Finding The Perfect Payment Processor For Your Agency
“It’s not us, it’s you.” Several insurance agents that use large payment processors (operate in multiple verticals) have reported being kicked off their payment processor, with no other explanation than “our product is not a good fit for your industry.” Well, their loss is potentially your gain.
We can’t tell you exactly why these companies are rejecting business from the insurance industry. But we have some educated guesses. Even better, we have a solution!
First and foremost, the insurance industry is highly regulated and involves a lot of tracking funds for compliance purposes. Some payment processors are designed for straight sales transactions. They simply can’t handle the additional levels of accounting and code compliance the insurance industry demands, in other words, they don’t speak insurance.
“Not a good fit” is their way of admitting they’re not set up for a complex, regulation-driven industry like insurance. Here are some likely reasons why they might be rejecting business from insurance agencies:
Insurance Code Mandates and Trust Account Management
Most vendors who use a large multi-vertical payment processor have a simple business model: receive payment in exchange for goods or services provided. It’s straightforward. No fancy accounting required. Think coffee shops, digital storefronts, hotdog guy at the block party. But not the insurance industry. As you know, premium payments in some states are subject to insurance code regulations. When you receive premiums you are operating in a “fiduciary” capacity. You are not the “owner” of the premiums paid but are acting as a fiduciary of those funds. As such, you must keep premiums in separate trust accounts that are segregated from the agency’s business operating funds. This is to protect premium funds from agency creditors. And you can’t take them out of the trust account without proper documentation of the commission earned and an audit trail, either. Truth be told, general payment processors are not set up for this level of sophistication. Volume, yes. Sophisticated accounting, no. Trust account (TA) management is a huge responsibility with potentially heavy consequences. You need a payment processor that understands the “ins and outs” — which, for insurance agents, involves more than simply depositing money from the client into your agency account, or even passing it directly through to the carrier! Terms like net funding and premium funds should sound familiar.State Compliance and Regulations
Each state has its own set of regulations for selling insurance. The requirements in Ohio may be different from those in New York, California or Florida. That’s one reason why the trusted choice / BIG I associations are so valuable. They keep you on track to maintain compliance with any and all state-specific mandates. Needless to say, the big global payment processing companies are not operating at this micro (state regulations) level. But you are. And so are we at ePayPolicy. We maintain close relationships with the Big I / Trusted Choice state insurance associations nationwide and are in the process of getting all 50 states endorsements. Their stamp of approval is their way of saying, “This vendor gets it. We trust them. You should, too.”An insurance Industry-Specific Solution
I’ve kind of hinted at the solution in the “issues/problems with general payment processors” sections above. Yes. I am talking about ePayPolicy — the insurance payment processing platform built specifically for independent insurance agents. We are not a general-purpose payment processor. We are a payment processor that was built by insurance professionals for insurance. We work exclusively with and for the insurance industry. By focusing on your business needs, as well as the highly regulated nature of insurance, we have created an ecosystem that streamlines your operations while ensuring compliance across the board. Check out ePayPolicy. We make collecting credit card and ACH payments as easy as possible and to get started takes only 5 minutes.IIARI Endorses ePayPolicy for Digital Payment Processing
AUSTIN, Texas, October 10, 2019 – ePayPolicy has been named as the approved payment processing provider by the Independent Insurance Agents of Rhode Island (IIARI). The company joins a select group of vendors endorsed by IIARI to provide agency services to its members.
IIARI Executive Vice President Mark Male commented: “A central part of our mission is to enhance our members’ competitive position. Consumers today want the convenience of paying for purchases electronically. We researched payment processors and chose ePayPolicy because their platform is insurance-specific. They really understand the special needs of our industry.”
ePayPolicy Co-Founder Todd Sorrel concurred, stating: “We are more than just InsurTech geeks. We are insurance entrepreneurs helping insurance entrepreneurs give their clients better service. We live in an increasingly digital world. Our goal is to help IIARI’s members embrace all the client-nurturing and business growth opportunities afforded by digital technology.”
Endorsement by IIARI will expose ePayPolicy to the 140 agencies that write 82 percent of Rhode Island’s commercial policies and 39 percent of all personal insurance policies. IIARI members who implement ePayPolicy will discover a true business partner to help them speed up receivables, streamline their operations, and offer clients modern payment convenience.
IIARI is the 30th state association of independent insurance agents to endorse ePayPolicy.
Concluded Sorrell: “We rely on trusted associations like IIARI to open the door to independent agents who can benefit from electronic payments. We look forward to serving their members as we continue to spread the InsurTech gospel nationwide.”
About IIARI
The Independent Insurance Agents of Rhode Island (IIARI) is a trade association established July 25, 1900. IIARI membership includes most every independent agency in Rhode Island who employ nearly 1,400 individuals.
IIARI is an affiliate of the Independent Insurance Agents and Brokers of America, Inc. (IIABA), the largest property and casualty insurance producers organization in the world. IIARI membership automatically includes membership in IIABA and participation in the Trusted Choice consumer brand.
IIARI’s mission is to enhance the competitive position and satisfy the business, professional, education and political needs of member agents.
Learn more at: https://www.iiari.com/default.aspx
About ePayPolicy
ePayPolicy is the simplest way to collect digital insurance payments. Austin, Texas-based ePayPolicy is the nation’s foremost provider of payment processing developed exclusively for independent agencies, brokers/MGAs, and premium finance agencies. The company’s innovative electronic payment processing portal enables clients to accept credit card or ACH without messy merchant accounts or hidden fees. ePayPolicy sets up quickly, integrates seamlessly with leading management systems, and is endorsed by independent insurance associations nationwide.
To find out more visit https://epaypolicy.com
The company’s annual InsurTech Agency Award recognizes independent insurance agencies/brokerages for leveraging technology to enhance their sales, marketing, and customer service. Details and call for entry are at https://www.insurtechaward.com/
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Missouri Association of Insurance Agents endorses ePayPolicy
AUSTIN, Texas, October 8, 2019 – The Missouri Association of Insurance Agents (MAIA) has named ePayPolicy as its preferred provider for electronic payment processing. The endorsement means MAIA members will have access to an industry-exclusive platform to accept credit card and ACH payments online, with transaction fees passed on to the payer. This endorsement brings the number of state insurance associations recommending ePayPolicy as the preferred payment processor to over 28!
ePayPolicy co-founder Todd Sorrel commented: “We developed ePayPolicy with the needs of independent agents/brokers in mind. It’s validating that MAIA shares our goal of bringing InsurTech solutions to Missouri’s independent agents. MAIA members looking to offer online payment convenience to their clients, speed up receivables and bind policies faster have a true partner in ePayPolicy.”
Said Matt Barton, MAIA CEO: “We may be the oldest insurance association in the state, but MAIA is dedicated to offering the most modern tools and resources to help our members thrive in today’s market. We set out to find a payment processing vendor that understands the unique needs of independent agents. ePayPolicy meets and exceeds our criteria. We recommend ePayPolicy because it’s easy to use and has no merchant account, long-term contracts or hidden fees. It is secure and compliant. And we know our members’ clients want this convenience.”
Concluded Sorrell: “We’re ready, willing and eager to prove our worth to agents in the Show-Me State. Based on the feedback we’re getting from other states, we’re confident MAIA members will see a real difference in their efficiency, their client engagement and their bottom lines.”
About Missouri Association of Insurance Agents
Missouri Association of Insurance Agents is the oldest and largest association of insurance agents in the state of Missouri. The association was established in 1899 in St. Louis. “Independent” insurance agents and brokers offer their clients the products of more than one insurance company.
MAIA educates, informs, promotes and advocates for independent agents and their clients, encourages networking, high standards, and works to perpetuate the independent agency system.
For more information visit https://www.moagent.org/
About ePayPolicy
ePayPolicy is the simplest way to collect digital insurance payments. Austin, Texas-based ePayPolicy is the nation’s foremost provider of payment processing developed exclusively for independent agencies, brokers/MGAs and premium finance agencies. The company’s innovative electronic payment processing portal enables clients to accept credit card or ACH without messy merchant accounts or hidden fees. ePayPolicy sets up quickly, integrates seamlessly with leading management systems, and is endorsed by independent insurance associations nationwide.
To find out more visit https://epaypolicy.com
The company’s annual InsurTech Agency Award recognizes independent insurance agencies/brokerages for leveraging technology to enhance their sales, marketing, and customer service. Details and call for entry are at https://www.insurtechaward.com/
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IIAB Arizona Favors ePayPolicy Payment Processing
AUSTIN, Texas, September 27, 2019 – ePayPolicy has recently contracted with Independent Insurance Agents and Brokers of Arizona (IIABAZ) to offer digital payment processing to the association’s 350+ members at a special members-only rate. The partnership offers Arizona’s independent P&C agents and brokers the ability to accept credit card and ACH payments online instead of a paper check.
ePayPolicy co-founder Todd Sorrel commented: “We are on a mission to make paper checks obsolete in the insurance industry. Consumers today expect the convenience of digital payment options. ePayPolicy developed our platform to satisfy that demand, while also managing the unique compliance and reporting needs of independent insurance agents/brokers. As our industry becomes ever more InsurTech-driven, we’re happy to offer IIABAZ members a powerful yet simple-to-use solution that’s designed just for them.”
Said IIABAZ Executive Vice President, Terri Edwards, CIC, CISR: “Our members know we’re serious when we say, ‘We understand what matters most to you and we have the tools to help — that’s our job.’ We evaluate products and vendors to make sure they’re able to fulfill our commitment to helping our members be successful. We chose ePayPolicy because it’s the only payment processing platform built specifically for independent agents and brokers. These guys really know payment processing. More importantly, they know our industry.”
Concluded Sorrell: “We’re excited to formalize our relationship with IIABAZ and bring modern, convenient digital payment to association members and their clients. Like IIABAZ, ePayPolicy is all in for helping today’s independent agents to build, grow and thrive.”
About Independent Insurance Agents and Brokers of Arizona
The Independent Insurance Agents and Brokers of Arizona (IIABAZ) was founded in 1932 and incorporated in 1936 and for all those years has worked to support the independent insurance agents and brokers, providing products and services unparalleled in the industry.
Joining IIABAZ means having available the resources of local, regional, state, and national organizations fully devoted to the success of insurance professionals. Members of the IIABAZ are among the more than 300,000 agents and agency employees across the country. IIABAZ serves from the one man shop in rural Arizona, to the national brokerage firm in the metro areas. The association’s mission is the same: SERVICE.
For more information visit https://www.iiabaz.com
About ePayPolicy
ePayPolicy is the simplest way to collect digital insurance payments. Austin, Texas-based ePayPolicy is the nation’s foremost provider of payment processing developed exclusively for independent agencies, brokers/MGAs and premium finance agencies. The company’s innovative electronic payment processing portal enables clients to accept credit card or ACH without messy merchant accounts or hidden fees. ePayPolicy sets up quickly, integrates seamlessly with leading management systems, and is endorsed by independent insurance associations nationwide.
To find out more visit https://epaypolicy.com
The World’s Largest Gathering of Insurance Pros
Applied Net is known as the world’s largest gathering of insurance professionals. This year’s conference will be held on October 14 – 19 at the Aria in Las Vegas, Nevada.
If you haven’t yet set a reminder to stop by the ePayPolicy booth be sure to do so! This year we went BIG and have a few surprises for those who swing by.
The “must-attend insurance event of the year” offers countless opportunities to learn, connect with fellow Applied users, get inspired by the world’s most innovative minds and enjoy exciting entertainment at exclusive networking events each night.
Applied has been a wonderful partner to ePayPolicy and the team couldn’t be more excited to be a sponsor at this year’s conference. This is one of ePayPolicy’s biggest shows, and being integrated into applied csr24 makes it one of our busiest as you can imagine.
The Applied Net Conference is highly recommended to anyone in this industry that is looking to optimize their management system.
The conference includes:
– Four jam-packed days full of learning opportunities
– 240+ educational sessions taught by peers, subject matter experts and industry leaders
– 100+ industry leaders (like ePayPolicy), showing the latest products and innovations
– 4,000+ people to network with
“Our team looks forward to this event every year. Applied Net is one of the biggest and most exciting events we attend and sponsor,” says Todd Sorrel, Co-Founder of ePayPolicy. “We’re excited to network, teach and learn from other industry professionals.”
Whether your an insurance agent, broker or an industry expert, ePayPolicy wants to see you there. Each year, many of these people come together from around the world to collaborate on different industry topics and network with their peers. It really is the “insurance event of the year”, where professionals can embrace digital transformation and benefit from new business opportunities.
Want to make receivables and bind policies a little bit faster?
ePayPolicy is benefiting the insurance agency now, more than ever. We provide a simple, fast and effective solution to make insurance payments for agents, brokers, MGAs and premium finance companies. Check out https://epaypolicy.com/ to learn more about our CSR24 integration and to request a demo today!
Paradiso Presents: Now Playing In A City Near You
“The only way to get better is to surround yourself with better people.” Since that quote is attributed to ‘Anonymous’ I feel justified in adding “… and better practices and better technologies.” There. Now it’s relevant to our industry.
You may already know that ePayPolicy is about constant improvement. We’re always looking to discover and hang out with people who can make us smarter. And we never (ok, very very rarely) miss an opportunity to share what we’ve learned, so you can become smarter, too.
A perfect example is Chris Paradiso. Chris is pretty well known in insurance marketing. ePayPolicy is proud to associate our company with Chris and his Paradiso Presents events. Not surprisingly, Chris jams this two-day, hands-on marketing workshop with marketing topics you’ve likely read about here once or twice — or about 50 zillion times by now.
But it’s one thing to read ePayPolicy blog posts that suggest, “The agent of the future should embrace branding and take full advantage of digital technology and social media to engage with clients and prospects.” It’s quite another to spend two intense days learning not just why you should do this, but how. Chris shares the latest insurance marketing best practices — point by point and step by step. Participants leave with practical, deployable action items they can actually implement.
Paradiso Presents workshops are geared for agency owners and marketing specialists. Whether you’re a complete neophyte or fairly marketing savvy, you’re sure to learn something useful. You owe it to yourself to experience Paradiso Presents.
Now here’s the thing. This is an ongoing series, but there are only two left in 2019. By the time you read this, the Chicago Area event will be in full swing (September 16-17). Realistically, it will probably be over, as we’ll be busy schmoozing at the workshop and won’t get this posted till later in the month. But there’s another opportunity coming up fast: Paradiso Presents Northern California (Walnut Creek), October 16-17. Not convenient? Not enough time to get out to the West Coast? Watch the upcoming events page for Chris’ 2020 schedule, coming to a city near or near(ish) to you. Trust me, it’s worth the trip.
Of course, we’re not just passive Paradiso cheerleaders. As sponsors we’re right in the room, listening and learning with the attendees. We also get to do a brief presentation on digital payment processing. We break down the real cost of writing checks and share data on the four credit cards most preferred by policyholders — among other fun facts.
We look forward to seeing you at an upcoming Paradiso Presents event and getting smarter together.
And speaking of smart business, you have until October 4 to apply for the 2019 InsurTech Award. Check out the criteria and submit your application here: https://insurtechaward.com. Don’t worry if you’re just starting out in InsurTech. You may not win the grand prize this year, but you’ll definitely get valuable feedback and insights, like where you rank along the Insurance Technology Adoption (ITA) continuum and solid ideas for improvement.
Insurors of Tennessee Prefers ePayPolicy Payment Processing
ePayPolicy Joins Insurors of Tennesse’s List of Endorsed Providers
AUSTIN, Texas, September 12, 2019 – Insurors of Tennessee (Insurors) has added ePayPolicy to its exclusive list of endorsed product/service providers in the agency management tools and discounts category. ePayPolicy was developed by insurance professionals specifically for the insurance industry. The platform enables independent insurance agencies and their staff to accept payments via credit card or automatic ACH from the payor’s bank account.
Insurors’ Chief Executive Officer Ashley Gold, J.D., announced the news by saying: “Insurors of Tennessee’s endorsed products program offers curated products and services for our members and their clients. Our members know my plan as CEO is to foster growth in the evolving insurance industry. InsurTech is a major driver of that evolution. And ePayPolicy is a perfect example of an innovative solution that offers benefits to both member agencies/agents and directly to their clients.”
ePayPolicy co-founder Todd Sorrel concurred: “We share Insurors’ goal of helping independent agents succeed in a changing industry. Accepting credit card and ACH payments pleases your policyholders. It also speeds up receivables and lets you bind policies faster. With ePayPolicy it’s a breeze to deploy and integrate with your AMS. In other words, better client service is also smart business.”
Endorsement by Insurors of Tennessee will expose ePayPolicy to some 450 agencies and more than 4,000 licensed agents statewide.
Concluded Sorrell: “When a state association like Insurors endorses us, it signals to their members that they can trust us. Being accepted into this exclusive endorsement program is a true honor. Tennessee’s independent insurance agents will find a helpful, business-boosting resource in ePayPolicy.”
About Insurors of Tennessee
Insurors of Tennessee is a professional association of independent insurance agents. Their purpose is to offer support to member agencies so that they can better serve the public. Insurors accomplishes this in several ways: through lobbying efforts, offering insurance products that fill agency needs, providing a continuing education source for agents, and making sure agents have the information and resources they need – when they need it – through their publications.
The mission of The Insurors of Tennessee is to be unrelenting advocates of the independent agents and brokers to fulfill their political, educational, and business needs, while working in the public’s best interest.
Representing over 450 independent insurance agencies and more than 4,000 licensed agents, Insurors of Tennessee is the largest independent agent group in the state and one of the largest in the entire Southeast.
For more information visit https://www.insurors.org/
About ePayPolicy
ePayPolicy is the simplest way to collect digital insurance payments. Austin, Texas-based ePayPolicy is the nation’s foremost provider of payment processing developed exclusively for independent agencies, brokers/MGAs and premium finance agencies. The company’s innovative electronic payment processing portal enables clients to accept credit card or ACH without messy merchant accounts or hidden fees. ePayPolicy sets up quickly, integrates seamlessly with leading management systems, and is endorsed by independent insurance associations nationwide.
To learn more visit https://epaypolicy.com
The company’s annual InsurTech Agency Award recognizes independent insurance agencies/brokerages for leveraging technology to enhance their sales, marketing, and customer service. Details and call for entry are at https://www.insurtechaward.com/
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Big I NJ Names ePayPolicy Partner for Payment Processing
AUSTIN, Texas, August 22, 2019 – Big I New Jersey has selected ePayPolicy as their preferred provider of digital payment processing for the membership. The partnership will enable Big I New Jersey members to accept credit card and ACH payments online, speed up receivables and bind policies faster.
New Jersey is the 28th state association of the Big I to endorse the company, broadening its exposure to some 432 member offices and 4,000 potential individual users throughout New Jersey.
ePayPolicy Co-Founder Todd Sorrel commented: “ePayPolicy was built by insurance experts. We work exclusively in this vertical. As InsurTech evangelicals, we’re determined to help independent agents everywhere compete in an increasingly digital world. This is a singular opportunity to show New Jersey’s independent agents how digital payment processing can transform their client nurturing, streamline their operations, and build their business.”
Big I New Jersey President/CEO Sheri Acconzo said: “Our members know they need to embrace technology to stay relevant. And they look to Big I New Jersey for provider recommendations. We chose ePayPolicy as our payment processor because their insurance-specific digital payment processing platform has rapidly become the best in class. But ePayPolicy goes beyond technology. They also offer ideas and opportunities to brand your agency and build your client relationships.”
Concluded Sorrell: “It’s an honor to be chosen as a Big I NJ technology partner. Their endorsement enables us to penetrate a major state within the national Big I. It’s a major boost in our credibility with forward-thinking Trusted Choice independent insurance agents.”
About Big I New Jersey
Big I New Jersey is a community of insurance professionals who come together to build a successful future for their agencies and work to improve the independent agency system. For 126 years the association has been advocating for the state’s Trusted Choice independent insurance agents.
The association’s staff is comprised of a group of experienced professionals dedicated to the insurance industry. Big I New Jersey believes insurance matters, and no one understands that better than a Trusted Choice independent insurance agent. Members represent the best and brightest insurance professionals in the state.
It is Big I New Jersey’s mission to help all of its members be successful. The association accomplishes that by providing unparalleled education, advocacy, marketing, and resources to support each and every one of their business interests.
Learn more at: https://www.biginj.org/
About ePayPolicy
ePayPolicy is the simplest way to collect digital insurance payments. Austin, Texas-based ePayPolicy is the nation’s foremost provider of payment processing developed exclusively for independent agencies, brokers/MGAs, and premium finance agencies. The company’s innovative electronic payment processing portal enables clients to accept credit cards or ACH without messy merchant accounts or hidden fees. ePayPolicy sets up quickly, integrates seamlessly with leading management systems, and is endorsed by independent insurance associations nationwide.
To find out more visit https://epaypolicy.com
The company’s annual InsurTech Agency Award recognizes independent insurance agencies/brokerages for leveraging technology to enhance their sales, marketing, and customer service. Details and call for entry are at https://www.insurtechaward.com/
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MGA Systems’ IMS Features ePayPolicy Payment Processing
FOR IMMEDIATE RELEASE
Austin, TX– July 31, 2019 – MGA Systems announced that their flagship software product, Insurance Management System (IMS), now integrates with ePayPolicy’s digital payment processing platform. ePayPolicy enables agencies to accept payment by credit or debit card or ACH and automatically reconciles electronic payments into IMS.
MGA Systems has been serving the insurance industry since 1998. Their branded agency management system, IMS, is designed specifically for MGA’s and E&S brokerage firms. The system provides a scalable solution, allowing remote underwriting offices to be established “turn-key.” As a result, IMS is one of the most trusted agency management systems for automating/supporting essential tasks like custom rating, dynamic risk clearance, electronic filing, accounting/general ledger, invoicing and policy issuance.
ePayPolicy allows insurance agency clients to pay electronically by credit card, debit card or ACH. By eliminating or greatly reducing the number of paper checks, agencies receive payments instantly and spend less time chasing down receivables. Clients today expect the convenience, while agency staff enjoy the ease of use of our platform,” said Milan Malkani, co-founder.
“IMS is all about seamless integration of the functions today’s agents need to streamline and grow their business. The integration with ePayPolicy was seamless and we didn’t have to do any heavy lifting. While online payment has been available in the consumer space for a long time, we find that even commercial clients now want to pay online. We know our agencies — and their clients — will be delighted with the ePayPolicy portal on IMS,” said CEO John Bennis.
The ePayPolicy platform makes it easy to accept and reconcile digital payments directly through IMS. Those using IMS will experience easy on-boarding, quick setup, and fast, one-to-two-day go-live, among a host of other features.
Malkani commented: “We understand that IMS’ accounting system includes automatic NOC’s for non-payment of premiums. Our goal at ePayPolicy is twofold. First, we want agencies using IMS to delight their policyholders with the convenience of online payment. Second, we want to make non-payments as obsolete as writing checks. Instant payment means your staff no longer have to chase down delinquent payments. They have more time to engage in high-value work.”
Concluded Bennis: “MGA Systems is committed to developing software that benefits insurance professionals. We chose ePayPolicy because, like us, they understand our industry’s software needs from the inside out. We look forward to this partnership. Together, we are making IMS client agencies even more productive.”
About MGA Systems
MGA Systems, Inc. is a software development company working exclusively within the insurance industry. The company’s management team has over 30 years of real-world brokerage and MGA experience which is used every day in the design of MGA’s flagship product, the Insurance Management System (IMS).
The MGA team consists of highly skilled, Microsoft-certified developers, working with the latest tools and technologies. It is this combination of top developers, working directly with experienced insurance industry professionals, which results in the state-of-the-art IMS product.
To learn more about the company and IMS visit https://www.mgasystems.com/
About ePayPolicy
ePayPolicy is the simplest way to collect digital insurance payments. Austin, Texas-based epayPolicy is the nation’s foremost provider of payment processing developed exclusively for retail agencies, brokers/MGAs and premium finance agencies. The company’s innovative electronic payment processing portal enables clients to accept credit card or ACH without messy merchant accounts or hidden fees. ePayPolicy sets up quickly, integrates seamlessly with leading management systems, and is endorsed by independent insurance associations nationwide.
To find out more visit https://epaypolicy.com
The company’s annual InsurTech Award recognizes independent insurance agencies/brokerages for leveraging technology to enhance their sales, marketing, and customer service. For more information on the 2019 InsurTech Award, including online application, visit https://www.insurtechaward.com/
Media Contact:
Seth Nagle, Director of Marketing, ePayPolicy | 512-643-9015 | Seth@epay3.com