Guide: Digital Payments

Every agency must integrate electronic payment options to meet client needs and preferences. This guide will help you explore your options.

What are you trying to do?

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Catalyit's Advice

Insurance trust accounting is regulated at the state level. You must ensure that any solution you use is legally compliant with the regulations in your state.

 

What types of payments can be accepted?

 

How long does it take for the payment to show up in your bank account?

 

Does the vendor hold a PCI Level I compliant certificate?

 

Can the payment page be branded with your agency information?

Steve Anderson's Take

“Many consumers nowadays prefer to pay their bills digitally rather than write checks. Failure to follow the insurance trust accounting rules of your state can land you in trouble with the state Department of Insurance. This is why it is crucial that your payment service provider informs you of the legal requirements in your state and how they comply with them.”

Steve Anderson headshot

Steve Anderson

Catalyit Co-founder

The Catalyit Comparison Grid

Make an informed decision by comparing solutions side-by-side. Click the logo to take a deeper dive and learn more about the solution.

*All inclusive service means invoicing, premium collection, financing, pay in full services

  Yes, Applies

NamePayment types acceptedTime to fund ACHTime to fund Credit/Debit CardsAvailable integrationsBranded payment pagesLevel 1 PCI Compliance/AOC CertificationsCompliance with state lawsCostAll-inclusive service*Chargeback, NSF, incorrect banking info protectionPremium finance optionsMax funding per day per accountForeign currency exchangePrimary live support location
Applied Pay
Applied Pay
ACH, Credit Cards, Debit CardsNext business dayNext business dayApplied Epic, Applied EZLynx, Applied CSR24
Yes
Yes
Yes
Monthly fee
Yes
Yes
Yes
Single transaction cap of $1M, otherwise no limitUnited States
PayMyPremiums
PayMyPremiums by AFCO
ACH, Credit Cards, Debit Cards72 hours72 hoursVertafore AMS360, Vertafore Sagitta, Vertafore InsurLink
Yes
Yes
Free
Yes
Yes
Yes
No limit
United States
Simply Easier Payments
Simply Easier Payments
ACH, Credit Cards, Debit Cards, Foreign Currency/Exchange2nd business dayNext business dayVertafore QQCatalyst, Vertafore Sagitta, Vertafore AMS360, NowCerts, Jenesis AMS, Applied Epic, Veruna, Salesforce, Partner Platform, Insuresoft, ConceptOne/Sure, HawkSoft, Custom/Proprietary AMS Systems
Yes
Yes
Yes
Free
Yes
Yes
Yes
No limit
Yes
North Carolina
AGAVE
AGAVE
ACH, Credit Cards, Debit Cards2-3 business days24-48 hoursContact AGAVE for full list
Yes
Yes
Yes
Monthly fee; pricing and fee model options available
Yes
Yes
Yes
Card: No limit

ACH: Based on agency need and activity
Yes
Arizona
Ascend
Ascend
ACH, Credit Cards, Debit Cards, Wire and Physical Check2-3 business days24-48 hoursVertafore AMS360, Applied Epic, HawkSoft, Novidea, NowCerts, Salesforce, Veruna
Yes
Yes
Yes
Variable by premium and transaction volume
Yes
Yes
Yes
Card: No limit

ACH: $2M per day
California
ePayPolicy
ePayPolicy
ACH, Credit Cards, Debit Cards, Physical Check48 hours24-48 hoursVertafore AMS360, Vertafore AIM, Vertafore FinancePro, Vertafore InsurLink, Vertafore QQCatalyst, Vertafore Sagitta, Vertafore MGA Systems, Dyad ALIS, Dyad Nexsure, Veruna, HawkSoft, Applied Epic, Applied CSR24, NowCerts, BindHQ, Jetfile, Novidea, WeSignature, Access My Insurance, Loro, Trailblazer, Pathway
Yes
Yes
Yes
$25/month
Yes
Yes
Yes
Varies by clientTexas
Input1
Input1
ACH, Credit Cards, Debit Cards, PayPal3 business days1 business dayConcept 1, Vertafore MGA Systems, NetRate, JetFile, Sirius, i-Engineering, NowCerts, HawkSoft, I-Engineering (Dyad), InsuranceGig, WeSignature
Yes
Yes
Yes
Free for digital payments and premium finance; other services vary
Yes
Yes
Yes
NegotiableUnited States
Xpress-pay
Xpress-pay
ACH, Credit Cards, Debit Cards2 business daysNext business dayHawkSoft, Vertafore
Yes
Yes
Yes
$6.95/month
Yes
Yes
Yes
Varies by clientUnited States

Narrow Down Your Options

Digital Payments TechSelector

Currently in Beta, available for all agents for a limited time

Are you looking for a digital payments solution that meets your agency’s unique needs? With so many options available, it can be overwhelming to make a decision. That’s where the Digital Payments TechSelector™ comes in.

 

Our easy-to-use tool asks a few questions about your required features and generates a customized report. This report will help you identify the best digital payment solution for your agency.

 

Don’t waste any more time searching. Try the Digital Payments TechSelector™ today to simplify your search and get one step closer to finding the ideal digital payments solution for your agency.

The Players

Take a closer look at all your available options by visiting their profiles.

Applied Pay logo

Applied Pay offers policyholders a secure way to pay their premiums from any device. It seamlessly integrates with Applied Epic™, Applied CSR24™, and EZLynx™.

PayMyPremiums by AFCO

PayMyPremiums is a digital payment, billing, collection, and financing solution. It provides financing and full-pay options, credit card payments, and free ACH payments.

Simply Easier Payments

Simply Easier Payments provides a full suite of digital payment solutions, including billing, invoicing, and integrated premium finance capabilities for your agency, tailored to your specific needs.

More Options

2024 State of Tech Report

Catalyit partnered with Big “I” state associations to survey 441 independent insurance agencies across the US and gather information about their tech stack and satisfaction.

37%
Agencies using a digital payments platform/service
Most Used % Use Avg. Rating
ePayPolicy 44% 4.4
Applied Pay 9% 4.2
IPFS TotalPay 9% 4.6
Simply Easier Payments 8% 4.6
EasyPay 7% 3.8
Carrier Online Billing 4% 4.4
Ascend 3% 4.6
QuickBooks 3% 3.3
PayMyPremiums (AFCO Direct) 2% 4.3
Xpress-pay 1% 4.0
EZLynx Client Center (Applied) 1% 3.0
Other 7% 4.1

Catalyit Resources

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Your needs are unique, so we’ll work together to identify challenges and create a customized plan.

 

Our team of industry leaders can help you maximize your existing technology, discover and evaluate potential alternatives, and even assist with implementing new solutions in your agency.

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