Agent money - Page 2

by Mymy · 07.09.2022

agent money

Education also plays a significant role in how much money a travel agent makes. In fact, the Travel Institute found a direct correlation between

“I look at these results, especially compensation, as a trifecta for our industry beginning with well-trained travel professionals who are earning significantly more money than agents without advanced learning,” said Travel Institute president Diane Petras.

“When TASK was introduced eight years ago, I made a commitment to the industry to have limited online sessions, make sure that agents learn how to make their own money but cultivating relationships with vendors, tour operators here in the USA and abroad,” said Tammy Levent, president of TASK. “The problem facing our industry is that we are accustomed to being told what we are to make. In our TASK live course, we teach our agents how to negotiate from 20 to 40 percent profit–not commissions, but how to become entrepreneurs and make a good profit.”

“I always say, one agent at a time as an advocate and a voice for the travel agent,” said Levent. “I have so many [agents] that want to take my course and find it hard to believe that they can make so much money. At the end of the day, I teach them to take the money and that they deserve it. They did all the work.”

First, real estate is hyper-local and niche. A Realtor specializing in luxury properties in one zip code could make vastly different money from a real estate agent who works on commercial properties just down the block.

Regulations allowing banks and nonbank e-money issuers to appoint agents have been in place for a decade in quite a few countries. These regulations were often inspired by Brazil’s experience dating back as far as the 1970s. In 2006, for example, India first adopted its “business correspondent” (agent) regulations. Many countries’ original regulations, such as India’s, envisaged agents performing multiple branch-like functions, including sales, account opening and cash in/cash out (CICO).

In some countries, agents focus primarily on CICO transactions. For example, many agents in Tanzania and Bangladesh do not market credit products or other services on behalf of providers. E-money issuers sell their products using banners, call centers, SMS and other mass market tools. In other countries, only a subset of agents open new accounts for customers. The reality is that there is a variety of important agent functions, and it is helpful to segment agents by the functions and risks they present.

The principal is the account issuer and, therefore, has primary responsibility for anti-money laundering and combatting the financing of terrorism (AML/CFT) on the accounts they issue. For example, the opening of accounts is approved by the principal, though agents may assist. Many principals require agents to bear significant responsibility in properly identifying customers when they open new accounts. Yet some regulatory regimes go further and imply that agents must help principals to report suspicious transactions and undertake proper identification of the account holders and beneficial owners, obligations informed by the global AML/CFT standards set by the Financial Action Task Force. Experience shows this is impractical and unrealistic in many markets.

Branchless or Agent banking have higher transaction limits than MFS. Customers can open account, make deposit (including online deposit), withdraw money, receive remittance, transfer money from Agent point through bio-metric authentication. Even the same customer can take full banking services from the bank branch. So, FIU seek opinion about simplified KYC for agent banking customers, but commercial banks oppose it considering full access to banking services of those customers.

The benefits of mobile money are many. Some of them include the accessibility it brings to rural areas, reduction in cash dependency, lower transaction costs, job opportunities to an unusually vast number of individuals who act as mobile money agents.