What is commission?
Commission is an incentive that Griffin pays to you based on the balances that your customers hold with Griffin. We pay this to our customers to give a share of the value that we earn on deposits held, and to incentivise our customers to grow their deposit base with us. Commission behaves a lot like interest except that commission is not paid to the owner of the account, but to the Griffin customer that controls the account.
How does commission work?
Commission is calculated daily based on the amount held in each of your customer's accounts. Your commission rate (set in your contract with Griffin) is converted into a daily accrual rate and applied to each of your customer's balances. For more information about the calculation methodology, see our page on interest.
Because commission is paid on balances held by your customers, we do not pay commission on any accounts that you own. Instead, you'll earn interest on those accounts as normal.
When do we pay commission?
At the end of each month, we pay all commission accrued for the month into your primary account. You should see this transaction after midnight on the first of the month (e.g. on 1st June you'll receive your commission earned for May). If you have multiple products with Griffin that earn commission then you will see multiple commission payments at the start of each month, one for each product type.