7 Ways to Speed Up Your Agency’s Receivables

We’ve all had them. Chronic late payers. Clients who violate your payment terms can wreak havoc with your agency’s cash flow.  

Add to that the reality of COVID-19. It’s anything but business as usual. This makes it more important than ever to rev up your payment collection and make sure you get paid timely.  

You may know businesses that protect themselves against accounts receivable losses with A/R insurance/trade credit insurance. You may even be one of the specialty brokers that sell it. We hope you will never need such coverage. 

Yet you should not need to shield yourself from late- and non-paying policyholders. The key is to speed up the payment process and minimize the chance of non-payment. We’ve put together 7 tips to help with just that and speed up your agency’s receivables.

#1 Go Digital 

We’ve said it before and we’ll say it again: consumers (including businesses) have long since embraced digital payments. They live in a 24/7 digital world and they expect to pay instantaneously for purchases. The keyword here is “instantaneously.” It’s 2020. It’s time. 

#2 Offer Payment Options 

The trends in payment choice are clear. Debit cards, credit cards, and ACH (direct payment) are on the rise. The move away from checks (and cash) was already accelerating before “touchless” payments became a public safety essential. Choice means clients are not tied to any one payment method. They can earn points on their Visa card this month or use their AmEx or a debit card next month.

#3 Make it Easy to Pay

Don’t stress about having to layer an e-commerce platform onto your website. You don’t need this in order to make online payments a breeze for your policyholders. First, be upfront about it. Don’t make people have to search for your payment page. They’ll get frustrated.  A link from your invoice template and a “pay now” button on your website will do the trick. Check out our PayNow page for an example. Once clients are aware you offer Credit Card/ACH payment, they’ll quickly convert into delighted digital payers.

#4 Deliver Help on Demand 

Sometimes even tech-savvy clients have questions or need help making their payment. They expect instant support (because they’re used to it from the other vendors). Be prepared to answer their questions, whether it is through chat, in an email, or over the phone, and have resources in hand that can help them solve problems on their own.

#5 Enable Automatic Payments

Many policies require multiple payments, either monthly, quarterly, or semiannually. This creates multiple opportunities for clients to put off making payments. And you can never predict which client or which payment will be late! Offering recurring payments is a “set it and forget it” convenience for them. Equally important, it makes your receivables timely and predictable.

#6 Automate the Dunning Process

Imagine freeing your staff from sending out hundreds of invoice reminders and late payment notices each month. It’s a necessary task but consumes a lot of staff time. Switching to automated emails makes sure these notices go out on schedule. At ePayPolicy, our invoice reminders feature makes it even easier by creating automated emails for your team.

#7 Integrate with your AMS

If you’re already using a management system, you know the power of automating business functions across your agency. While there are a number of industry-agnostic payment processors out there (e.g., PayPal, Square, etc.) you’ll be better served with one that is designed specifically for independent insurance agents/brokers and that integrates with your management system. We’re proud to partner with many of today’s most popular providers

The Bottom Line

We know it’s cliche, but time really is money. Your time, and your client’s time, is valuable. When it comes to paying insurance premiums, you both have a “need for speed.” If your goal is to turbocharge your receivables, you need to minimize slow-pay opportunities. The best way to do that is with client-pleasing digital payments.

ePayPolicy is here to help. Feel free to wander around our website. When you’re ready,  get started.

InsurTech Pioneers, ePayPolicy & Veruna, Ink Integration

AUSTIN, TX– June 16, 2020 –  ePayPolicy and Veruna have entered into a vendor-partner agreement to add the digital payment processing capabilities of ePayPolicy to the Veruna AMR, the company’s open-platform agency management system (AMS).

Both companies are InsurTech pioneers, redefining how independent insurance agencies conduct business through the innovative development and application of technology, and are committed to greater agency control and paperless operation.

ePayPolicy is on a mission to replace paper checks with convenient, simple, online payments via credit card or ACH. While digital payments are ubiquitous across the spectrum of consumer and business transactions, insurance has traditionally been slow to offer alternatives to checks — even though most are using an AMS to automate other aspects of the business. ePayPolicy gives policyholders the convenience of digital payment options while handling the specific accounting, compliance, and reporting requirements of independent agents and brokers.

“To reach today’s independent agents, it’s essential that we integrate with the agency management systems that are continuing to develop agency first solutions,” said Milan Malkani, ePayPolicy co-founder. “Veruna offers an exciting, innovative AMS that’s feature-rich. We’re honored to be named as their integration partner for payment processing.”

“Our goal is to help agencies outperform the past,” said Jennifer Carroll, CEO of Veruna. “We are in tune with their evolving needs in an ever-changing world, and the Veruna AMR offers agencies a robust, yet nimble, suite of management functions. Digital payment processing is a welcome and timely addition, and ePayPolicy is the perfect partner for us.”

The Veruna platform revolutionizes agency operations and makes higher levels of productivity possible with the ability to make more rapid, informed decisions utilizing real-time data, robust analytics, and automated workflows. By coupling exceptional technology with industry expertise, Veruna delivers an AMS designed to meet the needs of modern insurance agencies by enhancing mobility, flexibility, customization, and integration capabilities.

“ePayPolicy is redefining insurance payments, and Veruna is redefining agency management,” said Carroll. “I see exciting implications for forward-thinking agencies — and our clients.”


About Veruna
Veruna delivers the insurance industry’s only modern agency management system (AMS) built on the Salesforce platform and capable of driving quicker decisions using real-time data, robust analytics, and automated workflows with increased mobility, flexibility, customization, and integration all backed by the expansion capabilities inherent to the Salesforce AppExchange. For more information, visit veruna.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 its clients to accept  payment via 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 epaypolicy.com.

ePayPolicy Partners with Novidea’s SMART Management System

AUSTIN, TX – June 9, 2020 –  ePayPolicy now integrates with Novidea’s SMART AMS. ePayPolicy will extend e-payment capabilities to users of the cloud-based, Salesforce-powered agency management system that leverages automation and AI to help agencies scale faster and more efficiently than ever before.

ePayPolicy enables independent insurance agencies to collect payments instantly via credit card and ACH. The company’s digital payment portal is designed for independent insurance agents and brokers to handle their industry-specific  accounting, compliance and reporting requirements. Equally important, it’s convenient for customers. Policyholders can pay from any device, anywhere. They no longer need to track down a checkbook and wait for their check to clear, and for those trying to earn credit card points, they can do so on every transaction. Agents can bind policies faster and replace aging receivables with instant payment.

Milan Malkani, ePayPolicy Co-Founder, stated: “We have always advocated InsurTech solutions beyond our own, especially technology-driven agency management systems that utilize data to excel the workflow of today’s on-the-go agent . It’s exciting to be part of the Novidea SMART AMS, along with other integrated providers of AI-based SMS technology, digital marketing and e-signatures, to name a few.” 

Integration with popular agency management systems is essential to ePayPolicy’s growth strategy. Said Malkani, “We go where the action is. Whatever AMS your agency is using, ePayPolicy wants to be part of it.”

Novidea GM, Eric Ayala commented: “We created the SMART AMS to help agencies get to the future today. By selecting partners like ePayPolicy, we showcase how our open API architecture can easily integrate with best of breed new technologies, and further demonstrates our vision to help agencies scale by automating all processes. These capabilities go well beyond the typical AMS.”

Malkani concluded: “Digital payment is the norm in consumer and most business transactions today. ePayPolicy’s goal is to make it the norm in agency/customer transactions. We thank the Novidea team for not only choosing us, but promoting ePayPolicy along with the other Novidea-developed and integrated insurance agency capabilities available with the SMART AMS. ”

About Novidea
To compete in the digital economy, insurance agencies have to futurize – and fast. They must be able to offer the kind of customer experiences today’s consumers expect. But transforming an entire business at once seems radical, not to mention impossible with existing AMSs. Novidea makes it possible and painless for any agency. Our radical idea? The Smart AMS. It’s a cloud-based system like no other, designed to modernize every aspect of your business. From digital marketing to AI-based SMS to real-time analytics and self-service portals – nothing gets left behind. And you can offer the any-time, any-device experience your customers demand. A Salesforce Ventures portfolio company, Novidea operates in 16 countries globally and is now launching in the US.

For more information visit novideasoft.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 its clients to accept  payment via 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 epaypolicy.com