Utilized Techniques updates funds hub

Utilized Techniques has introduced the most recent replace to Utilized Pay. The brand new launch will simplify the accounting and invoice assortment course of and add verification and transaction restrict enhancements, Utilized mentioned.

Utilized Techniques touts Utilized Pay, launched in 2022, because the insurance coverage trade’s solely natively built-in funds resolution. A cloud-based funds hub, Utilized Pay permits brokers and brokers to supply their purchasers with a safe, on-line methodology to pay premiums.

Utilized Pay is straight built-in into Utilized Epic, Utilized CSR24 and EZLynx Shopper Middle, and offers branded checkout pages the place policyholders will pay premiums via textual content hyperlink, credit score/debit card or ACH, Utilized mentioned in a information launch. Utilized Pay additionally reconciles receivables on the account stage, which might scale back guide workflow and enhance accuracy and scale back the time wanted to reconcile funds.

Utilized Pay options launched in 2023 embrace:

• Accounts receivable reconciliation: Automates the appliance of credit to debits on a purchasers account as soon as a cost has been made. Accessible on Utilized Epic, Utilized CSR24, Pay Portal Hosted Fee Web page, and EZLynk workflows
• Three complimentary Utilized Epic workflows: Distinctive workflows that complement totally different enterprise fashions

  • Agent-led workflow: Permits funds to be managed from inside a consumer’s account in Utilized Epic via the Fee from Shopper display screen
  • Insured-led workflow: Permits purchasers to log in and make a cost from throughout the Utilized CSR24 Shopper Middle
  • Unbiased workflow: Distinctive hosted cost web page hyperlink may be despatched to anybody, wherever to gather a cost

• Hosted cost web page “pay now” hyperlink: Permits insureds to pay single or a number of invoices which can be open in Utilized Epic, or request an actual quantity for gadgets equivalent to third-party charges Funds may be robotically utilized to a consumer’s account, or an exercise and/or transaction may be returned for accounting functions
• Enhanced notifications: Notifications will present extra readability with refined viewers, content material and supply of e-mail and batch notifications, permitting employees to make higher selections with correct info
• Insured private portal: Permits insureds to handle their cost profile, retailer most well-liked cost strategies and examine their cost historical past
• Compliance and danger monitoring: Safety and tokenization of delicate information reduces legal responsibility for brokers and handles PCI compliance
• ACH verification: Verifies a buyer’s checking account and routing particulars in actual time
• Firm-branded URL: Select the title related to the corporate’s “pay now” cost hyperlink
• Permits massive single transaction limits: Permits the processing of extra-large premiums, enabling bigger purchasers to make funds with out utilizing different banking companies

Learn subsequent: How can AI be safely built-in into an insurance coverage office?

“We developed Utilized Pay with the aim of placing brokers within the driver’s seat of the cost journey whereas offering a contemporary checkout expertise that their internet-savvy purchasers have come to anticipate,” mentioned Chase Petrey, president of Utilized Pay. “The newest Utilized Pay improvements supply extra cost selections when gathering and making use of premiums, making a safe, frictionless and speedy course of for each brokers and insureds.”

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