Billing and Payments💲💳

• Follow Agency Standards

• Focus on new business policies with "Pay in Full" or "Automatic Payments" only.

• Redirect time from payment processing to client relationships and policy reviews.

• Convert clients to "Pay in Full" or "Automatic Payments" during payment interactions.

• Reach out with 1 email, text, and call; document with Labels. 

• NOT offering "Pay in Full" or EFT options to clients making payments.

• NOT reviewing client payment options before payment interactions.

• Disclosing discount amounts for "Pay in Full" or EFT.

• NOT reviewing EFT options before transferring clients to carriers/finance companies.

• Issuing new business policies that is NOT on "Pay in Full" or EFT.

• Use Privnote for sensitive information (payment details), setting a 30-day expiration and copying the link before closing. Do not store payment information directly in the account. This is a crucial security measure.

• NOT placing rewritten canceled policies on "Pay in Full" or EFT.

• NOT obtaining signatures on payment authorization forms or updating client contact information.

• Not linking to the finance company if it is financed 🔗

• NOT using the management system - Omitting notes with adequate documentation or following the checklist.✍🏻

A. In-Person Payments:

1. Process: Contact Carlo or Jimmy to coordinate in-person payment processing. Use these interactions as opportunities to encourage clients to switch to more convenient payment methods like AutoPay.

2. Card/Check: If the client is paying with a card or checking account, process the payment on the carrier website and set up EFT if possible.

3. Cash: If the client is paying with cash, assign a task to accounting for the deposit and application of funds. Follow all Accounting Standards. If no one is available in the office, instruct the client to leave the payment in the designated secure location (e.g., vestibule drawer). Add detailed notes for accounting to verify the payment. In cancellation/reinstatement situations, immediately notify the agent to contact Carlo and Jimmy.

B. Mail-In Payments:

1. Process: Emphasize to the client the benefits of faster and more reliable processing by paying directly to the carrier.

2. Check Received: When a check is received, add detailed notes to the relevant discussion/task (or create a new task) in Ezlynx that a check was received.

3. Receipt: Add a receipt in the Ezlynx Invoice tab.

4. Payment Processing: If the check is payable to the carrier, forward it promptly. If payable to the agency, process the payment and forward funds to the carrier.

5. Client Communication: Thank the client for their payment and discuss EFT/ACH options. Explain the potential delays and risks associated with mail payments, emphasizing the importance of timely payments to avoid policy lapse.

C. Mortgage Bill Payments:

1. Process: Educate the client about the importance of timely payments by the bank to avoid policy cancellation.

2. Verification: Confirm the mortgagee clause and loan number on the policy.

3. Updates: If the client has refinanced or the loan has been sold, submit a change request and provide proof to the bank.

4. Carrier Information: Provide the client or bank with the carrier's overnight payment address. Check the Ezlynx Directory for bank/mortgagee clause contact information or carrier websites (e.g., mycoverageinfo.com or myinsinfo.com).

5. Recommendations: If the payment is close to a renewal or cancellation date, advise the client to make a full payment directly to the carrier and get reimbursed by the bank, or at least make the minimum payment to avoid a cancellation.

This is the section where we outline all of the hairball, wonky things that can happen so we have a Plan B ready to go. 😱

Here are some options for the what if situations that may arise. We want to empower you with a plan rather than having to scramble. 💪

🤔 What if the insured does not want to be put on automatic payments?

• Use the scripts below to push the insured to do so

🤔 What if I don’t have a login to the carrier/finance company website?

• Tell operations email operations@streetsmart.insurance

🤔 What if the insured had multiple late payments on EFT?

• Warn the customer that if they have multiple payment issues and it cancels we won’t be able to work with them anymore

🤔 What if the insurance/finance company does not offer EFT?

• Go over the billing options with insured and educate them on carrier website and to contact carrier with payment inquiries 

🤔 What if a client asks for a billing or installment statement?

• Login to the carrier website and print previous payment history and upcoming installments and share in the client center. If it is not available, reach out to the carrier or finance company accounting department

🤔 What if someone in the agency wants to use the agency credit card?

• We need to confirm what it is being used for? We cannot use it for Progressive policies only checking payments 

🤔 What if someone pays us through the client center?

• We need to let the funds clear before paying the carrier (ACH). Check with Accounting so they can confirm funds are received. If coverage is at risk of cancellation or a reinstatement request is going through then we can refund the client and have them pay the carrier first (ACH is usually where this happens)

🤔 What if someone disputes a payment?

• Notify the team lead so we can begin the chargeback/dispute process Process Flows - Accounting 

🤔 What if a customer wants to remove themselves from Autopay/EFT? 

• Advise the client it is not worth doing this as the premium will go up higher based on higher installment fees. See if we can replace the checking account or credit card on file. Also, you can tell them we can ask the carrier to push the current payment back or pay with an alternative method for just this month. We want to deter people from doing this as much as possible. 

🤔 What if the customer does not reply?

• At your discretion and depending on the severity of the concern use Postal Mail

🤔 What if the contact information is wrong?

• Use Postal Mail and send the Bad contact memo. 

🤔 What if the client does not respond, how many times should I follow up?  

• Reach out with an email, text, and call and let the client know upfront; document with Labels.  Let the carrier know in writing or over the phone the fact that the insured is not responding. Close out and let the carrier know.

• At your discretion and depending on the severity of the concern use Postal Mail 

🤔 What if the carrier is unresponsive?

• Let your team lead know.

Phone Scripts ☎️

Scripts for Getting A Walk-In Client on EFT or Pay In Full

When taking a walk-in payment with no fee 🚶: 

“Hi, client name! Great to see you today, I can take that payment for you, but did you know you are paying more than you have to for your insurance? I would love to set you up on automatic withdrawals, it will save you time, and there is a __% discount with the carrier” 

Pro Tip 💪🏼 If not, try to pay in full or remind them that they are missing out on a significant discount, if yes congratulations, get the info.

Scripts for Encouraging a Call-In Client to Convert to EFT or Pay In Full

When taking a payment over the phone 📲: 

“I would be happy to take that payment for you, but I would also like to tell you about another discount you qualify for. With this carrier, you can save ___% by setting up your payments to draft automatically. Can I go ahead and do that for you?”

Pro Tip 💪🏼 If the policy is on a direct bill I would suggest paying directly to the carrier on their website and/or Finance Company.

Can we place this on EFT? With EFT go for a checking account instead of a credit card as it never expires!