Is Your Agency’s Customer Experience at Risk with Paper Payments?

It’s Friday at 4:00 and you just ordered takeout from your favorite restaurant. Ideally, the ordering process was quick and easy, because your payment information was already in the system. Now, imagine instead that the restaurant would not accept your credit card and insisted you write a check.  Chances are you would look for another restaurant—not because you wanted to, but because this request made paying for your food such a hassle. 

You deserve a simple user experience (UX). And so do your insureds.

Here are 5 realities of today’s payment environment and why it’s important to offer digital payments instead of checks only. (Hint: it’s mostly about improving the customer experience, but also benefits your agency directly.) 

1) Catch a Rising Wave
The Federal Reserve has been tracking payment trends since 2001. Their most recent report states that debit and credit card payments have increased by 8.9%, while paper check usage has decreased by 7.2%. There’s no doubt which way the trend is heading.

2) Your Clients are Getting Younger
Think of the business owners you serve. Are they mostly 50+? 40-50 or 30’s? Under 30? These generations have very different payment preferences. And guess what? Checks are not the top choice of any group. Even the middle-aged Generation X are credit card-centric. Millennials and Gen Z consumers expect digital choices and the ability to pay from anywhere, anytime.

3) Checks are Expensive
Take a look at our blog post on the hidden costs of paper checks. Here’s a quick takeaway: Processing a check costs a business 10 times more than an ACH transfer, and receiving a check costs your agency five times more than an ACH payment. 
Contrary to paper checks, credit cards can actually benefit everyone involved in the payment process. Individuals (including business owners) often earn rewards for paying by credit card, and you can pass the processing fee on to the client using our payment platform. They are happy to pay it, because they are just happy to have the digital payment option—and the extra points can’t hurt!

4) Who’s Serving Whom?
We’re not avoiding the truth; people still do write checksbut it doesn’t mean they want to. It’s because some small businesses (including insurance agencies) are stuck in an old fashioned payment rut. Don’t be that small business! Be the agency that caters to your clients, or risk losing them to one that does.

5) Offer Instant Gratification
Insureds like to trace large payments. Checks are slow. They write and send (or hand deliver) the check, wait for you to deposit it, then wait for it to clear the bank. When submitting digital payments, a payment is confirmed immediately with an auto-populated confirmation, and typically an emailed receipt. ePayPolicy offers the same experience. Since our portal connects to most agency management systems, there’s automated documentation there, too.

Give the People What They Want
Insureds want and deserve superior service, and you want to offer it. That includes payment options that deliver convenience, speed, simplicity, and security. By accepting only checks, you’re denying clients all five benefits. You’re putting “that’s how we’ve always done it” ahead of the reality of your clients’ payment needs. Offering digital payments shows you’re serious about serving all your client groups, and technologically ready for tomorrow’s digital-only expectations. 

Going Remote? Actions For Your Insurance Agency to Take Right Now!

The foreseeable future includes social distancing, remote workforces, and grocery stores that feel apocalyptic. But it also provides the chance to build a stable business structure where your team feels prepared for productivity from anywhere.  As an organization who made the “work from home” transition seamless for our entire team, we wanted to reveal the tips and tricks that allowed our company to feel good about remote work. We narrowed down five key activities an agency should implement to be successful during a pandemic. *Note, these tips work anytime and help your business perform better in general! It is just especially important to apply these activities now.

Make sure your internal team can communicate

It’s about efficiency AND effectiveness here. Relying only on email – or worse, thinking text/calls will suffice – isn’t going to cut it. We recommend using a free platform like Slack to communicate across the agency. 

Provide clear project management outlines

Working together while you are miles apart isn’t impossible, it just requires a little more outlining. Using Trello, Asana, or another project management platform makes goals, steps, and accomplishments clear for the entire agency. 

Set up a video conferencing system!

This one stands VITAL because it’s as close as you’re going to get to your coworkers while working remote. Typical, in-person meetings reveal short attention spans, which are worse across a computer screen. Everyone in the agency assembles as present as possible for virtual meetings, and that means turning on your webcams and showing face. Lots of good and affordable options out there!

Provide digital payment options for your clients

Your insureds still need to make payments, and coming into an office of people appears the current worst option. Allowing your clients to make digital payments is as vital as communicating with them online. 

Communicate with your clients online

Speaking of communicating with your clients online, social media recently developed into our primary form of socializing. You MUST use this opportunity to connect, and trust us, it’s easier to expand updates on social platforms than to set up email marketing. These activities demonstrate quick fixes with lasting results, and some exist as free solutions! Don’t settle on just surviving when you could be thriving. Use this time to invest in your organization and build a sustainable business, no matter what comes your way.

West Virginia Association Chooses ePayPolicy As Digital Payment Processor of Choice for its Members

AUSTIN, Texas, January 22, 2020 – ePayPolicy is proud to announce its latest state insurance association endorsement. Independent Insurance Agents of West Virginia (IIAWV)  recently named ePayPolicy as the recommended payment processing provider for its member agencies. IIAWV CEO Traci Nelson explained: “Our mission is to provide members with the tools they need to serve their clients and build their business. Technology is a huge driver of operational success. With ePayPolicy, our members get industry-specific payment technology that serves a dual purpose of increasing agency efficiency and increasing client satisfaction. That’s the kind of win-win we strive to deliver to IAWV members.” ePayPolicy Co-Founder Todd Sorrel commented: “Digital payment is more than today’s reality, it’s today’s standard. Policyholders are consumers, and they’re used to paying by credit card or ACH. ePayPolicy enables IIAWV members to offer digital payment in lieu of check, thus speeding up policy binding and receivables. The platform also integrates with most agency management systems (AMS) and includes the fiduciary and other accounting and reporting capabilities specific to our industry.” IIAWV is the 29 state association of independent insurance agents to endorse ePayPolicy.  Concluded Sorrell: “We’re always excited to partner with fellow technology evangelists. IIAWV recognized long ago that technology is the future of our industry. In fact, in 1999 (the association’s 100-year anniversary), their published history stated: ‘Even as we are in the midst of enormous operational and cultural change, we have come to view such dramatic change as commonplace and take it for granted. When we stop to think about the degree of change that engulfs and propels us, it is just short of unbelievable.’ They also recognized that ‘computerized operations have evolved from a novelty to a necessity.’ Two decades later, InsurTech continues to drive our industry forward. We’re delighted to extend ePayPolicy’s solutions to IIAWV members and to their clients.” About IIAWV With roots dating back to 1899, the Independent Insurance Agents of West Virginia (IIAWV) is the state’s oldest and largest insurance trade organization. IIAWV is an affiliate of the Independent Insurance Agents and Brokers of America, Inc. (IIABA), the largest property and casualty insurance producers organization in the world. IIAWV is a strong and committed advocate for more effective representation of independent insurance agents and consumers with both the state and federal legislatures. The association offers its members a variety of products, educational programs and services to increase their effectiveness and give them a professional edge in today’s competitive business environment.  Learn more at https://www.iiawv.org/default.aspx 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 clients to accept 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 https://epaypolicy.com

ePayPolicy Poised for Growth with Serent Capital Investment

AUSTIN, Texas, January 8, 2020 – Electronic payment processing company ePayPolicy has received a significant investment from Serent Capital, a San Francisco- and Austin-based private equity firm focused on investing in high-growth technology and services businesses. ePayPolicy, an industry leader in electronic payment solutions for the independent insurance industry, will leverage the Serent funding for continued product enhancements, integration with the most widely used agency management systems (AMS), and accelerated growth. Since its founding in 2014, ePayPolicy has been a proactive proponent of technology adoption by the insurance industry (“insurtech”). Specifically, the company has been on a mission to replace paper checks by enabling policyholders to pay electronically via credit card or ACH.  Today ePayPolicy processes over $2 billion in payments annually, serving 2,300 independent agents, brokers, MGAs, and premium finance companies in the Excess & Surplus (“E&S”) insurance market. Some 28 Big “I” (Independent Insurance Agents and Brokers of America) state associations endorse ePayPolicy as their digital payment processor of choice for their members.  “This investment from Serent is a game-changer in our ability to strengthen our brand presence across the industry, integrate with even more agency management systems and take our platform to the next level in user (agency) and end-user (policyholder) experience,” said Todd Sorrel, Co-Founder of ePayPolicy. Leonis Partners advised ePayPolicy on capital raising strategy. Kevin Frick, Partner at Serent Capital, explained the firm’s decision by saying, “We knew immediately ePayPolicy would be a great fit for Serent. Their stellar reputation and innovative, industry-specific technology stood out. Their client satisfaction scores are exceptional and their references prove the most important point – they deliver.” “We’re incredibly excited to partner with Co-Founders Todd Sorrel and Milan Malkani to expand ePayPolicy’s market reach and continue to drive exceptional value for their clients and the insurance industry as a whole,” concluded Frick. About Serent Capital Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent seeks to help growing businesses thrive.  For more information on Serent Capital, visit www.serentcapital.com About Leonis Partners Leonis Partners serves as a full-service advisor to entrepreneur-led technology businesses. Calling on decades of experience from some of the largest leading global financial institutions, Leonis crafts highly calibrated solutions to achieve their clients’ needs as they pertain to M&A, capital raising, fairness & valuation opinions, and other special situations. Leonis Partners’ experience and track record in these core areas provide clients with superior results. The firm is headquartered in New York. For more information visit http://leonispartners.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 clients to accept credit cards 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 https://epaypolicy.com ###

OIA Endorses ePayPolicy for Digital Payment Processing

We Welcome Ohio to Our Endorsers List  AUSTIN, Texas, November 21, 2019  –Ohio Insurance Agents (OIA) has named ePayPolicy as its electronic payment processor partner. The partnership offers OIA members a special signup offer on ePayPolicy services, which enable them to improve their customer experience by accepting credit card and ACH payments online. “Independent insurance agents are embracing technology at a rapid pace. We’re here to help them meet increasing consumer demand for digital forms of payment. ePayPolicy makes online payments simple and seamless — for the consumer and for the agency,” said Todd Sorrel, ePayPolicy co-founder. “We’ve eliminated the traditional barriers like pesky merchant accounts and long-term contracts. Plus, with ePayPolicy agents and brokers can get setup in 2 – 3 business days.” According to OIA’s chief executive officer, Jeff Smith, JD, CIC CAE, “We have high standards for the products we recommend to our members. Partners must be agent-friendly champions of the independent agency system, as well as best in their class. ePayPolicy scores 100 percent on all measures.” Concluded Sorrel: “Selection by OIA significantly broadens our penetration within Ohio and elevates our profile across the country. We appreciate their confidence in our abilities. We look forward to enhancing the insurance-buying experience for consumers and to supporting OIA members’ tech-enabled growth. Online payment is a big step forward for all involved in these goals.” Bring seamless online payments to your agency Agents who want to join OIA, or learn more about ePayPolicy and the other benefits and resources available to them through an OIA membership should visit www.ohioinsuranceagents.com/agent or call (800) 555-1742. About Ohio Insurance Agents (OIA) Ohio Insurance Agents Association (OIA) is the collective voice of 1,200 independent agencies that employ nearly 10,000 Ohioans and protect hundreds of thousands of Ohio consumers through personalized insurance plans. OIA members write 82 percent of the commercial insurance policies and 44 percent of personal insurance policies in Ohio.  OIA promotes, progresses and protects the professional advice and guidance only independent insurance agents provide. The company helps agents by providing professional consulting services, agency valuation and succession planning, operational benchmarking reports, and other business solutions and industry thought leadership. For more information visit  https://www.ohioinsuranceagents.com/ About ePayPolicy ePayPolicy is the simplest way to collect digital insurance payments. Designed for independent agents, brokers, MGAs, premium finance companies, and their clients, their innovative electronic payment processing portal enables clients to accept 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.

Finding The Perfect Payment Processor For Your Agency

“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:

Insurance Code Mandates and Trust Account Management

Most vendors who use a large multi-vertical payment processor have a simple business model: receive payment in exchange for goods or services provided. It’s straightforward. No fancy accounting required. Think coffee shops, digital storefronts, hotdog guy at the block party. But not the insurance industry. As you know, premium payments in some states are subject to insurance code regulations. When you receive premiums you are operating in a “fiduciary” capacity. You are not the “owner” of the premiums paid but are acting as a fiduciary of those funds.  As such, you must keep premiums in separate trust accounts that are segregated from the agency’s business operating funds. This is to protect premium funds from agency creditors. And you can’t take them out of the trust account without proper documentation of the commission earned and an audit trail, either. Truth be told, general payment processors are not set up for this level of sophistication. Volume, yes. Sophisticated accounting, no. Trust account (TA) management is a huge responsibility with potentially heavy consequences. You need a payment processor that understands the “ins and outs” — which, for insurance agents, involves more than simply depositing money from the client into your agency account, or even passing it directly through to the carrier! Terms like net funding and premium funds should sound familiar. 

State Compliance and Regulations 

Each state has its own set of regulations for selling insurance. The requirements in Ohio may be different from those in New York, California or Florida. That’s one reason why the trusted choice / BIG I associations are so valuable. They keep you on track to maintain compliance with any and all state-specific mandates. Needless to say, the big global payment processing companies are not operating at this micro (state regulations) level.  But you are. And so are we at ePayPolicy. We maintain close relationships with the Big I / Trusted Choice state insurance associations nationwide and are in the process of getting all 50 states endorsements. Their stamp of approval is their way of saying, “This vendor gets it. We trust them. You should, too.”

An insurance Industry-Specific Solution

I’ve kind of hinted at the solution in the “issues/problems with general payment processors” sections above. Yes.  I am talking about ePayPolicy — the insurance payment processing platform built specifically for independent insurance agents. We are not a general-purpose payment processor. We are a payment processor that was built by insurance professionals for insurance. We work exclusively with and for the insurance industry. By focusing on your business needs, as well as the highly regulated nature of insurance, we have created an ecosystem that streamlines your operations while ensuring compliance across the board. Check out ePayPolicy. We make collecting credit card and ACH payments as easy as possible and to get started takes only 5 minutes. 

IIAB Arizona Favors ePayPolicy Payment Processing

AUSTIN, Texas, September 27, 2019 – ePayPolicy has recently contracted with Independent Insurance Agents and Brokers of Arizona (IIABAZ) to offer digital payment processing to the association’s 350+  members at a special members-only rate. The partnership offers Arizona’s independent P&C agents and brokers the ability to accept credit card and ACH payments online instead of a paper check. 

ePayPolicy co-founder Todd Sorrel commented: “We are on a mission to make paper checks obsolete in the insurance industry. Consumers today expect the convenience of digital payment options. ePayPolicy developed our platform to satisfy that demand, while also managing the unique compliance and reporting needs of independent insurance agents/brokers. As our industry becomes ever more InsurTech-driven, we’re happy to offer IIABAZ members a powerful yet simple-to-use solution that’s designed just for them.”

Said IIABAZ Executive Vice President, Terri Edwards, CIC, CISR: “Our members know we’re serious when we say, ‘We understand what matters most to you and we have the tools to help — that’s our job.’ We evaluate products and vendors to make sure they’re able to fulfill our commitment to helping our members be successful.  We chose ePayPolicy because it’s the only payment processing platform built specifically for independent agents and brokers. These guys really know payment processing. More importantly, they know our industry.”

Concluded Sorrell: “We’re excited to formalize our relationship with IIABAZ and bring modern, convenient digital payment to association members and their clients. Like IIABAZ, ePayPolicy is all in for helping today’s independent agents to build, grow and thrive.”

About Independent Insurance Agents and Brokers of Arizona
The Independent Insurance Agents and Brokers of Arizona (IIABAZ) was founded in 1932 and incorporated in 1936 and for all those years has worked to support the independent insurance agents and brokers, providing products and services unparalleled in the industry. 

Joining IIABAZ means having available the resources of local, regional, state, and national organizations fully devoted to the success of insurance professionals. Members of the IIABAZ are among the more than 300,000 agents and agency employees across the country. IIABAZ serves from the one man shop in rural Arizona, to the national brokerage firm in the metro areas. The association’s mission is the same: SERVICE.

For more information visit  https://www.iiabaz.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 clients to accept 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 https://epaypolicy.com

 

ePayPolicy Integrates with Vertafore’s AMS360

AUSTIN, TX July 23, 2019 –  ePayPolicy, a Vertafore Orange Partner, today announced it is adding payment processing capabilities to Vertafore’s AMS360 agency management system and extending its integrations into five Vertafore management systems.

ePayPolicy supports independent insurance agency efficiency and superior customer experiences by enabling agencies to accept payment via credit card or ACH instead of check.
“It makes paying for insurance like paying for most any other purchase in today’s digital environment — instant and easy,” explained Milan Malkani, ePayPolicy co-founder.

AMS360 is Vertafore’s foundational agency management system, designed to help independent agencies to streamline workflows , improve renewals and retention , and drive new business, resulting in improved employee productivity and a superior customer experience.

“ePayPolicy has proven to be an indispensable solution partner. Its team is as avidly customer-centric in its thinking and product delivery as we are at Vertafore,” said Doug Mohr, VP of Industry Relations & Partnerships, Vertafore. “The 6,000+ agency users of our best-in-class AMS360 system now have best-in-class payment processing capabilities. This partnership is truly customer service at its technology-driven best.”

ePayPolicy shows the exact balances due. Once payments are made, activities and suspenses are created automatically within AMS360. Users will also benefit from easy on-boarding, quick setup, clean accounting and a fast, one-to-two-day go-live timeline.

“Our valued relationship with Vertafore just got deeper and stronger,” added Malkani. “Integration with such a powerhouse system as AMS360 exponentially increases our exposure within the independent agency market.  More important, it offers thousands more independent agents and brokers the ability to modernize the way they accept insurance payments.”

About Vertafore
For over 50 years, Vertafore, the leader in modern insurance technology, has built and supported superior InsurTech solutions to connect every point of the distribution channel. Vertafore agency management, ratings, regulation, compliance, and connectivity products streamline workflows, improve efficiency and drive productivity for more North American insurance professionals than any other provider—including more than 20,000 agencies, over 1,000 carriers and 23 state governments. Through a continual focus on operational excellence, development of innovative solutions, and alignment with key industry partners, Vertafore is leading the way for customers of all sizes by delivering results that make a difference.

For more information about Vertafore visit https://www.vertafore.com

To learn specifically about AMS360 visit  https://www.vertafore.com/products/ams360

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 clients to accept 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 https://epaypolicy.com

The company’s annual InsurTech Agency Award recognizes independent insurance agencies/brokerages for leveraging technology to enhance their sales, marketing, and customer service. Details and call for entry are at https://www.insurtechaward.com/

Media Contact:
Seth Nagle, Director of Marketing, ePayPolicy | 512-643-9015 | Seth@epay3.com
Alexea Candreva, SSPR | 719-475-0370 | vertafore@sspr.com

Let's Connect at The 2019 WSIA Marketplace Event!

Simplify your accounting, easily send funds, and receive your payments faster all with ePayPolicy. Created by insurance experts for the insurance industry ePayPolicy provides the simplest solution for MGAs, premium finance companies, brokers and agents to collect and send ACH and credit card funds across the industry. We reserved a table within The Club and will hold meetings Monday through Wednesday during the Annual Marketplace. Book a time now on our caladnar to schedule a time during the event! We look forward to seeing you there.   About ePayPolicy 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 clients to accept 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 https://epaypolicy.com About WSIA Marketplace The 2019 WSIA Annual Marketplace event is in two months! The event will be held in San Diego, CA at the Manchester Grand Hyatt and the Marriott Marquis in San Diego Marina and is the premier event for the wholesale, specialty and surplus lines industry

Why Does PCI Compliance Matter For Your Agency?


When asked about data security standarads and proctecting your clients sensitive digital payment information we proudly state we’re PCI level 1 compliant. But what exactly does that mean and why is it so important to you and your agency?

We put together a quick overview of the different PCI DSS levels and what they entail, how we assure Level 1 compliance, and explain why digital payments can actually be safer than paper checks.

What is PCI DSS?
The Payment Card Industry (PCI) Security Standards Council (an organization formed by the card brands) created the PCI Data Security Standard (DSS) to ensure that businesses follow best practices for protecting their customers’ payment card information.

Why is PCI Compliance Important?
The same technologies that make everyday business more efficient also make it easier for hackers to access sensitive information.

The Payment Card Industry Security Standards Council explains the seriousness this way: “The breach or theft of cardholder data affects the entire payment card ecosystem. Customers suddenly lose trust in merchants (that’s you) or financial institutions, their credit can be negatively affected — there is enormous personal fallout. Affected merchants and financial institutions lose credibility (and in turn, business).”

We’ve all heard the horrifying stories of major data breaches affecting millions of consumers. Credit bureau Equifax was hacked, potentially compromising 143 million US consumers. In retail giant Target’s breach, thieves hacked as many as 40 million customer credit card accounts, and up to 110 million sets of personal information such as email addresses and phone numbers were stolen.

But security breaches are not just for big name retailers or credit bureaus. Theft of sensitive financial information can happen to any size or type of business.

And the risk goes beyond financial information such as credit/debit card number, expiration date and CVV (Card Verification Value) number.

PII and Your Agency
Personally identifiable information, or PII, is any data that could potentially be used to identify a particular person. Examples include a full name, Social Security number, driver’s license number, bank account number, passport number, and email address.

If a company suffers a data breach, a major concern is what customer PII might be exposed. PII can be sold on the dark web and used to commit identity theft, putting breach victims at risk.
Notice that bank account number is considered PII.

If you’re taking payments by check, the check itself is a potential source of identity theft. Unless you promptly lock up checks in a secure file cabinet or safe prior to deposit, it’s possible that “someone” could snap a picture and steal your client’s PII.

Not to mention, checks can get “lost” (i.e., stolen) in the mail.

Secure Your Clients’ Sensitive Information with Digital Payments
When you choose a digital payment processor like ePayPolicy, you don’t have to worry about locking up checks. When the payment system is used properly the digital payment processor takes full responsibility for safeguarding the security of all credit/debit card payments on behalf of clients. We’re constantly testing our platform to make sure it’s hack proof.

We Are Level 1 Compliant
For the purposes of the PCI DSS, ePayPolicy is a Level 1 service provider. A service provider is a business entity that isn’t a payment brand, but is directly involved in the processing, storage, or transmission of cardholder data on behalf of another business — in our case, we are a service provider for independent insurance agents, brokers/MGAs and premium finance agencies.

There are two levels of service provider. Level 1 means we process more than 300,000 credit card transactions per year. Level 2 refers to service providers that process fewer than 300,000 transactions.

PCI requires us to validate our PCI DSS compliance through:
– Annual Report on Compliance (ROC) by a Qualified Security Assessor (QSA)
– Quarterly network scan by an Approved Scanning Vendor (ASV)
– Penetration Test
– Internal Scan
– Attestation of Compliance (AOC) Form

As a compliance verified Level 1 service provider,  ePayPolicy assumes all liability for cardholder security and PCI DSS compliance for every single transaction we process when our payment system is used properly.

We certify Level 1 compliance on our end — so you can concentrate on what you do best — delighting your customers and running your business.

If you’re still curious, you can educate yourself about all things PCI DSS compliance here: https://www.pcisecuritystandards.org

Bottom Line
When it comes to your customers’ data security, be sure to ask what PCI DSS compliance level your payment processor is.