Changing of the Times
Raise your hand if you still write a check to pay your bills… Some people likely raised their hand because even though anyone under the age of 45 might say that checks are dead, some people still use them. Now raise your hand if you accept check payments from insureds for the payment of their premiums… This one probably received more hand raises because it has been difficult for insurance agencies to accept any other methods of payment.
So, what happens now that consumers are becoming more and more accustomed to paying everything via ACH or credit cards? Some of them are likely wondering why they are still asked for checks to pay their insurance premiums. The good news for insureds and agencies is that there is an easy way to get rid of paper checks. ePayPolicy allows agencies to accept ACH and credit card payments through a custom, company-branded webpage.
A New Way to Pay
With ePayPolicy, you can offer a simple payment experience to your insureds, bind policies faster, and track and reconcile payments anywhere. There is no limit to the number of users or transactions that can be processed, and funds are in your bank in 1-2 business days. When a payment is made, you or the appropriate person in your agency will receive a notification of the payment. ePayPolicy offers an easy to use dashboard that will allow you to easily reconcile your accounts.
Not only does ePayPolicy make receiving premium payments easier, but it also integrates with several agency management systems to include AMS360, QQCatalyst, AIM, Sagitta, Applied CSR24 and a few additional preferred systems.
What about processing fees? The processing fees are paid by the insured so that you can maintain the full payment. For credit card transactions, the processing fee is 3.25% for all major credit cards. The fee for ACH transactions is a flat fee of $3.
Are you ready to get started? Visit the ePayPolicy webpage and for $20 a month begin collecting digital payments. Don’t forget to enter PIIACAGENT for the referral code*. If you still need convincing that this is a beneficial tool for your agency, click here to schedule a demo.
*Sign up during April 2020 to get one month free with PiiacAgent referral code.