ePayPolicy offers two features that make payment a “set it, and forget it” proposition for those paying you. We get a lot of questions about the difference between AutoPay and Recurring Payments. Here’s a quick overview to take the mystery out of these convenient features:
Recurring payments are available with our Custom Payment Page subscription. The ability to set up recurring payments is embedded right on your payment page to make the payment experience seamless for your payer. Once the payer is logged in, a simple toggle turns it on and they can set up payments to occur on a set schedule. The payer sets the start date and end date, according to frequency (e.g., monthly, semiannually).
The payer can easily track payments directly through your payment page on the Recurring Payments page. You can also track their recurring payments through your dashboard.
Main benefits: Payers don’t have to remember when payments are due. They control the schedule of payments and can turn the feature on themselves and change the schedule at any time, if needed.
This feature is available to clients with an Integration. We integrate with today’s most popular management systems, with new ones being continuously added. (Here’s a list of current integrations.)
AutoPay is automatically enabled so your payers are ready to set up automatic payments for their account. Payment is made directly from the payer’s account (ACH or debit or credit card) as soon as an invoice is posted from the management system. The payer gets an automatic e-receipt of the transaction and the activity writes directly back into the management system.
Main benefit: It’s all done automatically—for your payer, and for you. It guarantees that your invoices will be paid as soon as you submit them to your payers—making things simple for you and your clients.
Which is better for your agency?
Both Recurring Payments and AutoPay add an extra layer of convenience—the whole point of offering digital insurance payments. Both reduce (or even eliminate) the problem of missed or late payments. Both offer you and the payer the ability to easily track when payments are made.
The difference is your ePayPolicy subscription. If you’re not ready to integrate ePayPolicy with your AMS (or if we don’t yet integrate with your management system), you can’t go wrong with a Custom Payment Page subscription, offering your payers the easy option of turning on recurring payments.