Benefits of Receiving Payments
1) Save Time:
- Eliminate cheques and need for employees to do bank runs.
- Reduce needless communication between accounting departments of carriers and brokerages as to payment status or location of cheque
- Receive reconciliation data in one format for ease of processing
2) Save Money:
- No need to receive, store and deposit post dated cheques
- Significantly reduce deposit costs
3) Simple Implementation:
- No upfront costs
- No IT involvement or integration work
4) Improve Broker Relations:
- Promote ease of doing business and working in sync with your brokerages
- Shift focus of saved resources to more value enhancing activities
- Instantly provide all your brokers the ability to pay you electronically
5) Added Security:
- Electronic settlement eliminates cheque fraud
- Employee safety, staff no longer have to walk cheques to the bank
6) Improve Treasury Operations:
- Greater accuracy in forecasting cash flows with real time access to deposit schedule
- Optimize cash balances to higher interest rate products
- Instantly associate payments with related policies
Benefits of Sending Payments
1) Save Time:
- Reduce handling and secure storage costs associated with cheques
- Payments can be sent in less than 48 hours to carriers
- Reduce needless communication between accounting departments of brokerages and carriers
- Reports are generated automatically with the payment approval
- Eliminate duplicate entry
- Automated real-time payment notifications to carriers (avoiding cancelations)
2) Save Money:
- No more expensive printing costs for cheques
- No more courier charges
- No more chasing down signatures
- Significantly reduce bank fees for electronic debits vs cheques
- Visit our Savings Calculator to judge for yourself… Read more
3) Eliminate Cheque Fraud:
- Insurance industry is a popular target by fraudsters
- Electronic funds transfer is proven to be safe and secure
4) Simple Implementation:
- Low time commitment (wizard driven set-up)
- Support available 12 hours a day
5) Broker Controls the Date and Amount of Payment:
- Know the exact date and amount that are going to be debited
6) Instantly Have Access to Pay All your Carriers Electronically:
- No need to maintain carrier account information
- No need to log in to bank sites to make payments.
ClearPay
