Insurance Payment Platform
Smooth payment transactions are at the heart of seamless insurance processes. Tranzpay offers modern payment solutions for the insurance industry. Our insurance payment platform facilitates recurring premium payment collection as well as fast, outbound claims payments to deliver optimal policyholder experiences.
Accept Payments Across Multiple Channels
Offering just one payment channel doesn’t cut it anymore. To appeal to multiple generations of policyholders, you need to offer various payment methods.
Tranzpay supports multiple payment channels for inbound and outbound payments, including:
- Credit Card Processing – Credit cards are the preferred payment choice for many policyholders. Our fast and secure credit card processing system supports Visa, MasterCard, Discover, and American Express.
- ACH/eCheck Processing – Some policyholders may prefer to make payments from their checking account without having to deal with paper checks. The Tranzpay system supports payments via bank fund transfers using the automated clearing house network.
- Virtual Debit Cards – Tranzpay supports payments via virtual debit cards, which payees can add to a phone wallet for fast and easy payments.
- Venmo/PayPal – The growth in popularity of platforms like PayPal and Venmo has meant many policyholders expect to be able to use these payment methods for insurance transactions. Tranzpay facilitates payments via Venmo or PayPal.
- IVR – Interactive voice response (IVR) systems provide a convenient option for policyholders who want to find out what they owe and make payments over the phone. With IVR payment solutions, you can offer 24/7 availability while eliminating wait times and reducing the burden on your customer service staff. Plus, the multilingual options are ideal for serving a diverse clientele. IVR systems also support text options.
- Online Bill Pay – Many policyholders expect to be able to make payments online. Tranzpay supports easy and secure online bill pay.
- QR Code – QR codes offer an easy way to make insurance payments. The policyholder simply scans the QR code using a mobile phone to begin the transaction.
- Digital or Paper Check – Insurance companies can make payments using either digital checks (delivered to the recipient’s email) or paper checks (delivered by mail). You can boost claimant satisfaction by letting policyholders choose the option they prefer.
- Instant Deposits – When policyholders are waiting for a claim payment to be able to return to normal life, every minute counts. Instant deposits are a smart way to resolve claims faster and improve the claimant experience.
Secure and Reliable Insurance Payments
In the insurance industry, secure and reliable payment services are an absolute must. If a premium payment doesn’t go through for some reason, a policyholder’s coverage may be in jeopardy. When a claim occurs, prompt claim payment is a critical part of customer satisfaction. Insurers also need to comply with state regulations.
Tranzpay provides a secure and reliable payment solution that meets the needs of the insurance industry. Tranzpay can help your company avoid payment problems in a few ways, including:
Supporting recurring billing
Missed and late payments are a major problem in insurance. Policyholders who forget payments may lose their coverage – and the insurance company may lose a customer. Recurring billing options reduce the risk of missed payments, providing a hassle-free experience for policyholders while improving retention and cash flow for insurance companies.
Using robust security
Our payment platform is PCI compliant, and our dedicated PCI DSS compliance team monitors our customers for compliance. Furthermore, our tokenized vault keeps your policyholders’ payment data secure.
Verifying payments
Payment verification is essential for a glitch-free experience for policyholders. Plus, this results in fewer missed payments for your business. The Tranzpay system includes a speedy payment verification and authentication process.
Facilitating IP restrictions
This option allows your company to restrict access to IPs associated with potentially fraudulent parties in your gateway configuration settings.
A Positive Policyholder Experience
Insurers that don’t provide a positive policyholder experience risk losing policyholders to their competition. Since payments are at the heart of insurance services, seamless payment processes are a must.
Tranzpay can help you deliver a convenient policyholder experience that supports customer loyalty.
- Appeal to all types of policyholders with a wide selection of secure payment methods. Whether policyholders need a convenient way to pay their premiums or lightning-fast claims disbursement, your convenient options will impress them.
- Offer claimants the option to receive claims payments digitally, enabling faster service, shorter claims cycles and higher policyholder satisfaction.
- Our payment solutions support a branded webpage or QR code. You don’t want your policyholders to be confused about where their premium payments are going or the source of claim payment. Consistent branding is an important part of delivering a trustworthy experience. Tranzpay makes it easy.
- As a white label service, Tranzpay can provide a policyholder app or portal that supports the entire policyholder experience. Many of your competitors already offer all-in-one apps. This option will likely appeal to policyholders who want a hassle-free way to address all their insurance needs. Our white label app supports payments and payment-related communications and gives policyholders access to insurance ID cards. Policyholders can also use the app to report claims, check claims statuses, and request roadside assistance.
Frequently Asked Questions
Does Tranzpay offer electronic invoice options?
Yes! Tranzpay provides convenient eInvoice services. Many of your policyholders would likely prefer to go paperless. Plus, this means your company will save money on printing and mailing.
Can Tranzpay handle refunds?
Yes! Insurance companies sometimes need to issue refunds – for example, when a policyholder cancels a policy. Since insurance refunds may be subject to state regulations, it’s important to handle them correctly. Tranzpay supports full and partial refunds.
Does Tranzpay support payment tracking and reporting?
Yes! When you use Tranzpay as your insurance payment platform, you’ll always have access to detailed inbound and outbound payment information to monitor your company’s financial performance.
Our payment platform includes the following:
- A user-friendly dashboard to provide quick and easy access to high-level information about transactions.
- Real-time payment tracking to show you exactly when your payments leave your accounts and enter your payees’ accounts.
- Reports to give you the in-depth information you need to analyze transaction data and identify trends. Transaction information is logged, meaning you can generate reports instantly whenever you need them.
How much do Tranzpay transactions cost?
Tranzpay offers a cost-effective payment processing solution – we boast some of the lowest processing fees around. Unlike many payment processing providers, we never charge for next-day ACH funds. You may pay as little as 0.95% per transaction.
Does Tranzpay provide an API?
Yes! Our API will integrate with your current system. If you want a user interface design, we have that option, too.
Does the Tranzpay system support remote workers?
Yes! Many insurance professionals work remotely. Tranzpay makes it easy for them to track and disburse payments from anywhere, even using their phones. Authorized users simply use their login information to access the Tranzpay system from anywhere.
Does Tranzpay provide support?
Yes! Even when using the best payment solution, clients may have questions occasionally. We offer 24/7 customer service phone support to help with whatever issues come up.
How is HIPAA compliance maintained in payment processing?
Maintaining HIPAA compliance is payment processing platforms for insurance companies involves a robust approach. Tranzpay’s payment processing platform ensures adherence to privacy and security standards through meticulously designed policies and protocols.
What information does the SOC 2 compliance report provide about a payment processing platform’s control environment?
SOC 2 is a voluntary compliance standard. In order to achieve SOC 2 compliance, an organization must pass an audit conducted by an independent assessor and demonstrate that the controls needed to maintain data security are in place. The SOC 2 report may cover the following:
- Comprehensive Control Environment Description: This report provides a detailed overview of the platform’s internal control mechanisms. It outlines how processes are designed to manage and protect transactions effectively.
- Audit Findings on Control Effectiveness: The audit results evaluate the effectiveness of these controls. This assessment is performed by an independent external auditor who tests whether the controls are operating as intended over a specified period.
- Control Objectives and Performance: The report highlights the specific objectives established by the platform for transaction management and risk mitigation. It also details whether these objectives have been met based on the audit findings.
Tranzpay is SOC 2 compliant.
Why is fast and easy integration crucial for payment processing plaforms in the insurance industry?
In the fast-paced world of insurance, efficiency is key. Integrating a payment processing platform swiftly and effortlessly can greatly impact an insurance company’s operations and customer satisfaction. Here’s why:
- Seamless Transactions: Quick integration means insurance firms can promptly manage payments without interrupting their existing systems. This ensures smooth transactions and reduces downtime, which is crucial when handling client funds and policy renewals.
- Enhanced Customer Experience: An integrated platform allows insurance providers to offer a streamlined, user-friendly payment experience. Clients value the ability to make payments easily through systems they are already comfortable with, rather than learning new or complicated processes.
- Reduced Operational Costs: Fast integration minimizes the need for extensive training and reduces potential errors that can occur with complex installations. This not only saves time but also cuts down on additional costs associated with lengthy onboarding processes.
- Scalability: As insurance companies grow, their systems must scale accordingly. A quickly integrated platform can adapt to business growth without requiring overhaul or causing disruptions.
By facilitating a faster and easier integration, insurance companies can focus more on serving their clients and less on technical hiccups, leading to a more efficient and competitive operation.
Tranzpay offers an API that will integrate seamlessly with your current system.
