FAQ: 2018 TRANSACTION FEES
If you have questions about the fee increase for 2018, we hope to answer them here. Still looking for an answer? Let us know.
How much is the transaction fee?
As of April 2, 2018, the transaction fee is $15.50 per order on full-scope appraisals, $6.50 for limited-scope appraisals.
Commercial appraisal transaction fees are still 3% of the total appraisal fee, with a minimum of $15.50.
If your client pays the transaction fee for you, this increase won't affect you.
How do I get a discount?
It's easy: Start using your bank account to pay your transaction fees (or continue doing so) and you'll pay the same $14.50 you have since 2016. There are other advantages to ACH beyond the discount, so read on or click here to set your payment method now.
How can I adjust my published fees to offset the transaction fee?
Log in to Mercury and adjust the items in your profile’s Products tab. Click here for a quick walkthrough.
How many lenders use Mercury?
Currently, nearly 1000 lenders and AMCs use Mercury Network.
What is Mercury Network doing for me?
We update Mercury Network just about every 2 weeks, and many of the features we release are directly based on feedback we hear from you. Importantly, these updates are beneficial to you and your clients, making Mercury the most advanced, efficient platform. This way, we attract more potential clients with whom you can connect and generate more work.
Here are some examples of highly-requested features we’ve added recently:
Checking account option
This was requested by a lot of appraisers since paying via ACH is almost like paying in cash. Later this year, your clients will be able to pay you directly via ACH, so having yours set up will be even more useful.
Because ACH payments are less expensive to process than credit card transactions, you can use this payment method to avoid the 2018 fee increase. You'll continue paying $14.50 per transaction instead of $15.50.
Click here to set up ACH now.
Quickly gathers the property contact’s availability for the inspection appointment so you can choose one of those times, avoiding back-and-forth communication. You can also coordinate directly with the contact as usual, so you’re not locked into their available times.
See the FAQ here.
New document management tools
Your clients often require documents such as samples of your work, license and insurance documents, certifications, etc. So, we made it easier for you to manage these documents, plus we made it simpler for your clients to find the documents in your profile so they can confidently assign orders to you.
Add documents to your profile now.
Manage your clients
You asked for ways to control who assigns orders to you, so we created a way for you to see which clients have added you to their fee panel, and you can set your account to only receive orders from those clients. Plus, you can remove yourself from or automatically accept orders from any fee panel where you’re a member.
Learn how to manage clients now.
View your own statistics
When you’re a member of a client’s fee panel, we added a way for you to see your own performance statistics with that client. This way you can see what they see, and address any areas where you can improve.
View your fee panel statistics now.
We constantly create tutorials to help you use the features in Mercury Network. They're better than a video or a page of instructions because they guide you every step of the way as you complete your task.
Check out the full list of tutorials here.
What’s coming next?
We have several exciting developments in store for you in the next year. Here are a few examples:
Retry a payment
Sometimes it’s just a matter of timing. A payment may not go through in the morning but will now. Soon you’ll be able to retry a payment without needing to re-enter your checking account or credit card information.
Get paid via ACH
With this feature, your appraisal fee can be transferred directly to your checking account from your client. You’ll be able to use Mercury to track which orders you’ve been paid for, and contact info for those you have not. We look forward to reducing confusion and slow pays by giving you a single point of contact for your receivables.
Where can I send feedback?
Your opinions are critical to us. Please send your feedback to info@MercuryVMP.com.