Congratulations! You’ve made the decision to offer digital payments! It should be easy to pick a payment processor for your agency, MGA or premium finance company — right?
Of course, we think it’s a no-brainer. But many of our clients come to us after starting out with general payment processors like Stripe, Square, Quickbooks, etc. We’d like to save you some of their frustrations. It’s not that their solutions aren’t great. It’s just that they’re industry agnostic, a fancy way of saying “one size fits most,” or “generic.”
Note – many larger companies sometimes utilize a “merchant services account.” We’re written in depth about those here.
After helping over 5,000 insurance companies of all sizes, there’s a handful of industry-specific reasons why you should select a partner built for your business.
Insurance Is Not a Generic Industry
Your receivables are not a simple matter of collecting premium payments and depositing them as income into your bank account. You have fiduciary responsibilities to your carriers and to your insureds. You’re subject to state statutes and regulations specific to our industry, and you need software built those those nuances in mind.
We Know This Because We’re Insurance Experts
Our oo-founder Todd Sorrell owned a premium finance company for several years before launching ePayPolicy with Milan Malkani in 2015.
ePayPolicy was created specifically as a digital payment processing solution for the insurance industry.
Here are five benefits of ePayPolicy that (together) you’ll never get from Square (or Stripe, or…):
1. Operating Efficiency
ePayPolicy integrates with today’s most popular agency and broker management systems, including AMS360, Applied CSR24 and a growing number of legacy and new systems. Not surprisingly, generic payment processors don’t know or care which management system you use. Integrations helps unlock massive efficiencies for insurance companies and keeps them from dealing with digital tools that don’t talk to each other, often creating manual, double work.
2. Relevant Features
With generic processors you’re a square peg in a round hole. Their features are not insurance-specific. Ours are. We know how agencies and MGAs run, so ePayPolicy offers features that apply to you. Not only do we help you take payments, but also send funds across the industry through our network with built-in payables features. Our real-time dashboard tracks and manages payments and was specifically designed with feedback from industry accounting teams.
3. Payment Options
Your insureds can pay by either credit/debit card or by ACH,* depending on their financial situation and goals. Some like earning travel miles. Others want to see their bank account timely debited.
4. Data Safety & Security
ePayPolicy takes security very seriously. We don’t ever save your clients’ sensitive information in our systems (to avoid any kind of fraud). Plus, we’re PCI Level 1 compliant—the highest of four levels based on annual transaction volume. This means we’re subject to the most stringent data security protocols in the payment processing industry.
5. Transparent Pricing
What you see is what you pay. How easy is that? ePayPolicy subscriptions start at a flat $25/month. No hidden fees or set-up fees. We also pass all transaction fees to the insured, unless you want to absorb them partly or wholly.
Don’t Just Take Our Word For It
We’re endorsed by more than 70 industry organizations, including 40 Big I state associations. Check out all of our industry endorsements and ask your user group or association why they recommend ePayPolicy as their insurance payment processor of choice.
Take the first step. Get started online or schedule a free demo today.
*ePayPolicy Canada currently accepts credit card payments only.