Accounts and finance
How much does it cost to join Momentum?
There is no set-up fee. The financials can vary depending on your particular requirements. As a start-up business, typically you would receive 60% of all Fees and Commission paid by your clients.
Do I have to Credit Control my clients?
Yes, and it’s really important that you do. We can’t pay you or the insurer until the client has paid so you could end up with a policy cancelled by the insurer and no income. Credit Control is vital to any successful business.
Can my clients pay by Premium Finance?
Yes they can. We are able to offer payment facilities via Premium Credit.
Will I have to deal with client money?
No. All payments come directly to us and we will take care of all the reconciliation and payments to insurers.
Will I have to do my own accounts?
You will be responsible for your own business accounts – we can offer you some support in this, but since we will be handling client payments and insurers, most of what is left would probably be picked up by a good accountant.
Do I need my own PI Insurance?
No – you will be covered under Momentum’s PI policy. If you already have PI cover in place, you can put that into run-off.