INBOUND PAYMENTS
Customize the branding as well as the experience for your customers.
Adhere to all the rules and regulations around payments collections.
Integrate payments to your existing solutions, workflows and back-office systems.
OUTBOUND PAYMENTS
Provide faster payments to customer while reducing fraud and friction.
Pay all of your vendors through a single, streamlined interface.
Easily manage premium refunds from carriers to your customers.
VOLUME 1
FEBRUARY 2021
Hello Acordians -
Welcome to the latest edition of Loose Change. Here, we will try to keep you up to date on news and trends in the industry, as well as announcements specific to AcordPay.
1 | Carrier Corner
You can well imagine the volume of incoming payments that arrive at a carrier's office on any given day. Agency bill payments, some with reports attached some not and a multitude of micro payments for direct bill (customer) advances. In this environment without a common platform to refer to payment status, payments do get missed and policies get cancelled. It happens, but do you want to avoid it happening to your customers?
The Takeaway
Cheques are also very costly. Scotiabank’s Cheque Cost Issuance Model shows that costs can be anywhere from $15-$25 per cheque. In some cases, it’s as high as $50 per cheque. And what if the cheque is lost or stolen? The company then may need to deal with a potential fraud issue and must pay to reissue the cheque.
Automate manual tasks and significantly reduce expenses related to collecting payments, reconciling with carriers and outbound disbursements.
Contact Us to learn more today!
2 | Partners and Integrations
AcordPay is pleased to announce our new integration with Vertafore SIG BMS. This integration will streamline and simplify SIG users ability to request payments directly from their BMS and manage the status of those payments.
Said Stacey Miranda, “As the AcordPay solution became a staple for our brokers and their needs for more payment options expanded, we realized that payment technologies were a significant priority. Integration was the next logical step for us.”
3 | Digital Developments
5 keys to future broker success:
“We’ve all come to expect that digital interaction and Amazon-like experience when we purchase online, and insurance is no exception,” explained Cook. “The brokers who take the time to really understand their customers and digitize the user experience … will likely have the greatest success moving forward.”
In other news...
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First Insurance Funding: Launches Interac payment options in partnership with AcordPay.
