Streamlining the Installment Payment Collections Process
One of the most challenging operations for insurance providers is payment collections. Insurance companies require flexible payment solutions that allow them to accept payments in their preferred way – including one-time policy payments, quarterly installments, or even monthly installments. Many payment solutions lack the functionality necessary to collect payments across different schedules.
Even with Salesforce’s out-of-the-box solutions, insurance companies may find it complicated to offer different payment schedules or accept various payment methods. Chargent exists to solve these challenges by making payments more flexible, more convenient, and more secure. From recurring billing to automated collections, Chargent is the Salesforce add-on you need to modernize how you handle payments and improve your organization’s productivity.
Automate Payments with Recurring Billing
For insurance businesses, collecting the full policy amount upfront is ideal, but it is not always practical for customers. Many insurance customers prefer paying their policy in smaller, more frequent payments. But numerous installments can add more work for your staff if the right systems aren’t in place. Collecting more payments means invoicing more often, sending constant emails, and processing payments continuously.
Installment payments may make it easier for customers to afford their policy, but it requires more effort on their part too. As opposed to submitting a one-time charge that lasts the policy’s life, they now must remember to make a payment at each installment period, log onto your company’s website, add their payment details, and submit their information.
When it comes to accepting installments, recurring billing is easier for everyone. Customers are charged automatically on a defined schedule – without the need for an agent to contact them or the inconvenience of calling in to submit payment. As long as the customer has enough funds or credit available with the payment source they have on file, the payment will process on-time, with no effort required from the customer or your employees.
Your organization may find it difficult to set up this type of system in Salesforce, but Chargent makes it easy to automate recurring billing on your preferred schedule. With a flexible payment solution, you can offer numerous installment options and simplify the management of each policy. Chargent’s recurring billing feature provides several options that benefit insurance providers, including:
- Accept numerous payment methods, including credit card, debit card, and ACH bank withdrawal.
- Initiate ongoing billing, or end after a certain number of payments, on a specific date, or when the balance due equals $0.
- Choose from nine different recurring periods: Daily, Weekly, Biweekly, Monthly, Bimonthly, Quarterly, Semiannual, Annual, Biennial.
- Salesforce is flexible, adaptable, and can accommodate uneven scheduled billing through Chargent, or billing on specific dates rather than frequencies, with some minor customization.
Retain More Customers With Automated Collections
Your agents are most valuable when selling new customer policies, but they often spend most of their time servicing current loans and chasing down late and failed payments. For each day that a payment is late, the likelihood of the customer returning to resolve their policy diminishes. Once they have lapsed for too long, they may begin exploring other options.
Customer retention is essential to your company’s reputation, cash flow, and profit margins. According to Invespcro, acquiring a new customer can cost up to five times as much as retaining an existing one. One of the best opportunities to retain a policyholder is when they miss a payment, but chasing down missed payments means making reminder calls and sending emails out until the customer responds.
Just like recurring billing, you can automate much of the collections process too. Chargent allows you to set up a simple but effective collections system. If a customer misses an installment payment, the solution will retry their payment method multiple times at a set interval. If funds are still unavailable, the customer will receive an email, notifying them of their late payment status and providing a link where they can update their information and resolve their situation.
With Chargent’s Automated Collections, you’ll have the opportunity to retain more of your customers, extend their lifetime value, and eliminate the hours spent chasing missed payments.
Ensure Payment Security
If your organization collects installment payments over the phone, you may be putting your customer’s information at risk. Requiring a customer to recite their payment information aloud to an agent can expose their payment details to anyone within close vicinity. Also, since agents record the information, a disgruntled employee could use the customer’s details for non-authorized purposes. Even if your company closes new policies on the phone, there are much safer ways to collect payments.
Chargent enables you to secure your payment system by sending a Payment Request instead of requiring employees to collect payment details directly from the customer. A Payment Request is an email sent to the customer that showcases their policy’s price with a “Pay Now” link. The link directs the customer to a payment page with secure fields where customers can enter and submit their information at their convenience.
Sell More Policies, Collect More Payments
Salesforce offers many features to help insurance companies become more efficient when managing their customers. But when you add Chargent, your payment system becomes more flexible, scalable, and convenient with less effort from your agents.
If you are using Salesforce to manage your insurance customers, Chargent is the solution you need to maximize and automate your customer operations.