Prelude's Insights on Outbound Payments Blog
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Prelude's Insights on Outbound Payments Blog

The top 5 reasons Insurance Carriers are slow to implementing new payment methods

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Issuing outbound payments via cards help reduce processing costs!

 

Let Your Checks Bounce?

Guest Blogger for
Prelude Software:
Larry J. Kane
iCareCard

So, you make a lot of payments every month, right?  And, if you are like most companies, a good majority of those outbound payments are in the form of a check or an ACH transaction. You spend a lot of money and effort to issue those outbound payments, and you don’t get any “bounce” from your efforts. In fact, what you do get is the expense of cutting the check, which some statistics claim can be as high as $20.00 each, or creating the ACH file, etc. And to reward you even more for your efforts, you get the task of trying to obtain a Routing Number and Account Number from your payee if you want to pay by ACH, or the cost of tracking lost checks, re-issuance, reconciliation, etc, etc. So where is the bounce for you and for your payee?  When you pay by check or ACH the payment is made; the money gets spent and the transaction has no more life, and no reward for either you or your payee. 

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Tags: ACH, disbursement workflow, cost savings, payments by cards, disbursement processes, issue claim payments, issue payments, iCareCard, checks, MICR checks, re-issuance, reconciliation, reward, payee, loaded, reloaded, Visa, transaction, discounts, claim settlements, payroll, commissions, dividends, refunds, insureds, interchange, fees, same-day cash, funds

Do you know the items on the Disbursement Hub Checklist?

Disbursement Hub Checklist

Learn the key items to consider when implementing a disbursment hub for your organization. 

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