Innovative Features of ePayPolicy's Network Payables
Introducing Network Payables by ePayPolicy
Network Payables revolutionizes how the insurance industry processes outbound payments, creating a streamlined hub for transactions with thousands of pre-verified industry partners.
The Highlights of Network Payables
With Network Payables, ePayPolicy enables insurance companies to efficiently send funds, greatly enhancing the payment process that traditionally relied on checks. This advancement allows carriers, managing general agents (MGAs), and agencies to easily manage commissions and vendor payments from a unified platform.
Key Functionality
The new system integrates custom APIs and pre-built management tools to unify various technologies, minimizing manual work and simplifying the handling of statements. This reduces redundancy in tasks and accelerates payment processing.
The Pain Points in the Current System
The insurance sector faces significant challenges due to reliance on outdated payment methods. Paper checks lead to high processing costs and slow delivery, while electronic payments introduce privacy and security concerns tied to account information collection.
Many accounting teams find themselves overwhelmed, trying to collect necessary banking details for numerous payees. This often necessitates logging into various banking platforms to initiate ACH transfers or managing the cumbersome process of printing and mailing checks.
Challenges from Industry Professionals
Vickie Harmon, CFO at Bailey Special Risks, Inc., reflects on the varied methods of payment they issue, mentioning, "Whenever we can do ACH, we prefer that. However, we sometimes depend on checks or different online payment systems, which complicates our accounting process." This indicates the significant need for an efficient payment solution to streamline operations.
Understanding Network Payables
Network Payables offers a singular, secure platform allowing users to manage all outgoing payments within a cohesive framework. By leveraging an established network of insurance firms, businesses can confidently execute transactions leaving behind the need to gather and securely manage sensitive bank details.
Mark Engels, CEO of ePayPolicy, states, "We've dedicated years to developing a trusted payment framework in the insurance sector. Network Payables extends that efficiency to all outbound payments within our network." The goal is to enable quick and accurate payments while ensuring clients' critical data integrates reliably with their existing systems.
Customer Advantages
Network Payables is designed to support various payment approaches, incorporating ACH and check options for flexibility. Its compatibility with over 40 pre-existing management systems simplifies reconciliation, aiding clients in saving time and effort by automating their processes.
Charles Clague, Head of Insurance Operations Accounting at Novatae Risk Group, emphasizes the potential for drastic reductions in menial tasks. He mentions, "This system will lead to fewer checks, enhancing overall efficiency in our operations."
Availability of Network Payables
The new Network Payables feature is now accessible to all existing ePayPolicy clients. For interested payees who want to join the network, a free Network Account can be requested from ePayPolicy's customer support team.
About ePayPolicy
ePayPolicy specializes in providing payment solutions tailored uniquely for the insurance industry, making processes more efficient for agencies, carriers, MGAs, and premium finance companies. Their offerings include secure online payment interfaces, automated check processing, and streamlined reconciliation, making them a trusted partner for over 7,500 insurance organizations.
Frequently Asked Questions
What is Network Payables?
Network Payables is a feature by ePayPolicy that simplifies and secures outgoing payments for insurance companies, connecting them with verified partners.
How does it benefit insurance companies?
This feature allows for faster and more efficient payments while reducing the reliance on checks, minimizing risks associated with payment processing.
Can anyone use Network Payables?
Yes, it is available to all current ePayPolicy clients, and others can request access by contacting support.
What payment methods does Network Payables support?
Network Payables supports various payment methods, including ACH and checks, offering flexibility based on clients' needs.
What is the aim of ePayPolicy's payment solutions?
ePayPolicy aims to streamline payment processes in the insurance industry, making them secure, efficient, and easy to manage for all users.
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