Selecting the Best Payment Processing Integration for Your Management System

by Business Strategy

When it comes to managing your agency bill payments, simplicity and affordability are essential. Some agencies (probably you!) need a payment solution that can integrate seamlessly with your existing management system to further streamline your accounting.
Beyond integration, the digital payment processor you choose should meet two other requirements: easy to use and simple to deploy. It should also offer a user-friendly interface so your employees and customers have a smooth experience.

Choices, Choices, Choices

The first step in choosing a payment processing integration is to define the features that you need. Not all payment integrations do the same thing – not all are created equal.
Be sure the payment processor you choose clearly defines and outlines how and what the integration does. More importantly, you should be aware of what it does not do. Features and functions can differ from management system to management system.

Management System Integrations

Digital payment processing should make your life easy and a great integration should make it even easier. Ideally, this means the integration should be seamless with your agency management system. ePayPolicy integrates with a variety of management systems, including AMS360 Powered by Vertafore, Applied CSR24, Novieda, and many more. 
Integration with your management system saves your team time and reduces errors, giving you and your employees more time to spend on the important things – like nurturing relationships with your insureds. With the right digital payment processor, invoices are sent on schedule and payments collected on time, improving cash flow and driving value to the bottom line. 
Unlike many other digital payment processors, ePayPolicy focuses exclusively on the insurance sector, so our features and interfaces are designed for you the independent agent.

Identifying the Best Payment Processing Integrations

There are two overarching benefits that the best integrations will have.
        1) Improve Productivity
        2) Drive Customer Success

A good integration will access the data in your management system and provide invoicing features that can help not only your teams but also your clients. For example, being able to send an invoice directly from your management system saves time, reduces data entry errors and creates an easy process for your payers.

Specific features and benefits could include:
      – Automated payment reminders
      – Pre-populated fields
      – CRM (client contacts) connectivity
      – Invoice selection
      – A single view of client history and transactions
      – Partial and multiple invoice payment options

All of these features are possible, as long as the data is available in your management system.

Always Make Sure You Have a Stand-Alone Solution

In case of technical difficulties with your management system, you’ll want to make sure that you can digitally process payments via a stand-alone solution. This approach ensures that you don’t miss any payments should anything happen.

A stand-alone solution also supports a remote workforce, allowing your employees to access the system anytime and from any device. ePayPolicy operates fully integrated or as a stand-alone application, giving you the ultimate flexibility to adjust to your preferences or business needs.
Additionally, ePayPolicy is secure (PCI level 1) and fully compliant with international data security frameworks, giving your customers the peace of mind they need to commit to you. Schedule a demo today or reach out directly to learn more about how our AMS integrations can help your agency today. 

West Virginia Association Chooses ePayPolicy As Digital Payment Processor of Choice for its Members

by Industry News & Company Updates
AUSTIN, Texas, January 22, 2020 – ePayPolicy is proud to announce its latest state insurance association endorsement. Independent Insurance Agents of West Virginia (IIAWV)  recently named ePayPolicy as the recommended payment processing provider for its member agencies. IIAWV CEO Traci Nelson explained: “Our mission is to provide members with the tools they need to serve their clients and build their business. Technology is a huge driver of operational success. With ePayPolicy, our members get industry-specific payment technology that serves a dual purpose of increasing agency efficiency and increasing client satisfaction. That’s the kind of win-win we strive to deliver to IAWV members.” ePayPolicy Co-Founder Todd Sorrel commented: “Digital payment is more than today’s reality, it’s today’s standard. Policyholders are consumers, and they’re used to paying by credit card or ACH. ePayPolicy enables IIAWV members to offer digital payment in lieu of check, thus speeding up policy binding and receivables. The platform also integrates with most agency management systems (AMS) and includes the fiduciary and other accounting and reporting capabilities specific to our industry.” IIAWV is the 29 state association of independent insurance agents to endorse ePayPolicy.  Concluded Sorrell: “We’re always excited to partner with fellow technology evangelists. IIAWV recognized long ago that technology is the future of our industry. In fact, in 1999 (the association’s 100-year anniversary), their published history stated: ‘Even as we are in the midst of enormous operational and cultural change, we have come to view such dramatic change as commonplace and take it for granted. When we stop to think about the degree of change that engulfs and propels us, it is just short of unbelievable.’ They also recognized that ‘computerized operations have evolved from a novelty to a necessity.’ Two decades later, InsurTech continues to drive our industry forward. We’re delighted to extend ePayPolicy’s solutions to IIAWV members and to their clients.” About IIAWV With roots dating back to 1899, the Independent Insurance Agents of West Virginia (IIAWV) is the state’s oldest and largest insurance trade organization. IIAWV 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. IIAWV is a strong and committed advocate for more effective representation of independent insurance agents and consumers with both the state and federal legislatures. The association offers its members a variety of products, educational programs and services to increase their effectiveness and give them a professional edge in today’s competitive business environment.  Learn more at https://www.iiawv.org/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

ePayPolicy Poised for Growth with Serent Capital Investment

by Industry News & Company Updates
AUSTIN, Texas, January 8, 2020 – Electronic payment processing company ePayPolicy has received a significant investment from Serent Capital, a San Francisco- and Austin-based private equity firm focused on investing in high-growth technology and services businesses. ePayPolicy, an industry leader in electronic payment solutions for the independent insurance industry, will leverage the Serent funding for continued product enhancements, integration with the most widely used agency management systems (AMS), and accelerated growth. Since its founding in 2014, ePayPolicy has been a proactive proponent of technology adoption by the insurance industry (“insurtech”). Specifically, the company has been on a mission to replace paper checks by enabling policyholders to pay electronically via credit card or ACH.  Today ePayPolicy processes over $2 billion in payments annually, serving 2,300 independent agents, brokers, MGAs, and premium finance companies in the Excess & Surplus (“E&S”) insurance market. Some 28 Big “I” (Independent Insurance Agents and Brokers of America) state associations endorse ePayPolicy as their digital payment processor of choice for their members.  “This investment from Serent is a game-changer in our ability to strengthen our brand presence across the industry, integrate with even more agency management systems and take our platform to the next level in user (agency) and end-user (policyholder) experience,” said Todd Sorrel, Co-Founder of ePayPolicy. Leonis Partners advised ePayPolicy on capital raising strategy. Kevin Frick, Partner at Serent Capital, explained the firm’s decision by saying, “We knew immediately ePayPolicy would be a great fit for Serent. Their stellar reputation and innovative, industry-specific technology stood out. Their client satisfaction scores are exceptional and their references prove the most important point – they deliver.” “We’re incredibly excited to partner with Co-Founders Todd Sorrel and Milan Malkani to expand ePayPolicy’s market reach and continue to drive exceptional value for their clients and the insurance industry as a whole,” concluded Frick. About Serent Capital Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent seeks to help growing businesses thrive.  For more information on Serent Capital, visit www.serentcapital.com About Leonis Partners Leonis Partners serves as a full-service advisor to entrepreneur-led technology businesses. Calling on decades of experience from some of the largest leading global financial institutions, Leonis crafts highly calibrated solutions to achieve their clients’ needs as they pertain to M&A, capital raising, fairness & valuation opinions, and other special situations. Leonis Partners’ experience and track record in these core areas provide clients with superior results. The firm is headquartered in New York. For more information visit http://leonispartners.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 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 ###

Putting Community First! with Mobile Loaves & Fishes

by Great Causes
We had the privilege and opportunity for our entire office to volunteer at Community First! Village. A staple of Mobile Loaves and Fishes, this planned community on 51 acres provides affordable and permanent housing for the disabled, chronically homeless in Central Texas. Chronic homelessness is considered anyone who has been without a home and on the streets for over a year and since 2015, Community First! Village has helped over 250 homeless men and women and moved them into a supportive community and home. For almost 15 years now this transformative program has become the largest community-based model in the country. During our time there it was very evident that community plays a huge part in the success of their residents which in turn helps build the community. As we talked with Charlie, our project manager, he shared that all of the residents feel a huge sense of ownership of the community, and take pride in maintaining it and working hard to continue the success and growth of it. For many of the residents, homelessness occurred after a significant and unforeseen life event occurred but fortunately, this community helps them get back on their feet in a dignified way by providing them with all the resources and skills they need. “Housing will never solve homelessness, but the community will.” -Amber Fogarty, President & Chief Goodness Officer of Mobile Loaves & Fishes “We love this city and the community in it so of course, we want nothing more than to give back to it! We love what Community First! and Mobile Loaves & Fishes stand for and all that they are doing to help people. We look forward to volunteering again very soon.” -Todd Sorrel (Co-Founder of ePayPolicy) For more information on how you can volunteer or how you can give, visit mlf.org/ways-to-give/.

The Future Generation Of FinTech

by Business Strategy
We had the pleasure of working with a group of students from the McCombs School of Business at the University of Texas during their recent fall semester as part of their Financial Technology (FinTech) Practicum Course. The undergraduate students were provided with a hands-on learning opportunity working with local Fintech companies in Austin that are driven by Ernst & Young. The purpose of the program was for the students to provide problem-solving solutions for the current and future needs of the company they selected. At the conclusion of the semester, the students presented their findings and provided actionable steps for implementation. The students were not the only ones who benefitted from this, however. ePayPolicy also received insights on a variety of topics such as Google’s latest SEO algorithm, a complete chatbot analysis across the industry, and a detailed market research report on areas and verticals to explore / expand in 2020. When the students weren’t working on these projects they were helping with small tasks around the office and finding solutions for minor problems affecting the ePayPolicy team. Working with these students was an amazing opportunity and we were humbled to be selected by them and EY. We look forward to continuing to contribute to this program in the months to come and appreciate the effort given from the future generation of FinTech.

Going Beyond The Terms and Services For Your Clients

by Business Strategy

Your Clients Mean the World to You and Your Agency, Be Sure They Know It!

As we approach the holiday season take the time to identify your key clients and reach out to them with a handwritten note, letting them know how much you value their business and relationship. Taking five to ten minutes and collecting your thoughts can pay significant dividends for your agency and adds another differentiator to your business.   Even if you don’t have the resources to fully apply The Pareto Principle (also known as the 80/20 rule, which states that, for many events, roughly 80% of the effects come from 20% of the causes) to your client base select your top five and go from there. To make your gesture even more impactful, start sending notes outside the regular holiday season. The reason for this is that it’s unexpected and will catch the attention of your insureds and not get lost in the holiday shuffle. 

Want To Track Those Efforts?

For those that want to track their ROI it can be as easy or as complex as they would like. A good place to start is recording the clients that are receiving personal notes in a CRM and compare their engagement with your agency (renewals,m social posts, industry events, referrals) with those that aren’t receiving any personal messaging. As you get more creative with your nurturing strategy be sure to record your activities in detail, this will help build a strong baseline of your efforts and allow you to optimize your strategy in 2020.    As you continue to invest in client-facing services such as chatbots, app portals, and digital payments don’t forget to invest in your relationship with your clients.