The founders of ePayPolicy experienced firsthand the operational pains of check collection and manual reconciliation in insurance. This led to the corporate’s first product, a secure online payment page that’s fully customizable to your insurer’s brand. As ePayPolicy’s customer base swelled to his 5,500+ insurers, additional features corresponding to industry-specific management system integrations, custom API connectivity, and network payables were added.
Yet, although their client corporations preferred the speed and ease of use of online payments, lots of their biggest customers openly lamented fixed check payments.
ePayPolicy CEO Mark Engels said: “The insurance industry will eventually catch up when it comes to digital payments, but we would like to assist corporations manage the present adoption gap.”
The truth is, in response to a recent study by PYMNTS.com, check payments still account for over 50% of payments within the insurance industry, in comparison with lower than 22% in most other industries. ePayPolicy customers countered that this was consistent with their experience.
Nish Modi, Chief Product and Technology Officer, said: “CheckMate leverages the identical tools that electronic payments have develop into known for, giving customers options without sacrificing efficiency.”
CheckMate is the following in several planned products planned by Modi’s team with the goal of continuous to streamline the payment experience for the industry.
“CheckMate is an enormous step forward for us and our customers, but more could be done to modernize and simplify the way in which insurers move money,” Modi said. “As all the time, we’re enthusiastic about helping our customers transform the way in which they do business, beyond just electronic payments.”
- Customers can route checks to at least one or more Checkmate Location for faster collection.
- Regular day by day check collection and processing Monday through Friday.
- Check images and remittance details uploaded in day by day batches to ePayPolicy customer dashboards – a single dashboard for each digital and physical check payments.
- Current and future API integrations will allow CheckMate to match check data with invoices from customers’ accounting systems, reducing manual double-work and the potential for accounting errors.
- Flat rate per check with no additional monthly fees or contracts.
Availability and uses
- CheckMate is on the market in three alternative ways depending in your needs.
- Customers may decide to utilize CheckMate’s routing and reconciliation capabilities to hook up with their accounting and management systems.
- Customers can reap the benefits of CheckMate’s fast routing, batch processing of check data, and processing into the ePayPolicy dashboard without further integration.
- Customers with established or contractually certain generic lockbox service providers can proceed to reap the benefits of CheckMate’s custom API integrations and coordination.
About ePay Policy
Built by insurance experts for the insurance industry, ePay Policy The fastest, easiest, and safest approach to move money for insurance. ePayPolicy’s products speed up insurance payments for agents, carriers, MGA, and PFC with secure online payment pages and automatic check processing through CheckMate. Over 5,500 insurers trust ePayPolicy and its expert live support team to process their day by day payments.