I’ve never heard an insurance agency say, “We really need to slow down receivables.” Have you? Of course not. Your cash flow depends on prompt client payment. Ultimately, speeding up receivables hinges on changing client behavior.
Today I’ll share five tips to get paid faster, and how ePayPolicy can help.
Accepting digital payments is a giant first step. But I want to make sure you’re aware of all the ePayPolicy features to turbocharge payment collection (and reduce those dunning process tasks that are no fun for anyone).
Tip 1: Make sure clients know they can pay you digitally
Paying insurance premiums via ACH or credit card is easy, convenient, secure and (drumroll, please), instant. Yet some ePayPolicy clients tell us they’re still collecting too many checks!
The key to geting more payers to break their check/cash habit is awareness! Here are some easy ways you can promote digital payment and increase client adoption:
- Use the co-branded flyer in your dashboard to send out with your invoices and newsletters
- Access the client marketing tool kit containing custom graphics and copy
- Let your clients know you’re now accepting digital payments via social media
- Send an email blast or include your new offering in your newsletter
- Include a PayNow button in your email signature and on your website
- Make digital the #1 payment option on your invoices
Tip 2: Make payment foolproof
Paying bills is a hassle. No wonder payers drag their feet.
But we have the perfect antidote: Prefilled ePayPolicy Payment Pages. In the dashboard you can send a payment link that contains your payer’s information already filled out to simplify the process. The hard work’s done for them! This is convenient for all clients, but extra valuable for those who need that “extra nudge” to complete their payments on time.
Tip 3: Promote player-friendly features
As noted in #2, we want to remove obstacles to prompt payment. Reduce (or eliminate) clients’ time and effort with features like save payment information and autopay.
When you pay the same vendor regularly, it’s a drag to re-enter your payment information every time. Many policies require multiple payments per year. Let policyholders know they can securely save their payment information (we use tokenization). They can even store more than one bank account, credit card or debit card.
For clients paying a variety of invoices throughout the year, AutoPay offers the ultimate convenience*. Just set it, forget it, and wait for the e-receipt confirming the payment was made.
*Only available for integrated payment pages.
Tip 4: Create positive client touchpoints
Our new feature lets you send automatic invoice reminders for due and past due invoices on your behalf*. When the client clicks the link, the page prefills with their due invoices. And you score points for being so thoughtful.
*Currently available with AMS360, Sagitta, AIM & MGA systems. (More coming soon.)
Tip 5: Integrate ePayPolicy with your management system
We typically think of management systems in terms of its benefits to agents and staff. But having everything in one place, including payment processing, creates a seamless user experience. Clients don’t have to search for invoices, they’re pulled directly from the management system integrated with ePayPolicy. How easy is that?
Let’s review:
The key to speeding up receivables is to get more clients to pay digitally. Digital payments are easy and convenient for them, and they put money into your account right away — when they pay. ePayPolicy is designed to make the entire process a breeze. Payer-friendly features like prefilled payment pages, automated invoice reminders, auto-pay and more make paying you a positive, convenient experience — and almost impossible to be late. All of these factors combine to encourage prompt payment, leading to better cash flow and smoother business for you.
Try these tips and let us know the effect on your clients and your accounts receivable! Contact support if you need help setting up any of these features.
