Aug 25, 2021
To show appreciation for your partnership, PrimePay is enhancing their Broker Concierge Partner Program in 2021 to introduce new partner incentives that include separate bonus amounts for new business and for retained business with PrimePay. The following PrimePay services are eligible for the bonus:
- Payroll Processing Services
- Benefit Administration Platforms: HR3 (bswift) and Employee Navigator
- Pre-tax Account Administration: POP, FSA, HRA, and HSA
- Compliance: ERISA Wrap/5500 Filing & COBRA Services
New Business Bonus Payments
Once your agency reaches one of the annual objective tiers below, you qualify for the corresponding bonus payment.
| NEW BUSINESS OBJECTIVES | BONUS PAYMENT |
|---|---|
| $15,000 | $1,000 |
| $25,000 | $2,000 |
| $35,000 | $3,000 |
| $45,000 | $4,000 |
| $55,000 | $5,250 |
| $65,000 | $6,500 |
| $75,000 | $8,000 |
| $85,000 | $9,500 |
| $95,000 | $11,000 |
| $105,000 | $12,500 |
PrimePay will keep track of your progress closely and update you on a regular basis on how you are tracking toward your new business bonus.
Retention Bonus Payments
Any qualifying business remaining active with PrimePay after 12 months will be eligible for a retention bonus payment.
| RETENTION OBJECTIVES | BONUS PAYMENT |
|---|---|
| $25,000 | $1,000 |
| $45,000 | $2,000 |
| $65,000 | $3,500 |
| $85,000 | $5,000 |
| $105,000 | $6,500 |
| $125,000 | $8,500 |
| $145,000 | $10,500 |
| $165,000 | $12,500 |
| $185,000 | $14,800 |
As an example of the existing commission program vs. the new incentive program: Your agency has been a Broker Concierge partner with PrimePay for a few years and has $45,000 of existing business with PrimePay. Additionally, your agency writes $35,000 in new business with PrimePay in 2021. Under the current program, you receive 5% of new and existing business totaling $4,000. Under the new incentive program, your annual bonus will total $5,000. The new program pays $1,000 more!
At the end of each calendar year, their Broker Concierge team will calculate all qualifying new business & retention revenue received from January 1 – December 31 and pay your agency a bonus check at the end of the first calendar quarter.
