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:

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.

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.