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Payment processing features for the insurance industry

May 22, 2018

Payment processing features for the insurance industry

May 22, 2018

Payment processing is an integral part of the business for insurance agencies. Because so much of insurance companies’ business is based upon payments received, it is pivotal to select a payment processor that has all of the most important needs covered. The leveraging the following features along with a merchant account will ensure that insurance agencies are offering customers the best possible experience, while keeping internal processes smooth, organized, and secure.

Easy website integration

Seamless website integration increases customer satisfaction, giving users a pleasant experience from start to finish. Customers can find the policy they want and make their purchase, all without leaving your site. In addition to making the entire process streamlined and comfortable for the customer, this frees up your staff from managing phone and email communications, allowing them to focus on other areas of the business.

Allow installment payments

Allowing installments and recurring payments makes payment processing easier for both insurers and their customers. Customers can purchase a policy, set up a recurring payment, and receive digital receipts each time they’re billed. This means less work for both the customer and the insurance agency, saving time, hassle, and eliminating the risk of default or missed payments.

Local and cross border payments

Availability of products online means customers – and their cards or accounts – are in various locales. It is important that insurance payment processing allows for payments made from both local and cross-border accounts to assist individual and corporate customers in making seamless transactions no matter where their account is based. This broadens the reach of the insurance agency customer base by making products more widely available. It also eliminates the hassle of a customer selecting a policy and proceeding to make the purchase, only to find that they cannot input their information due to locale restrictions.

Batch payment processing

Rather than saving data and uploading transactions individually, batch payment processing enables you to process all payments at once. Batch payment processing not only saves the insurer time and money, with PCI DSS compliance it is a secure and organized way to manage the flow of transactions coming in.

Security – PCI DSS compliance

PCI DSS compliance is pivotal for the safety and security of customer information in transactions. It insures that both credit card and customer private information transmitted on behalf of merchants and their customers is protected by multiple layers of security by encrypting, managing, and storing the data at the highest standards.

Accept multiple payment methods

Accepting multiple payment methods means allowing customers to choose their preferred method of payment – such as credit, debit, direct transfer, or a ewallet – and gives them a better experience overall. Customers can choose which card or account they would like to make their purchase with and this freedom of choice is an easy way to ensure customer satisfaction.  

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