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.

Features Feature: AutoPay and Recurring Payments

by Digital Payment Processing

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

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.

AutoPay

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.

For more information on ePayPolicy features, follow us on Facebook. Already a client? Be sure to join our Facebook Users Group!

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.