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.

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.