Applied Systems Transforms Payment Landscape for Brokerages

Revolutionizing Payment Solutions for Insurance Brokers

Applied Systems has unveiled exciting enhancements to its payment solutions specifically designed for Canadian brokerage customers. The digital payments solution, known as Applied Pay, is now equipped with various payment options that streamline the payment process for insurance policies. This innovative approach helps reduce the burden of manual payments, making the entire process more efficient and secure.

Flexible Payment Options for Modern Needs

One of the standout features of the recent update is the introduction of Electronic Funds Transfer (EFT), along with popular mobile payment solutions such as Apple Pay and Google Pay. These options allow clients to pay their premiums quickly and safely, providing flexibility and convenience. By embracing these advanced payment methods, brokerages can significantly minimize errors and associated liabilities, while also cutting down administrative costs.

Benefits of Quick and Secure Payments

For policyholders, the enhanced payment options translate to a smoother experience. With more ways to pay at their convenience, clients can seamlessly manage their premiums without the fear of delays. The added layers of security ensure that sensitive information remains protected throughout the payment process, fostering trust and reliability.

Integration with Existing Platforms

Applied Pay is seamlessly integrated with Applied Epic and Applied CSR24, transforming the way insurance brokers offer payment solutions. This integration enables brokers to provide an intuitive, branded checkout experience for clients, allowing seamless payments via credit/debit cards or electronic transfers. The solution automatically manages payment authorization, employing tokenization to enhance security and ensure compliance.

Automation Enhancing Efficiency

Thanks to intelligent automation features, Applied Pay simplifies the reconciliation of receivables at the account level. This automation reduces the time brokers need to spend on payment tasks, allowing them to focus on more strategic activities that can grow their business.

Commitment to the Canadian Market

Steve Whitelaw, senior vice president and general manager of Applied Systems Canada, stated, "Applied's new digital wallet capabilities underscore its commitment to supporting the Canadian market by delivering modern, locally relevant payment solutions." This highlights Applied Systems' focus on aligning its offerings with industry trends and customer needs, ensuring that brokerages are well-equipped to thrive in today's digital environment.

The Future of Insurance Payments

As we see the insurance landscape evolving, Applied Systems is at the forefront of providing innovative solutions that cater to both brokers and clients. The adoption of digital payment technologies like Applied Pay reflects a growing trend towards more efficient, user-friendly, and secure transactions in the insurance sector.

Frequently Asked Questions

What is Applied Pay?

Applied Pay is a cloud-based solution that enables brokers to offer secure payment options for insurance premiums, including EFT and mobile payment options like Apple Pay and Google Pay.

How does these payment options benefit brokers?

These payment options help reduce errors, lower liabilities, and decrease administrative overhead associated with manual payment processes.

What security measures are in place with Applied Pay?

Applied Pay uses tokenization and enhanced security features to protect sensitive payment information, ensuring compliance and safety for all transactions.

Can clients pay using different methods?

Yes, clients can choose to pay their premiums using EFT, credit/debit cards, Apple Pay, or Google Pay, providing them with flexible and convenient options.

What is the significance of integration with Applied Epic and Applied CSR24?

The integration allows brokers to offer a seamless checkout experience to clients, enhancing payment efficiency and significantly improving the overall customer experience.

About The Author

Even at just 28 years old, Lucas Young has made a name for himself as a writer and financial expert. Lucas is a gifted communicator of difficult financial ideas and has written a number of well-received books and articles that appeal to both new and experienced investors. The financial world has come to rely on his perceptive analysis and useful counsel. Many people have been enabled to make wise investment decisions by Lucas's commitment to financial literacy and his ability to demystify the complexities of the market. Lucas is still dedicated to advising and teaching people on their financial journeys as he shares his knowledge.

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