How would you like to take checks and credit cards in one system, designed specifically for insurance agencies? When people discuss the future of payments they tend to predict the end of cash. In the past few years, we’ve seen digital payments grow at lightning speed and age-old paperwork becoming less common. Digitization gives businesses extra incentives to smooth payment transition. It allows customers to have a seamless purchasing experience, making cash and cheque payments a thing of the past. For insurance agencies, paper-based payments are often seen as the norm which only results in hefty paperwork consuming too much time. Evolving with the financial shift, many of our clients have adopted ePayPolicy, a digital payment system unique to insurance agencies!
Created by insurance experts for the insurance industry, ePayPolicy provides the simplest solution for insurance agents, brokers, MGAs, and premium finance companies to collect credit card and ACH payments.
Why Your Agency Will Love ePayPolicy:
In this digital age, many agencies are avoiding paper materials due to inefficiencies. Physical transactions waste a lot of time and money and are an unnecessary use of resources.
While the need for paper cheques is shrinking, the cost isn’t budging. The average cost of a paper cheque is anywhere between $4-20, according to a study conducted by the Bank of America. Processing a cheque costs a business ten times more than an ACH transfer, and receiving a check costs five times more than ACH payment. That’s a lot of money spent being spent just to receive money.
Improve Customer Experience
Customers crave flexibility, convenience, and speed. Cash and paper cheques cost them all three. With digital payments becoming the new age preferred mode of payment, it only makes sense to digitize your agency transaction methods. Moreover, a Federal Reserve Study states that paper cheque usage has decreased by 7.2% and in 2019 only 26% of customers used cash as a mode of payment.
Today, online services and digital payment tools are what’s expected from businesses. Customers want and need to be able to pay for their insurance from anywhere at any time. Slow and inconvenient payment systems increase wait times and add the layer for human error to the disrupt the process.
Lower Security Risks
Paper-based payments increase customer risk for fraud and identity theft. According to the American Bankers Association’s 2019 survey, attempted cheque fraud accounted for 91% – a jarring number. The sheer amount of times a cheque must be passed from person to person while it is being processed results in a low amount of security. This also implied an increased risk for agencies to even receive the payments.
Customers trust agencies with their largest assets and the safety of their banking information. Digital processing creates a secure environment to receive payments and keep accurate records while eliminating risks.
Cheque or Card?
ePayPolicy lets customers and agency staff electronically process payments by cheque or card manually or directly on the agency’s website. Most agencies love the fact that you can forward the cost of the credit card processing fee directly to the customer. Say goodbye to paper cheques.
Vertafore, Applied, or a different management system? ePaypolicy is integrated into popular management systems used by insurance agencies, which is why it’s the clear choice for insurance agencies.
With a monthly fee of $20 to $50, most insurance agencies find that ePayPolicy automatically pays for itself by saving both customers and the agency a lot of time.
ePayPolicy is preferred by 28 insurance associations across the United States for processing digital payments.
Head over to https://epaypolicy.com/ to learn more about this great product.