FinancePro + ePayPolicy Integration Simplifies Secure Credit and ACH Payments
By Doug Mohr, VP of Solution Consulting
Insurance professionals know that the key to success in this fast-moving industry is the adoption of strategic technologies that increase customer satisfaction while making their business more efficient and profitable. That trend continues today with a new integration for our FinancePro customers.
Today we are happy to announce that FinancePro, Vertafore’s premium web-based finance management solution, has partnered with ePayPolicy, an online insurance payments solution. This new integration provides simple and secure credit card and Automatic Clearing House (ACH) payment processing to FinancePro customers, which includes Managing General Agents (MGAs), premium financial institutions, and large independent insurance agencies. Now, insurance companies using FinancePro can process invoices faster and more efficiently than ever, while giving consumers the flexibility and ease of online payments they demand in the 21st century.
“Vertafore’s FinancePro is well-known in the financial industry as one of the best web-based management solutions available,” according to Milan Malkani, co-founder of ePayPolicy. “Through our integration, insureds and agents can effortlessly process secure electronic payments within FinancePro", according to Milan Malkani, co-founder of ePayPolicy. "We are also looking to integrate with more products within Vertafore’s product suite, so even more agencies can take advantage of this partnership.”
Top benefits of FinancePro + ePayPolicy integration include:
ePayPolicy = PCI Compliance
If your company intends to accept credit card payment, and store, process, and transmit cardholder data, data needs to be hosted securely with a PCI compliant provider. The Payment Card Industry Data Security Standard (PCI DSS) applies to companies of any size that accept credit card payments. Built on the Microsoft Azure platform, ePayPolicy runs both its website and database together on the same platform, simplifying compliance with PCI DSS Level 1 – the highest credit card security standard.
Single Sign On = Reduced E&O Exposure
This integration furthers Vertafore’s commitment to never requiring insurance professionals to enter data twice. The automatic and seamless connection allows payments to be processed within Vertafore’s web-based platform, removing the need to punch in data into disparate systems, thus avoiding the risk of E&O (errors and omissions) exposure that can occur with too much data entry.
ACH Transactions = Cost Savings
With ePayPolicy, MGAs can process automatic clearing house (ACH) transactions at a fraction of the cost of processing a check. Based on the 2015 Payments Cost Benchmarking Survey, the estimated median cost of a check transaction is $3.00, compared with a range of $0.26 to $0.50 per ACH credit transaction and $1.50 for a purchasing card transaction.
ePayPolicy is the latest service provider partnering with FinancePro – in November, eSignature leader DocuSign joined forces with FinancePro to improve the efficiency and compliance of MGAs and MGUs.
To learn more about FinancePro and how it can transform payments for your agency, contact us here.