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FAQ for SRI agents
We work closely with SRI to provide commission advance services (resale and projects only) to SRI agents. When an instant payment request is submitted by an SRI agent, SRI will review and approve the request. Thereafter, LytePay will proceed with transferring the requested payment amount to the SRI agent’s registered bank account.
Yes, it is free to sign up for a LytePay account. Sign up for free here, using your agency-registered email address and mobile. Ensure that your email address, mobile, agency, identity (via SingPass), and bank account are verified.
No. If you do not submit an instant payment request, SRI will continue to pay your commissions the usual way.
Upon completion of the sign-up process, it may take 3 to 5 business days for your account to be verified by LytePay.
LytePay Pte Ltd is a Major Payment Institution licensed by the Monetary Authority of Singapore (MAS) under the Payment Services Act to provide (i) account issuance service; (ii) domestic money transfer service; and (iii) cross-border money transfer service.
When SRI receives the payment from the property developer or resale transaction, SRI will repay the instant payment request amount you’ve requested to LytePay. The remaining amount that you did not request will be paid to you by SRI the usual way.
This is done automatically between SRI and LytePay. There is no extra manual work required by you, to repay LytePay.
No. LytePay is not a loan. LytePay provides a commission advance service and charges a flat-rate fee per instant payment request. There are no interest charges nor hidden fees.
The processing fee is calculated automatically and dynamically via algorithm. The fee is calculated based on multiple factors such as transaction status, OTP date, and other risk factors.
On average, the processing fee is 4%-12%. Rest assured, the processing fee will appear on the request form before you submit the instant payment request.
Upon completion of a cash out request, it will be reviewed by SRI.
Upon approval of the request from SRI, you will receive an email notification to choose to accept or decline the cash out request.
After accepting the request, you will receive the commission amount in your bank account within 1-2 business days.
You can request an instant payment from LytePay as long as it is a project or resale transaction.
On the instant payment request page, provide the name of the project or resale transaction, the block/house number, unit number, and OTP date.
Your requested commission amount will be transferred to the bank account that you registered with LytePay.
You will receive an email and SMS notification from LytePay once the transfer is complete.
There is a minimum of $1,500 and a maximum of $100,000 per instant payment request.
When your commission is eventually paid to SRI, they will deduct the amount you have requested from LytePay before directly transferring the remainder to you.
It is automatic and seamless, so you don’t have to worry or do anything.
