Wednesday, December 19, 2018

NetVU Silver Partnership Annoucement

NetVu Partnership Announced


I am excited to introduce you to our newest Silver Corporate Partner – Simply Easier Payments.

Simply Easier Payments was created to focus on two issues:
  1. The high cost of card payments for insurance agents, carriers and premiums finance companies
  2. Navigate the maze of regulatory compliance requirements unique to the insurance industry relating to fees being charged in addition to premiums

Simply Easier Payments addresses:
  1. The need to sign documents at the same time payment is accepted
  2. The need distribute funds electronically to better manage cash flow
  3. Recurring Billing
  4. Invoicing

Simply Easier Payment's value goes beyond the processing of payments, their solutions can be used…
  • Online through your website
  • By phone to your staff or call center
  • Mobile through phone apps they provide
  • Mobile through your own phone apps
  • Integrated into your billing systems
  • Integrated with your IVR systems
  • Integrated with chatbots and Voice Assistants
  • To strengthen customer relations and enhance customer experience.

For a Demo or to Learn more  - contact Calvin Churchill at 800-768-0907 or cchurchill@simplyeasierpayments.com


------------------------------
Lynn Albertson
Business Development Coordinator
NetVU
(972) 409-6200
lynn@netvu.org

Monday, November 19, 2018

Car Insurance Rates by State


All 50 States Ranked by Average Car Insurance Cost

Insure.com recently released its 2018 study of the average car insurance premiums.

Here is the link...

https://www.insure.com/car-insurance/car-insurance-rates.html

The national average is $1,365.

Most expensive is Michigan at $2,239.

Least expensive is Vermont at $932.

My home state of North Carolina comes in at 42nd at $1,104. Oh the joys of the North Carolina Reinsurance Facility, our one of a kind rate suppressor.

Where does your state come in?

Thursday, November 8, 2018

New NetVu Partnership Logo


NetVu Silver Partnership


I love the new NetVu Logo...



We are exceeding proud to be a NetVu Silver Partner!



Tuesday, November 6, 2018

Insurance Premiums, Credit Card Payments and Refunds


How to Refund a Card Payment


Insurance always has to be different. If you are in the business, you know what I mean.

How do you handle a premium refund if the premium was paid to your agency with a credit card?

What the Card Rules Say


Under the Rules, any payment accepted as a card payment must be refunded through a credit to the cardholders credit card account.

Why?

To protect you from refunding the money twice!

How Does A Double Refund Happen


Since the cardholder can always dispute and reverse the card payment they made to pay the premium originally, the cardholder can, in effect, get a refund without ever asking you about a refund.

The cardholder disputes the charges and the card company automatically credits the amount of the payment back to the cardholder and takes the payment amount out of your bank account. (Yes, you agreed to this when you signed your Merchant Agreement.)

NOTE:Disputes are rare for insurance premium payments.

If you make a refund that is not through a credit back to the cardholders card account, the credit card company has no record of any of this refund. Since they do not know you have done this, their software will allow your customer to dispute the charge and automatically provide a refund credit.

How Can You Prevent This


 If you have refunded this payment through the card network, the card company will see that reversal and will not allow a dispute of the charge since the cardholder has clearly already received a refund.

Simply Easier Payment's Refund Feature


Your Simply Easier Payments account lets you void a full payment or do a partial refund.

Your do this from the Report function. Check out our help section or call and ask us how if you need help in learning how.







Tuesday, October 30, 2018

AppliedNet and NetVu



Sliver Partners


I am extremely pleased to announce Simply Easier Payments is now a Silver Partner fro both NetVu and AppliedNet.

We are committed to the ongoing success of the independent agency channel.

Tuesday, October 23, 2018

Signed Forms and Payments

Requiring a Signed Form With a Payment

There are times as an insurance agent when you need your customer to sign a form in addition to making a payment.

The ACORD 37 Statement of No Losses comes to mind immediately.

Exclusive Feature


We have just added a feature to our invoicing system that allows you to add a form with a certified electronic signature on the form to your invoice.

When your customer clicks the link for the invoice the required, pre-filled form opens with the e-signature field prominently displayed telling your customer they need to sign the document before they can make the payment.

If they do not sign the document the payment screen is not accessible.

Once they do sign the document, the payment screen automatically appears.

Two Tasks with One Invoice


This new feature saves you time because you only need to send one email.

It saves your insured time because they only need to respond to one email.

It saves you both the issue of only getting one or the other task done.

Thursday, September 6, 2018

Convenience Fees and Surcharges


How do Surcharge Rules Differ from Convenience Fees


Visa allows most Merchants two ways to add charges to Visa card payment transactions to let the Merchant pass the cost of the card transaction on to the person making the payment.
  1. Convenience Fees
  2. Surcharges

I wrote about "convenience fees" in my last post...

Rules for Surcharges


Surcharges differ from convenience fees on several major points.

  • Only applied to credit card payments
  • Cannot be applied to debit card payments
  • Can be a flat fee or percentage
  • Cannot be an additional revenue generator for the merchant
  • Merchant must register with Visa stating they are charging surcharge in advance


Limits on Surcharge Amount


The amount of the surcharge is limited by the actual cost of the transaction...

"the US Credit Card Surcharge amount is not greater than the applicable Merchant Discount Rate for Visa Credit Card Transactions at the Merchant"


The surcharge can cannot be charged on any debit card transactions...

"surcharges are not permitted on debit Transactions regardless whether a Cardholder selects the "credit" or "debit" button"

It is up to the merchant to determine if the actual card being used is a debit or credit card. This is typically done by referencing BIN tables with the processing software.

The Visa Rules on surcharging can be found beginning on page 378, Rule 5.6. at this link...

https://usa.visa.com/dam/VCOM/download/about-visa/visa-rules-public.pdf