but it also streamlines the broker-supplier relationship. Applications such as Edge’s RFP enables brokers to submit custom price requests to multiple suppliers with the click of the mouse. On the other end, suppliers can turn around price quotes directly in the Edge system, allowing brokers to manage opportunities from a single dashboard.

Utility Data

Furthermore, access to utility systems such as the Eligible Customer List (ECL) has given brokers an unprecedented opportunity to create prospect lists, confirm customer utility data, and structure pricing. Edge’s ECL application is another example of how technology can transform the way you transact business. In the current climate, finding the lowest rates for your customers is paramount. Utilizing the ECL, Edge clients can automatically calculate load-factor to determine the best way to quote a customer.

Payments

Additionally, many energy brokers have commission pay structures in place to pay agents, channel partners, sales employees, and referral partners. Trying to manually reconcile supplier commission payments while figuring out who to pay is an operational nightmare. Systems like Edge allow energy brokers to process commissions automatically. Not only will our system identify errors in supplier commission statements, but it will also calculate multiple levels of sales commissions based on your pre-set parameters.