ePayPolicy

3 reasons to accept electronic payments - ePayPolicy

ePayPolicy highlights three key benefits of accepting electronic payments in the insurance industry: improving cashflow by speeding up receivables, saving time by automating payment processing and integrating with management systems, and providing customer convenience that keeps businesses competitive.

In today’s constantly changing world, the insurance industry must find innovative ways to improve productivity and at the same time, satisfy their customers. What’s the easiest way to boost productivity? Automation.

Automation: The technique, method, or system of operating or controlling a process by highly automatic means, as by electronic devices, reducing human intervention to a minimum. (Dictionary.com)

At ePayPolicy, efforts have been made to automate receivables. Automated receivables can help your organization in three ways:

1. Improve cashflow

Cash is the lifeblood of any business. By accepting electronic payments instead of waiting for checks to arrive in the mail, you are speeding up your receivables and improving your cashflow.

2. Save time by eliminating mundane tasks

Your team is busy and their time is valuable. It takes more time than we all care to admit to deposit each check and manually enter those payments into the management system. This is why integrations have been built into management systems like Vertafore’s AIM and FinancePro products as well as MGA Systems. Contact ePayPolicy if you would like integration into your management or accounting system.

3. Convenience

When was the last time someone asked you to write a check and drive it across town? Asked another way, if one business asked you to write a check and another accepted an online payment, where would you be more inclined to take your business?

The insurance industry as a whole is making the move to accept online payments. And when your competitors accept online payments, you simply cannot afford to ask for payments via check.

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