Managing Premium Processing Needs
We accept credit card and EFT payments. We’ll take care of commission checks and reports. We'll issue return premium checks. Well will also research and process all payment exceptions (NSF checks, etc) and take care of bill reschedule and bill plan change requests. We can also provide month end support reconciliation.
Back-office Payment Acceptance Work, Including:
- Providing customized remote deposit and wholesale and/or retail lockbox services
- Full payment receipt and processing
- Receiving checks through the mail
- Electronic transfers
- Batching and processing credit card payments
- Managing EFT payments
- Reconciling daily accounts receivables
- Reconciling month-end support
- Issuing return premium, commission, and claims checks
- Processing and distributing commission reports
- Rescheduling bills and pay plan changes
- Processing exceptions (reinstatements, nonpayment cancellations, NSF checks, etc.)
- Researching bills and payments for insureds and agents
- Collection services.
Traditional bank lockboxes download your files and then you have to post to your software. Without direct access, bank lockboxes have reduced quality control measures, increasing error rates. In addition, they can’t post some of the payments and have to send them to you for posting by your team.
Because we have our own lockbox facility, we post payments directly into your software and upload them to your bank. As a result, no checks are returned to you; and quality control is ensured. We provide our lockbox service at rates comparable to those of banks, even as we significantly reduce your workload. Ask us for more information about Covenir’s Lockbox Challenge, our best price guarantee.