AFCO is changing the game with PayMyPremiums (PMP), its fully digital premium billing, down-payment collection and financing solution.
Agents will be happy to learn that PMP is a mobile-friendly platform that makes it easy for their insureds to pay premiums in full, or to collect down payments and finance their premiums. Using PMP, insureds can make payments via credit/debit card or ACH. Insureds electing to finance their premiums will have the option to enroll in recurring monthly installments. And, regardless of whether an insured pays in full or finances, agents receive gross premiums from AFCO 100% of the time – no more chasing funds from multiple parties.
Added benefits of PMP for agents include: reducing average days’ receivables; ability to maximize premium finance revenue where allowed; and saving time by easing the administrative effort associated with premium financing.
PayMyPremiums delivers improved efficiencies for agency partners and is accessible through QIV, AFCO’s in-house quoting platform, and various integrations:
Check out how PayMyPremiums is helping Alex Dopazo of Dopazo & Associates Insurance:
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We've always wanted a solution to give us the opportunity to give the customer as many choices as possible and PayMyPremiums does just that. We've gone from offering our pay in full customers or the customers that traditionally pay in full no financing, to offering them a financing at Point of Sales. So at that last step they get to make that choice. It's also removed from our sales process the conversation about the premium finance. We basically just say, oh hey, you know, if a customer asks, do we need you know, is it possible to pay in payments we say, yes, you'll see how easy that is when you receive the PayMyPremiums email and they get to make that choice whether they want to pay full with a credit card whether they want to make those payments and set those up on ach auto pay. All of that at the point of sale. So giving that choice to my customers really elevated what we're offering as an agency because we're no longer having to have that as part of the sales process.
We just simply send them the link and they make that choice.