Unpaid advice fees? It starts with payments

Ask any experienced mortgage broker and they’ll tell you: getting paid for the advice you provide is not always as straightforward as it should be. When property buyers are spending huge sums of money for a new home, the mortgage advice fee isn’t going to be high on their list of priorities.

This guest blog is brought to you by Cashflows, who share insights on how embracing efficient payment technology can help brokers collect advice fees and streamline their business operations.

With the average fixed advice fee in the UK sitting at £500, mortgage brokers find themselves chasing payments far too often. Year after year, unpaid fees accumulate, creating a back-book of losses. However, modern technology offers solutions to this problem— and mortgage brokers can ignore no longer. By embracing efficient payment technologies, brokers can stop chasing unpaid fees and instead focus on their clients.

Let’s explore how mortgage brokers can leverage cutting-edge payment tools to streamline fee collection and help evolve and grow their business, with insights from experts Matt Harrison from finova Broker CRM and Amy Atkinson-Bell from Cashflows.

Timing is everything

One of the biggest hurdles is timing. The moment when a client agrees to proceed with their mortgage application is the golden opportunity for brokers to secure the advice fee. As Amy Atkinson-Bell points out, “Brokers have the best chance of converting an enquiry into an advice sale right there and then, on the phone.”

Clients are often excited about their property journey, ready to move forward with the process. This is the perfect time to request and receive the payment for the advice provided. However, brokers might not be prepared to take payment instantly.

Imagine this scenario: you’ve secured your client’s agreement, but then you have to pause to locate the office card machine or retrieve the password for your virtual terminal. The momentum is lost, and in that split second, the client’s enthusiasm cools. Or the client might decide to think things over, leaving without committing and potentially turning to another broker.  

The result? Another £500 fee slips through your fingers, adding to the pile of unpaid debts that many firms write off each year.

A simple solution: integrated payment systems

Prevent this scenario and be ready to take payment instantly, without disrupting the client’s decision-making process. This is where technology solutions like Cashflows’ payment gateway and in-person payment products can be game-changers. Cashflows has teamed up with finova Broker CRM to create an integrated system where payments can be taken safely and in real-time, directly within the client’s record.

This allows brokers to process payments without leaving their CRM system. No need to hunt for the card machine or remember virtual terminal passwords. Everything is done on-screen while the client is still engaged, ensuring that you capture the payment at the perfect moment. As Matt Harrison of finova Broker CRM explains, “By integrating payments within the client record, brokers can avoid missing out on fees due to logistical delays or lost opportunities.”

Payment links for later collection

Of course, not every client will be ready to pay on the spot. Some may need to consult with a partner, or perhaps the payment is being made by a third party. In these cases, it’s essential to have a backup plan in place.

Cashflows and finova Broker’s solution? Payment links. Using the finova Broker CRM, brokers can send secure payment links to clients who prefer to pay at a later time. These links allow clients to self-serve, paying when it’s convenient for them—whether that’s later in the day, after a discussion with their partner, or when the person responsible for payment is available.

By offering this flexible payment option, brokers can significantly increase the likelihood of collecting their fees. The added convenience of digital wallets like Apple Pay and Google Pay makes it even easier for clients to complete transactions swiftly and securely. As Amy Atkinson-Bell notes, “This approach ensures more successful sales all around, as clients can pay in their own time and in the company of whoever may be covering the cost.”

Stay competitive by embracing technology

In today’s market, mortgage brokers must remain competitive not only in the advice they provide but also in how they manage their businesses. Chasing unpaid fees is not just time-consuming—it’s a drain on resources and morale. By adopting modern payment technologies like those offered by Cashflows, brokers can stay ahead of the curve, ensuring they get paid on time and in full.

It offers mortgage brokers a streamlined, effective way to collect advice fees, either at the point of sale or afterward through payment links. The ease of use, coupled with the ability to integrate payments directly into existing CRM systems, makes this solution a no-brainer for brokers looking to enhance their business operations.

Ensure that you’re not just giving great advice—you’re getting paid for it too. Don’t let another £500 slip away—take control of your payment processes today.

Learn more about Cashflows on their website.