Virtual checks and desire to fight change - ePayPolicy
The article critiques the continued use of virtual checks—where clients pay online only for a check to be printed and processed manually—highlighting that despite the decline of paper checks to just 3% usage in the U.S. since their 1995 peak, many still resist fully digital payments, whereas ePayPolicy offers a secure, fully automated online payment solution that eliminates manual handling, reduces security risks, and streamlines transactions.
It’s funny how much we all fight change. It’s a normal human tendency. But there’s one instance I ran across recently that illustrates that clearer than ever – the use of virtual checks.
Follow me on this one…
As a preferred payment method, paper checks hit their peak in 1995 (22 years ago at the time of this writing). As of 2013, a report by the Federal Reserve listed paper checks as the payment method of choice by only 3% of the American population. Meanwhile, there are several European countries that have completely eliminated paper checks.
I’m sure none of this comes as a surprise. Think about the last time you were asked to write a check. I bet your response was “But, but – can I pay you online?”
It was out of that desire to pay electronically that the virtual check was born. With a virtual check your clients no longer need to write a check; they simply fill out an online form and…ahem…you print the check.
Hold on a second.
If you, your clients, and 97% of America doesn’t want to pay by check, why offer a solution to your clients to “pay online” just so you can print a check to run to the bank? I thought we were trying to get rid of those things.
It’s not all bad. Checks are a cheap option to accept a payment if you only look at the hard costs.
But think about the drawbacks including the fact that someone in your office has to manually handle these payments. Not to mention that you open up your office to security risks by physically handling routing and account numbers.
Is it worth the E&O exposure and manual effort to save a few bucks a year?
There is a better way. There is a way to end the paper check for good. By taking payments online, your clients enter in their banking information in a secure form, ePayPolicy processes the payment, and the funds arrive in your account without one iota of manual intervention. And if that payment bounces, our system will notify you and your client automatically.
It’s like magic.
So come join the revolution and make payments easier for your customer AND your agency. Because we think that your customer shouldn’t be the only one that wins with online payments.
Related
The Myths of Check Payment Security
The article debunks the myth that checks are a safe and reliable payment method by highlighting their vulnerability to fraud, administrative inefficiencies, hidden costs, and growing customer preference for more secure and convenient digital payment options, emphasizing that checks pose significant risks to both businesses and consumers.
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.
Automation Nation - ePayPolicy
The article from ePayPolicy discusses the ongoing debate around automation, highlighting its benefits such as reducing human error and increasing efficiency, while addressing concerns about job displacement and AI's current limitations, and emphasizes the company's efforts to demystify AI and automation in the traditionally human-centric insurance industry by showcasing everyday examples like autocorrect.
Top 3 reasons to stop accepting checks - ePayPolicy
The article from ePayPolicy argues that businesses should stop accepting checks due to their inconvenience, long processing times averaging 15 days compared to 1-3 days for credit cards, and the risk of bounced checks causing delays and extra costs, recommending a shift to faster, more reliable digital payment solutions.
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.
ePayPolicy: Digital Insurance Payment Solution
ePayPolicy is a specialized digital payment solution trusted by over 10,000 insurance organizations—including agencies, MGAs, carriers, and premium finance companies—that streamlines insurance premium payments by replacing checks with a secure, PCI Level 1 compliant network featuring easy onboarding, AMS and API integrations to automate tasks, improve cash flow, reduce late or lost payments, and enhance operational efficiency, as evidenced by positive testimonials from industry professionals.