Payments On the Fly
The article "Payments On the Fly" by Steve Miller discusses the challenges of collecting last-minute insurance renewal payments through traditional methods like paper checks, wire transfers, or faxed checks, and promotes ePayPolicy's online payment solution that allows insured clients to quickly and securely make credit card or eCheck payments via email, providing instant e-receipts and reducing labor and liability.
Payments On the Fly
It’s 4.45pm on a Friday and one of your insured’s renewal is due today. How do you collect a down payment to bind coverage? In this all-to-familiar scenario, it’s virtually impossible to renew this client before the weekend arrives. You have 15 minutes until the close of business and the short list of options available are: a hand-delivered paper check, wired funds from a bank, or a faxed check. All are limited in making it on time and are very labor intensive.
Delivery of a paper check is limited by the traffic, finding the check book, and having the right personnel handy to sign it. If your client is in another state, forget about it. Wired funds are tough to accommodate too. Most banks’ deadlines are either 3pm or 4pm and they’re expensive. On top of the $25 wiring fee, there has to be a bank representative available to execute the wire. A faxed check requires the agent or recipient has to convert this into a paper check for deposit. Again it’s very labor intensive and there’s more important tasks personnel can be doing. The faxed check also invites a layer of liability into your office. The sensitive client data, account and routing numbers, are exposed.
Now before you go into your weekend with a high level of anxiety of a possible claim happening without a bound renewal, consider this. ePayPolicy can facilitate this payment with a couple clicks of a mouse or a swipe of a smartphone. How does your insured do this? It’s easy. Just email them your payment page and they can upload either a credit card or eCheck payment. Here’s our demo payment page. Once they make payment and hit ‘Send’ all parties instantly have an e-receipt emailed to them. Your online dashboard will also reflect this incoming payment too. Crisis averted!
In our society today, mobile and online payments are key. Some of our clients took this a step further by adding our ‘PayNow’ button to their homepage. Winstar Insurance in Austin, TX is one example. The ePayPolicy ‘PayNow’ button is downloadable for free at the bottom of our homepage. Call us for more details on how we can speed up your receivables and make your weekend more relaxing.
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Steve Miller
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