Considering a payment solutions provider? Ask these six questions.
If you're looking to modernize your claim payment process, you’re not alone. Payment portal use is on the rise. But how do you know if a payment portal provider is right for you? Here are some questions to ask before entering into a process-altering agreement in how you deliver claim payments to your insureds.
1. Does this solution provider do everything in-house or are they partnering with a third party?
Many payment solution providers are not banks, but financial technology (fintech) companies partnering with a bank to provide lines of credit or to send funds through direct deposit or direct-to-debit card. These “sponsor banks” are often smaller institutions that may be at a larger risk for fraud and data breaches, unable to support a large client like an insurance company, subject to constraining internal policies, not financially secure, etc.
So, while these fintechs may have created their own claim payment solution, they aren’t the ones touching your money – their sponsor bank is. And you have no say over who that is. How do you know you can you trust the bank they’ve chosen to handle your money?
2. Who handles customer service when there’s a question or issue with the portal?
Many competitors rely on third-party or overseas vendors to handle certain tasks or field customer service calls. Are you comfortable with your partner outsourcing tasks to other companies? What if they are overseas?
3. Who owns the tech powering the claims payments solution? Did the fintech create it or did they commission someone else to develop it? What happens if that company no longer supports the solution you bought?
Other questions to consider:
4. What network are they using to get to card holders to be able to push your claims payments funds to your insureds’ debit card?
5. Do you know who is affecting your supply chain and how many “hands are in the cookie jar?”
6. Do you have one point of contact or will you be forced to track down every vendor your claims payments partner is working with when you have a specific question?
CommercePayments™ PreferPay® is different.
At Commerce Bank, we don’t partner with a sponsor bank to handle your money, we ARE the bank that handles your money. And our state-of-the-art portal was developed with input from an advisory council comprised of a diverse group of insurance companies who shared their pain points and helped us create a solution that gets funds to your insureds faster without increasing the burden on adjusters.
Plus, if you ever need help, you only need to call us since we do it all ourselves. Our tech support is located in Kansas City, MO meaning you’ll never get someone overseas answering your questions. And since we’re a Visa Direct partner we can offer ready-built, Visa Direct solutions other providers may not have.
With CommercePayments™ PreferPay®, we do it all from owning the portal to handling the cash. In essence, we’re a fintech-minded bank that’s been in business for over 150 years. Plus, we’re one of Moody’s top seven banks in the country with a baseline credit assessment of A1.
Step into the world of modernized claim payments with a solid, secure banking partner you can trust.
CommercePayments™ PreferPay® is provided by Commerce Bank.
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