Billing FAQ

• Agency commissions are paid monthly by check on the month and amount of the invoice due date.
• In Finys, agency commissions are paid on INVOICED premium, not collected premiums.
• In Sapiens, agency commissions are paid on COLLECTED premium, not invoiced premiums.
• Generally speaking, agency commission checks are issued in the 1st or 2nd business day of each month. The finance team will not process a void/reissue for a lost commission check before the 20th of each month.

At the current time, all commissions are paid via check. No electronic payment options are available.

No. Commissions are a rolling process. If an agent owes Grand River commission charge-backs due to cancellations, that charge-back will be deducted in the following month’s check.

• • This is a timing issue combined with the invoice due date.
  • Example: A down payment was taken in late July with invoice due date of 8/3. Commission will be paid 9/1 on the amount of the installment due.

No. Agency commission statements are separated based on agency code (not all combined on the master codes’ statement).

• Down payment can be made before issuance for ACH billed policies, all Direct Bill policies will require down payment after issuance.

If the insured would like to be on an ACH plan, but doesn’t want to provide down payment at issuance, you can issue the policy on a Direct bill pay plan and change after issuance via the Billing Summary screen. This isn’t the ideal method as we’d prefer to collect $$ up front, but it is an option.

To pay via check, mail to:

Grand River Insurance Agency LLC
DEPT. 771715
Detroit, MI 48277

Yes, but a 3% charge is added for all credit card payments.

Here is the link to the payment portal: https://finys.grandriverinsurance.com/Portal/Payments

We accept MasterCard, Visa, and Discover cards.

Same day credit card payments can be voided. Contact account executive to process a void transaction.

If a down payment is made with a credit card, then the policy will be issued without payment and the insured will have 14 days to make the payment. If the insured doesn’t make the payment, the policy will cancel.

This feature is not compatible with credit card yet.

We do have the capability of using a different billing address & there is nothing to prevent us from entering the lender’s name & address.  However, lenders will only issue payments to Companies that are in their database.  Our invoices request payments to Grand River Insurance Agency LLC, and banks will not do that because we are not listed as an insurance carrier in their system. If the lender sends the payment directly to the insurance carrier, it will be sent to the carrier’s home office (the address listed in the lender’s system. Eventually, payment may find its way to our lockbox but by then a pre-cancel usually has been generated and/or the policy has already cancelled.

Overpayment is applied to the next payment only, if it covers more than the next payment, then it is applied to the second future payment, etc.

Overpayment is only applied to the next payment, but it will be reflected on the new EFT Schedule AND needs approximately 20 days prior to the next payment to be adjusted.

10-PAY is an installment schedule with invoicing every 36 days. Down payment is due on effective date of the policy and down payment is 15% of original renewal premium.

Here is the common problem with this installment plan.

The insured has 20 days from the issued date to pay the down payment.  Finys will invoice the 1st installment to be due on schedule without regard to when the down payment was due. If renewal is issued past renewal date, then issues are caused with two payments being due very close together. For example, if there is a renewal policy on a 10+PAY bill plan that is effetive 7/1/23 but doesn’t get issued until 7/15/23, the down payment will be due 20 days after the issue date (8/4/23), and the first installment will be due 36 days after effective date (8/6/23), because the down payment is technically due on the effective date of the policy. Since these dates are so close (8/4/23 and 8/6/23), it’s easy to see why this would cause questions for the insured because they will feel they’re paying two payments right away.

• This return usually occurs when the insured has a debit block in place against all ACH payments.
• Debit block is a fraud prevention tool that prevents unauthorized ACH transactions from occurring.
• If an insured has elected to have their payments pulled via ACH, they may need to add our company’s ACH ID to their debit block account on their banking profile.
• Our company ACH ID is 7900804081.

• There are three reasons a refund will be generated.
  • Overpayment
  • Cancellation
  • Endorsement
• If the policy is on a Direct Full pay plan, premium will be refunded 1 month after the policy expiration date. If you would like a refund issued sooner, Account executive can process that for you. If a renewal is processed, the credit will be applied and will reduce the bill on the renewal.
• In Finys, all refunds are issued by check (no ACH capability).

Premium bearing endorsements or a change in draft date will generate a new statement. Statements won’t generate until 20 days prior to installment due date.

EFT draws are initiated 3 days before the due date. This is standard with other insurance companies as well. When the insured is choosing a draft day, remind them that the payment will be drawn 3 days prior to the date they choose so it should be at least 3 days prior to the due date.

The Billing Day determines the installment due date for a policy. The actual draft date will be about 3 days prior to the Billing Day.

Note: The system accounts for weekends and holidays, so a payment will only be drafted on business days.

If an ACH is scheduled manually, it can ONLY be reversed the day it is initiated. The ACH cannot be reversed any other day.

The first login is the agency code (ex. ABCD000).

• Reports available with this login are Transaction Report & Loss Runs.

The second login is the agency code + RPT (ex. ABCD000RPT).

• Reports available with this login are agency production report and commission statements.

Here is the link to the payment portal: https://finys.grandriverinsurance.com/company

The agency code is listed as the Agency No. at the top of each declarations page.

Nothing is mailed to the agency including commission statements. Everything except the new business policy and renewal policy are mailed directly to the Insured.  The agency can get copies of everything via our website.  The agency receives a daily transaction report listing all transactions.  It’s up to the agency to distribute the policy declarations but Insured is directly mailed everything else that we generate (i.e.: amendments, audits, invoices, pre cancels, cancels etc.)