Virtual checks and desire to fight change

by Digital Payment Processing

Virtual checks and desire to fight change

It’s funny how much we all fight change. It’s a normal human tendency. But there’s one instance I run across recently that illustrates that clearer than ever – the use of virtual checks.

Follow me on this one…

As a preferred payment method, paper checks hit their peak in 1995 (22 years ago at the time of this writing). As of 2013, a report by the Federal Reserve listed paper checks as the payment method of choice by only 3% of the American population. Meanwhile, there are several European countries that have completely eliminated paper checks.

I’m sure none of this comes as a surprise. Think about the last time you were asked to write a check. I bet your response was “But, but – can I pay you online?”

It was out of that desire to pay electronically that the virtual check was born. With a virtual check your clients no longer need to write a check; they simply fill out an online form and…ahem…you print the check.

Hold on a second.

If you, your clients, and 97% of America doesn’t want to pay by check, why offer a solution to your clients to “pay online” just so you can print a check to run to the bank? I thought we were trying to get rid of those things.

It’s not all bad. Checks are a cheap option to accept a payment if you only look at the hard costs.
But think about the drawbacks including the fact that someone in your office has to manually handle these payments. Not to mention that you open up your office to security risks by physically handling routing and account numbers.

Is it worth the E&O exposure and manual effort to save a few bucks a year?

There is a better way. There is a way to end the paper check for good. By taking payments online, your clients enter in their banking information in a secure form, ePayPolicy processes the payment, and the funds arrive in your account without one iota of manual intervention. And if that payment bounces, our system will notify you and your client automatically.

It’s like magic.

So come join the revolution and make payments easier for your customer AND your agency. Because we think that your customer shouldn’t be the only one that wins with online payments.

Three Flavors!

by Digital Payment Processing

Three Flavors!

As a kid, a visit to the local ice cream shop was the best! The dilemma was deciding on which ice cream flavor to pick. Do I go with my standby or do I try something different? At the end of the day, there wasn’t a bad choice in the entire shop. All were great choices.

Choices abound for ePayPolicy’s agents, brokers / MGAs, and carriers too. Three different flavors of online, payment processing pages will get the job done. It’s up to you decide which fits your needs the best.

  1.  The basic payment page is clean, simple, and extremely intuitive. Our clients can add and size their own logo at the top left. White-labeled branding is the best. And it should be. You have the close relationship with that payer so that connectivity needs to be front and center.
  2.  The custom payment page offers the chance to dial-in the level of information you want to capture from the payer. You can add an upload feature to the page where the payer can attach an invoice or statement to his or her payment. Other optional fields include but are not limited to a phone number, account id, a custom disclaimer, or even a policyholder number. Here’s one of our client’s payment page as an example.
  3.  The integrated (type ‘123’ inside Account Code field) product blends your management system and payments into a dynamic payment page where individual invoices can be recalled from your locally hosted system and displayed. The integrated system supports full, partial, and credit type payments. Our API (free) offers even more customization by adding those attributes that you want the payer to see. All payments are then ported and recorded back into your management system. Vertafore’s AIM product is a platform we’ve recently integrated.

No matter which flavor you choose, payments are processed quickly and efficiently. All parties receive an e-receipt and the payment is immediately reflected in your online dashboard. Any payment flavor is an excellent choice!

3 Takeaways From NetVU17

by Industry News & Company Updates

3 takeaways from NetVU17

It’s been about 2 weeks since we returned from NetVU17 and my head is still swirling. Since I feel like I’ve finally caught my breath, it’s a good time to share some key takeaways from that trip.

Takeaway #1 – Nashville is booming!

I know, I know. I’m late to this story, but I was amazed at how many cranes are up around the Nashville area. What’s really cool about the construction is that even though there are some beautiful hotels going up like the JW Marriot right across the street from the Westin, Nashville isn’t giving up it’s charm. There are still older buildings like the one owned by The Standard (even if you don’t smoke cigars it’s worth the trip).

Takeaway #2 – NetVU17 is the busiest insurance event I’ve ever been to

During our 4 days in Nashville, I barely had time to sleep. It was constant movement from the time we got to the hotel to the time we checked out. There were breakfast meetings, hurried lunches, and long dinners with prospects and partners. In between the food, the exhibit hall was packed. The agencies and brokers were out in full force soaking up as much as they could between sessions and exhibitors. It was such a cool, high energy event. We are definitely looking forward to to NetVU18!

Takeaway #3 – There will be more Vertafore + ePayPolicy in the future

It’s always good to be at a show and bump into our existing customers. Words cannot describe how great it is to see so many people in the flesh after speaking over the phone for months or even years. And that goes the same for our partnership with Vertafore’s team. While we’ve integrated with Vertafore’s Finance Pro and AIM products, we anticipate more integrations on the way. Sit tight and wait for more great news on the horizon.
We hope to see you at NetVU18 in Atlanta. I’m sure it will be another great event.

Independent Insurance Agents of Wisconsin endorses ePayPolicy

by Industry News & Company Updates

Independent Insurance Agents of Wisconsin endorses ePayPolicy

IIAW knows! When it comes to speeding up receivables and accepting electronic payments in insurance, ePayPolicy is the go-to solution. IIAW now endorses ePayPolicy as the payment processor for all members.

“The IIAW not only endorses ePayPolicy, but we give it the ultimate stamp of approval by utilizing it so our members can pay their insurance premiums electronically. The feedback we have received has been fantastic and its interface is easy to use and efficient.” – Matt Banaszynski, CEO of Independent Insurance Agents of Wisconsin.

We promise no technical expertise, no contract, and you cancel at anytime. IIAW members should use the code “iiawmember” when signing up. Speed up your receivables with ePayPolicy!

Independent Insurance Agents of Georgia endorses ePayPolicy

by Industry News & Company Updates

Independent Insurance Agents of Georgia endorses ePayPolicy

IIAG and ePayPolicy have teamed up to offer all members the easiest way to accept e-payments. Georgia agencies can now have their own, agency-branded payment page to collect any payment via credit card or eCheck.

“I will say that I was skeptical at first when I heard about ePayPolicy. Even after seeing a short demo, I thought it was too easy to use. We signed on and rolled this out to the staff. It wasn’t 24 hours before I was hearing how much they loved this process and product. It’s been a time saver as well as saving us on fees.” ~Betsy Olson Chief Executive Officer of IIAG

There’s no technical expertise, no contract, and you cancel at anytime. IIAG members should use the code “iiagmember” when signing up. Speed up your receivables with ePayPolicy!

Click here to learn more about IIAG’s endorsement of ePayPolicy.

Massachusetts Association of Insurance Agents partners with ePayPolicy

by Industry News & Company Updates

Accepting credit cards and echecks has never been easier!  MAIA has partnered ePayPolicy as the payment processor of choice to its members. Agents receive an agency-branded payment page to collect any payment due to your agency.

“Over the years we’ve heard from many of our member agents – especially the smaller shops – that they are seeking a cost-effective way to take online payments. Our partnership with ePayPolicy fills this need by providing a simple way to process online payments from clients via ACH or Credit Card.” ~Heather Kramer  VP & COO of MAIA

Sign up is easy and online.  No contract or technical expertise needed.  Use your MAIA code, ‘maiamember’ when you sign up!

Click here to read more about MAIA’s partnership with ePayPolicy.