Catalyit Platinum Provider Since 2022 | Last Updated June 2024
Applied Pay provides a safe, convenient way for insureds to pay their premiums online from any device and integrates seamlessly with Applied Epic™, Applied CSR24™ and EZLynx™.
Applied Pay can help you: cut costs and realize profit quicker, standardize all payments data in one place, reduce E&O and increase security and compliance, enhance branding and upsell opportunities, and repurpose accounting tasks.
Features & Quick Stats
Core Business: Digital payment solutions that are integrated with the products you use most to service your clients. Digitization of currency is changing the share of wallet as analog methods continue to decline. With competition intensifying, value-added services can help digital payment providers differentiate themselves and generate new, diversified revenue streams.
How Applied Pay Helps Independent Agents/Brokers: Applied Pay provides a safe, convenient way for insureds to pay their premiums online from any device and integrates seamlessly with Applied Epic™, Applied CSR24™ and EZLynx™. Applied Pay can supercharge your collection process and reduce the effort, errors and liability associated with agency bill pay.
Integrations: Applied Epic, EZLynx and Applied CSR24
Key Features:
- Product Integration
- Payment Flexibility
- Real-Time Visibility
- Compliance
- Expedited Settlement
- Hosted Payments Page
- Accounts Receivable Reconciliation
Videos:
Website: appliedsystems.com
Contact: [email protected]
Headquarters: University Park, IL
Area of Operations: All 50 States
Family of Products
Catalyit Team Review
Streamlined Payment Solution for Agents Using Applied Epic
Published: February 19, 2024
What we like:
- Applied Pay stands out for its integration with Applied Epic, enhancing the efficiency of payment processing for agents.
- The platform’s capacity to handle large payments in a single transaction is a significant advantage, simplifying the payment process for both agents and clients.
- The user-friendly interface, particularly through CSR24, and the visibility of payment history are also notable benefits.
Things to consider:
- While Applied Pay offers many benefits, agents should consider their agency’s and clients’ specific needs to ensure it aligns with their operational requirements.
- The reliance on Applied Epic for optimal functionality is a limitation for agencies using different AMS platforms.
- There may be fees for ACH non-sufficient funds, credit card chargebacks, etc. These would be disclosed through their sub-merchant agreement.
| Yes/No | Top Features |
|---|---|
| Fees for non-sufficient funds? | |
| Compliance with state laws? | |
| Level 1 PCI compliant? | |
| Branded payment pages? | |
| Integration with AMS? | |
| Cost? | |
| Payment Types Accepted? | |
| ACH - 3-5 days (bank-dependent) | |
| Credit cards - 24 hours (if by 6PM PST) | |
| Debit cards - 24 hours (if by 6PM PST) | |
| SWIFT | |
| Wire transfers | |
Summary:
Applied Pay is quickly becoming the premier electronic payment platform for agents using Applied Epic. Agents are excited about Applied Pay’s ability to integrate with their AMS and the platform’s ability to handle large premium payments. Some platforms have a relatively low dollar cap on payments, requiring customers to perform two (or more) separate payment transactions to pay one invoice – Applied Pay has solved this problem for agents. If there is a need for a customer to pay separate invoices, they can easily do this by making a single payment transaction within Applied Pay.
Applied Pay’s deep integration with Applied Epic accounting significantly reduces manual data and human error. From an accounts receivable standpoint, the ability of the integrated systems to apply credits to debits on a customer account is another key feature that saves time and money and the risk of inaccurate data.
For customers, accessing Applied Pay from their CSR24 customer account further enhances ease of use. Customers can store their payment profiles and preferred payment methods. Payment history is also available to the customer, a feature not typically available on other platforms. For ACH payments, the customer’s bank account and routing details are verified in real-time.
Lastly, a comfort level is provided from a security standpoint as well, including compliance with PCI DSS and other relevant standards.
Key Features:
- Seamless Integration with Applied Epic: Reduces manual data entry and minimizes human error.
- High Payment Capabilities: Applied Pay allows for large premium payments in a single transaction, eliminating the need for multiple transactions to cover one invoice.
- Efficient Accounts Management: The system adeptly matches credits to debits on customer accounts, enhancing accuracy and saving time and money.
- Enhanced Customer Access: Customers can use Applied Pay through their CSR24 accounts, store payment profiles and preferred methods, and access payment history. A hosted payment page provides an additional payment option.
- Real-Time Verification for ACH Payments: Ensures swift verification of bank account and routing details.
- Robust Security: Compliance with PCI DSS and other standards ensures a secure transaction.
Final Thoughts:
Applied Pay’s seamless integration, ease of use for agents and clients, and robust security measures make it a valuable tool for modern insurance agencies. Applied Pay is a strong candidate for agencies looking to enhance their payment processing capabilities by addressing common pain points such as transaction limits and manual data entry.
* Unbiased review based upon information and insights available.
Product Reviews
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Applied Pay Product FAQ
We work hard to deliver practical, innovative solutions that give you choice and flexibility, that create greater intelligence to help you become more competitive, and that help you become a simpler, easier business partner for your clients.
Company Name
Applied Systems
Product Name
Applied Pay
How long does it take for an agency to get started?
To begin processing payments, we can get you setup within 7 days.
Is your service free to the agency?
No
Is your service all-inclusive (i.e, invoicing, premium collection, financing, and pay in full)?
Yes
Any additional information you would like to add that Catalyit customers should know or clarifications for any of the following questions:
Applied Pay not only focuses on the collection part of the digital payment experience, but we focus on the entire lifecyle of payment acceptance and reconciliation. Our roadmap is built around a C.A.R.D framework: Collect, Apply, Reconcile and Disburse
Payment types accepted:
ACH, Credit cards, Debit cards
What is the maximum funding per day per account?
We do not have a maximum per day, however we do cap a single transaction amount of $1 million.
Do you have ability for foreign currency exchange?
No
Do you provide options to protect against chargebacks, NSF’s, and incorrect banking information?
Yes
Do you provide premium finance options?
No
Do you fund within 24-72 hours?
Yes
Do you have the ability to agency brand on payment pages?
Yes
Integrations with Agency Management Systems?
Yes
What AMS systems do you integrate with?
- Applied Epic
- Applied EZLynx
- Applied CSR24
Are fully compliant with individual state laws, rules and regulations concerning agencies charging fees in addition to premiums.
Yes
Do you hold a Level 1 PCI Compliance and AOC certifications?
Yes
Do you have live experts available on-demand for training and service questions?
Yes
Where is your live, on-demand support primarily based?
US
Applied Pay Videos
Applied Pay Demo
Applied Pay Product Pitch
Need 1:1 Help?
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.
Applied Resources
User Community
Applied Client Network (ACN) provides users education, industry advocacy, peer-to-peer networking, and direct product influence with Applied Systems to help you achieve better business results. Membership dues are based upon number of terminals.
Compare Applied Pay to other solutions on the Catalyit Digital Payments Guide.
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