NEW YORK--(BUSINESS WIRE)--Tongo builds financial products that finally meet the needs of the commission economy. Today, Tongo announced the launch of its Financial Benefits Platform, which empowers real estate brokerages to provide their agents with the essential toolkit to achieve financial wellness. This toolkit delivers automated budgeting to savings, checking, retirement, and investment accounts, as well as fast access to current and future commissions.
“The traditional banking system was designed for salaried workers, overlooking self-employed professionals, who will soon make up 50 percent of the US workforce. The salary-based system of regular payroll is why bills are due monthly, and, in turn, why credit scores reward monthly payments. Additionally, 401K contributions and tax withholdings are automated through payroll, which makes it easier to save and pay taxes on time,” said Brandon Wright, CEO and co-founder of Tongo. “Millions of professionals in the real estate industry work on commission and have irregular income streams. This hinders them from building their credit scores and delays retirement because contributions to savings and retirement accounts aren't routine or automated. Tongo built the Financial Benefits Platform to provide real estate professionals the essential tools needed to achieve financial success.”
The Financial Benefits Platform is delivered by real estate brokerages to their agents. Once set up, agents choose how they want to distribute their commission across their personal, business, savings, retirement, and other chosen accounts. Brokers use Tongo to deliver agent commissions, which are sent and automatically distributed per the agent’s instructions. Additional features of the Financial Benefits Platform will include a tax calculator to help agents set aside money for taxes, partners to help with retirement planning and saving, and access to high-yield savings accounts and SEP IRAs.
Agents can also instantly access future commissions up to 60 days early via Tongo. By offering on-demand access to commissions, agents have the flexibility to pay monthly expenses and invest in business growth between commissions.
“Tongo has helped streamline EXIT’s brokerage operations by simplifying the distributions of commission payments to our agents,” said Bernadette Cole, Regional Owner, EXIT Realty Virginia. “With the new Financial Benefits Platform, we’re now able to offer financial wellness solutions, which has been a powerful tool for recruiting and retaining our agents.”
ABOUT TONGO
Tongo builds financial products that meet the needs of the commission economy. The traditional banking system was designed for salaried workers, while commission-based workers are a massive, underserved, and growing segment of the US workforce. Tongo believes everyone deserves access to convenient and tailored financial solutions to help them thrive professionally and personally.
