“It’s not us, it’s you.” Several insurance agents that use large payment processors (operate in multiple verticals) have reported being kicked off their payment processor, with no other explanation than “our product is not a good fit for your industry.” Well, their loss is potentially your gain. We can’t tell you exactly why these companies are rejecting business from the insurance industry. But we have some educated guesses. Even better, we have a solution! First and foremost, the insurance industry is highly regulated and involves a lot of tracking funds for compliance purposes. Some payment processors are designed for straight sales transactions. They simply can’t handle the additional levels of accounting and code compliance the insurance industry demands, in other words, they don’t speak insurance. “Not a good fit” is their way of admitting they’re not set up for a complex, regulation-driven industry like insurance. Here are some likely reasons why they might be rejecting business from insurance agencies:
Finding The Perfect Payment Processor For Your Agency
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Anamaria Cifuentes
Anamaria is the Marketing Manager at ePayPolicy. Being a marketer at heart, Anamaria is always looking for innovative ways to engage with prospects and clients. Originally from Nicaragua, she came to the United States in 2015 to attend college in Boston and moved to Austin in early 2020. When she's not working, she is experimenting in the kitchen, walking outdoors with her dog, or exploring coffee shops.
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