Fintech Insights

Insurance Payment Processing – What you need to know


June 24, 2019

Serving the needs of your insurance customers often means outgoing payments to satisfy a claim or an annuity. Yet most customer touch points involve premium payments coming in. You need custom payments to insure success. 

Your customers share common concerns: they’re looking to protect their valuable assets, and do so quickly and easily. Beyond that, the needs of your customers may vary widely.

Take payments. Your customers may want to make one-time payments, or spread payments out monthly or quarterly. They may want to pay online or over the phone, by credit card or directly via their bank account. How they pay tomorrow may differ from how they pay today. Will your business be ready to safely and conveniently accept payments? Customized insurance payment processing from Worldpay makes that possible. From home to business, health to commercial, casualty or property, we make processing payments easy.

Umbrella coverage for all your payment needs

Your business covers many different types of assets, and you need to be ready for the unexpected. Policy holders want to pay in all sorts of different ways, so you need to be prepared to accept all kinds of payments. We are ready with the people, tools, technologies and support to help you accept payments, safely and conveniently, no matter how your customers want to pay.

Accepting online payments has never been easier, starting with credit and debit cards. Accepting payments online is a strategic necessity. The ability to pay online is a prerequisite for many of today’s busy consumers. Thankfully, there are practical solutions that are simple to implement and easy to maintain, regardless of the size of your business.

Insurance businesses typically have long-standing relationships with their customers who make premium payments spread out over time. We also offer ACH and eCheck services to process recurring premium payments.

Our virtual terminal makes it easy to take payments over the phone. For larger insurers that process high volumes of phone payments, we offer payments integrated with interactive voice response (IVR) systems.

Online payments have revolutionized the insurance back-office, but many insurance companies still meet customers face-to-face. For in-person payments, simple credit card terminals are perfect for low-volume credit and debit card transactions.  Integrated point of sale systems can be customized to handle higher volume businesses.

From the smallest single-person offices to the largest agencies serving insurance customers at scale, from simple customizable web templates to fully integrated payments, we have a right-sized payment solution for your customers.

Manage risk with secure payments

Working in the insurance industry starts with understanding the importance of assessing risk. When it comes to digital payments it’s critical to assess threats posed by data breaches and payment fraud. You can’t avoid risk altogether. You can, however, implement security best practices that reduce your risk exposure and help keep your insurance business (and your customers’ data) safe.

Operating a physical insurance office requires protecting physical assets with best practices like secure locks and alarm systems. Today, digital assets and payment services are critical assets that require protection. That’s where the trusted payments partner can help.

We partner with insurance companies around the world to keep your business—and your customers—safe from bad actors. We’ll work with your business to implement the latest in payment security including state of the art tools, technologies, and equipment.

From EMV-compliant technologies to sophisticated online fraud detection, our secure payment systems help ensure that you protect what you earn. We’ll help protect your business by navigating industry regulations, including PCI compliance.

Interested in learning more about merchant services for insurance companies visit our insurance solutions page or request a call to speak to a payments expert.