Today’s consumers increasingly expect payments to and from insurance companies be processed quicker than ever before, and insurance companies are simultaneously making moves to modernize and improve business efficiencies. Companies are in need of faster payment initiatives, such as ACH (automated clearing house), to accommodate consumer demand and innovation. VeriCheck’s ACH solutions have made it possible for insurance companies to process transactions to debit accounts almost instantaneously.
ACH payment solutions allow insurance companies to offer policyholders a safe, convenient, and secure way to pay their premiums and reduce the administrative burden associated with payment processing. With VeriCheck’s ACH solutions, insurance companies can effectively manage risk and debit payment directly from the policyholder’s bank account, while integrating a custom solution with existing software.
Who Does VeriCheck Assist in the Insurance Industry?
VeriCheck’s system provides ACH and eCheck functionality that will enable any premium billing operation to draft funds directly out of bank accounts.
VeriCheck uses our proven efficiency and industry expertise to provide valuable solutions for payment processing in the insurance industry. We primarily work with the following entities in the industry:
- Health insurance providers
- Car insurance providers
- Home and renter’s insurance providers
- Life insurance providers
How Does VeriCheck Benefit Insurance Companies?
VeriCheck’s ACH payment processing is designed to manage transactions smoothly and quickly, so property managers can focus on their core responsibilities. ACH also allows property management companies to cut down on the use of paper and drive efficiencies to ensure that payments are made on time.
Benefits for companies in the property management industry include:
- Simplified collections, cash flow and forecasting abilities
- Streamlined receivables
- Improved office efficiency and functionality
- Reduced loss due to risk or chargebacks
- Less paperwork
- Improved customer service
VeriCheck knows that speed and accuracy are critical components in daily insurance business operations.
What Services Does VeriCheck Offer?
Automated ACH or eCheck billing direct from bank accounts allows staff member time to be redirected away from processing and handling finances to focusing on enhancing customer experiences. With an ACH payment solution, you can simply debit your policyholder’s bank account.
Insurance companies can benefit from our comprehensive offerings, including:
- Custom API for simple integration to existing software
- Payment assurance
- Set up customers on automatic payment plans by using the recurring billing feature
- Store customers’ personal and payment information in a secure and compliant web database
- Ability to accept ACH payments and eChecks
- Enable customers to pay on the website or by phone
- Set up customized access control to allow customized views for each user under a single account
Contact us today for a live demo of how VeriCheck can help your business.