5 Ways to Speed Up Your Receivables with ePayPolicy

by Business Strategy

Your cash flow depends on prompt client payment. Ultimately, speeding up receivables hinges on changing client behavior. 

Today I’ll share five tips to get paid faster, and how ePayPolicy can help.

Accepting digital payments is a giant first step. But I want to make sure you’re aware of all the features ePayPolicy offers to turbocharge your payment collection (and reduce those boring process tasks).

Tip 1: Make sure clients know they can pay you digitally

Paying insurance premiums via ACH or credit card is easy, convenient, secure and instantaneous. Yet, some ePayPolicy clients tell us they’re still collecting too many checks! 

The key to getting more payers to break their check/cash habit is awareness. Here are some easy ways you can promote digital payment and increase client adoption:

  • Use the co-branded flyer in your dashboard to send out with your invoices and newsletters
  • Use the Client Tool Kit to access custom graphics and copy
    • Let your clients know you’re now accepting digital payments via social media
    • Send an email blast or include your new offering in your newsletter
  • Include a PayNow button in your email signature and on your website
  • Make digital the #1 payment option on your invoices

Tip 2: Make payment foolproof

Paying bills is a hassle, it’s no wonder people put it off. But, we have a solution. 

Our Prefilled ePayPolicy Payment Pages allow payers to pay with a click of a button (seriously).  This page contains your payer’s information already filled out to simplify the process -the hard work’s done for them! This is convenient for all clients, but even more valuable for those who need that “extra nudge” to complete their payments on time. 

Tip 3:  Promote payer-friendly features

As noted in tip #2, we want to remove obstacles to prompt payment; reducing (or eliminating) clients’ time and effort with features like “save payment information” and “autopay.”

When you pay the same vendor regularly, it’s a pain to re-enter your payment information every time and many policies require multiple payments per year. Let policyholders know they can securely save their payment information (we use tokenization). They can even store more than one bank account, credit, or debit card.

For clients paying a variety of invoices throughout the year, AutoPay offers the ultimate convenience.* Just set it, forget it, and wait for the e-receipt confirming the payment was made. 

*Only available for integrated payment pages.

Tip 4: Create positive client touch-points

Send automatic invoice reminders for due and past due invoices on your behalf.* When the client clicks the link, the page prefills with their due invoices. And you score points for being so thoughtful.  

*Currently available with AMS360, Sagitta, AIM & MGA systems. (More coming soon).

Tip 5: Integrate ePayPolicy with your management system

We typically think of management systems in terms of its benefits to agents and staff. But having everything in one place, including payment processing, creates a seamless user experience. Clients don’t have to search for invoices, they’re pulled directly from the management system integrated with ePayPolicy.  

Let’s review:

The key to speeding up receivables is to get more clients to pay digitally. Digital payments are easy and convenient for them, and they put money into your account right away — when they pay. ePayPolicy is designed to make the entire process a breeze. Payer-friendly features like prefilled payment pages, automated invoice reminders, auto-pay and more make paying you a positive, convenient experience — and almost impossible to be late. All of these factors combine to encourage prompt payment, leading to better cash flow and smoother business for you. 

Contact support if you need help setting up any of these features.

5 Ways to Speed Up Your Receivables with ePayPolicy

by Business Strategy

I’ve never heard an insurance agency say, “We really need to slow down receivables.” Have you? Of course not. Your cash flow depends on prompt client payment. Ultimately, speeding up receivables hinges on changing client behavior. 

Today I’ll share five tips to get paid faster, and how ePayPolicy can help.

Accepting digital payments is a giant first step. But I want to make sure you’re aware of all the ePayPolicy features to turbocharge payment collection (and reduce those dunning process tasks that are no fun for anyone).

Tip 1: Make sure clients know they can pay you digitally

Paying insurance premiums via ACH or credit card is easy, convenient, secure and (drumroll, please), instant. Yet some ePayPolicy clients tell us they’re still collecting too many checks! 

The key to geting more payers to break their check/cash habit is awareness! Here are some easy ways you can promote digital payment and increase client adoption:

  • Use the co-branded flyer in your dashboard to send out with your invoices and newsletters
  • Access the client marketing tool kit containing custom graphics and copy
    • Let your clients know you’re now accepting digital payments via social media
    • Send an email blast or include your new offering in your newsletter
  • Include a PayNow button in your email signature and on your website
  • Make digital the #1 payment option on your invoices

Tip 2: Make payment foolproof

Paying bills is a hassle. No wonder payers drag their feet. 

But we have the perfect antidote: Prefilled ePayPolicy Payment Pages. In the dashboard you can send a payment link that contains your payer’s information already filled out to simplify the process. The hard work’s done for them! This is convenient for all clients, but extra valuable for those who need that “extra nudge” to complete their payments on time. 

Tip 3:  Promote player-friendly features

As noted in #2, we want to remove obstacles to prompt payment.  Reduce (or eliminate) clients’ time and effort with features like save payment information and autopay.

When you pay the same vendor regularly, it’s a drag to re-enter your payment information every time. Many policies require multiple payments per year. Let policyholders know they can securely save their payment information (we use tokenization). They can even store more than one bank account, credit card or debit card.

For clients paying a variety of invoices throughout the year, AutoPay offers the ultimate convenience*. Just set it, forget it, and wait for the e-receipt confirming the payment was made. 

*Only available for integrated payment pages.

Tip 4: Create positive client touchpoints

Our new feature lets you send automatic invoice reminders for due and past due invoices on your behalf*. When the client clicks the link, the page prefills with their due invoices. And you score points for being so thoughtful. 

*Currently available with AMS360, Sagitta, AIM & MGA systems. (More coming soon.)

Tip 5: Integrate ePayPolicy with your management system

We typically think of management systems in terms of its benefits to agents and staff. But having everything in one place, including payment processing, creates a seamless user experience. Clients don’t have to search for invoices, they’re pulled directly from the management system integrated with ePayPolicy.  How easy is that? 

Let’s review:

The key to speeding up receivables is to get more clients to pay digitally. Digital payments are easy and convenient for them, and they put money into your account right away — when they pay. ePayPolicy is designed to make the entire process a breeze. Payer-friendly features like prefilled payment pages, automated invoice reminders, auto-pay and more make paying you a positive, convenient experience — and almost impossible to be late. All of these factors combine to encourage prompt payment, leading to better cash flow and smoother business for you. 

Try these tips and let us know the effect on your clients and your accounts receivable! Contact support if you need help setting up any of these features.

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.