For the average consumer with a smartphone, making payments has never been easier or more convenient. There are all kinds of options for paying online with credit cards and transferring funds to another person via email or text messaging. Consumers have become very comfortable with online payments because they’re woven into the devices they're already using and they are frictionless.
This is not the case for many businesses – especially in the property and casualty insurance industry. Payments in the insurance industry today still look a lot like they were 20 years ago. Premiums can be paid by cheque or pre-authorized debit agreements (PADs), but this requires considerable manual administration. Payments can often be made by credit card, but at considerable expense to the payment recipient. And rarely are these payment options convenient or available where consumers are most comfortable – on their mobile devices.
SimpleEFT solves payments problems for businesses
With SimplePin’s SimpleEFT solution, insurance businesses can overcome the problems of traditional payment methods and get paid faster. Here’s how:
- SimpleEFT allows businesses to receive bank-to-bank payments from customers. This is a huge benefit to your insurance business because you can avoid credit cards and their high fees, while giving your customers an easy and convenient way to pay – even on their mobile devices. Our SimpleEFT solution also features automated PAD agreement management, support for alternative payments, and one-click payments.
- Create flexible, multiple payment plans for monthly premium collection. SimpleEFT allows your insurance agency to offer customers to pay any premium through an easy-to-administer payment plan in which you can set the number of payments and interest rate. This allows you to offer customers payment flexibility while generating additional revenue from the financing.
- Integrated into your broker management system (BMS). SimplePin’s convenient payment technology is already integrated into your existing BMS if you are using Deltek or any other system. Integration into Salesforce CRM is coming soon. SimplePin also offers a full-featured API for integrating convenient premium payments into your accounting platform so you do not need to change platforms.
- Powerful features allow customization to your business requirements. SimplePin offers dynamic fee distribution, so you can allocate who pays the fee associated with each payment method, you or your customer. For instance, if the customer wants to pay with a credit card, you can specify that they must also pay the credit card fee, but if they want to pay with SimpleEFT you can cover the much smaller fee. Also, the SimplePin system can be configured to send out automatic payment reminders for overdue payments, saving you the administrative time and cost of chasing late payments.
- PCI security compliance. SimplePin offers the highest level of Payment Card Industry (PCI) security compliance, so your insurance agency can instill trust in your online payments system.
Remove payment friction
Insurance is often said to be a “resistance product” – customers know that they need it, but are not happy about purchasing it. Why add more friction with inconvenient payment processes?
By removing payment friction associated with insurance premiums, SimplePin can help your insurance business differentiate itself in the market and win more business, while reducing the administration and cost associated with getting paid.
SCHEDULE A DEMO and see how SimplePin can automate your invoicing and accounts receivable system, while helping you get paid faster and reducing the administrative costs of managing receivables.