Speed up your ACH Payments - ePayPolicy
The article discusses the upcoming nationwide rollout of Same Day ACH payments starting September 23, 2016, which will initially enable faster same-day credit transactions across all US banks, significantly benefiting industries like insurance by speeding up electronic payment processing and reducing coverage lapses, with ePayPolicy committed to quickly adopting this technology once available.
Usain Bolt is fast and his stunning performances at his third Olympics proved it. Fiber optic internet is really fast too and once you’ve tried it, there’s no going back. My six year old son is so fast I can’t catch him. ACH or eCheck payments…well, they’re slower than molasses uphill in the winter compared to any electronic payment contemporary. And they’ve proven that since their origination in 1974. But, as Dylan said, “the times they are a chang’n.”
How does same day ACH (eCheck) delivery of funds sound? Exactly, it’s awesome! Currently, it’s on the immediate horizon and it’s exciting to all banks and credit unions nationwide. Here’s the roll-out plan. Phase one of the Same Day ACH initiative goes live on Sept. 23. It will be for credit transactions only. This will include three daily settlement windows five days per week. Debit transactions will follow suit in phase two in 2017. Individual and business transactions will improve in efficiency literally overnight. Both phases will affect all 14,000 plus banks in the US on day one.
This is huge for the insurance industry when most renewals come down to the last minute to bind coverage. 70% of all electronic payments are ACH’d funds. The faster these receivables can be delivered the more insureds are bound at the time of renewal without risk of lapse of coverage or heaven-forbid a claim over the weekend.
ePayPolicy has its eyes set on adopting this technology asap. As soon as payment processors are green-lighted for this technology, we’ll be the first in line to adopt, implement, and roll-out to our clients.
And I promise you this. It will be faster than my darting six year old with an Oreo cookie!
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Terms and Conditions - ePayPolicy
The ePayPolicy Terms of Service, effective June 3, 2026, establish a binding contract between ePayPolicy and its Customers for use of its integrated payment platform and services, include mandatory individual arbitration for disputes waiving class actions and jury trials, incorporate the Privacy and Acceptable Use Policies, and outline that additional services or promotional offers may be subject to separate terms requiring further agreement.
MIIAB Endorses ePayPolicy as Preferred Payment Processor
The Minnesota Independent Insurance Agents & Brokers Association (MIIAB) has endorsed ePayPolicy as its preferred payment processor, highlighting its cost-effective, user-friendly platform for online insurance payments via ACH or credit card, with features including tracking and reconciliation, branding customization, and faster receivables.
Accepted Payment Methods on ePayPolicy Payment Pages
ePayPolicy accepts Visa, Mastercard, Discover, and American Express credit cards; debit cards linked to checking accounts (excluding savings or prepaid cards); and ACH payments from U.S. checking accounts, while disallowing gift cards, prepaid cards, payments from savings accounts or non-U.S. banks, and splitting payments across multiple methods.
IIABL’s Preferred Digital Payment Processor
The Independent Insurance Agents & Brokers of Louisiana (IIABL) has endorsed ePayPolicy as their preferred digital payment processor, highlighting its cost-effective, customizable, and efficient online payment solutions that enable members to easily track, reconcile, and receive insurance payments faster via ACH or credit card.
How Much Are Paper Checks Costing Your Agency?
The article explains that paper checks are costly and inefficient for insurance agencies, with average processing costs ranging from $4 to $20 per check, contributing to wasted time and resources, while customers increasingly prefer faster, more convenient digital payment methods, leading to a significant decline in paper check usage and predictions that checks will become obsolete by 2026.
Client Toolkit
The Client Toolkit provides comprehensive resources—including customizable email templates, internal announcements, branded flyers, social media posts, email signature badges, PayNow buttons, 24/7 support, a help center, and video tutorials—to help teams promote and increase utilization of digital payments through ePayPolicy.