Payments & Billing FAQ
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 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.
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.
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.
- 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).
- 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.
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.
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.
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.
This feature is not compatible with credit card yet.
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.
Same day credit card payments can be voided. Contact Account Executive to process a void transaction.
Down payment can be made before issuance for ACH billed policies, all Direct Bill policies will require down payment after issuance.
Yes, but a 3% charge is added for all credit card payments.
We accept MasterCard, Visa, and Discover cards.
Agency Commissions FAQ
- No. Agency commission statements are separated based on agency code (not all combined on the master codes’ statement).
- 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. 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.
At the current time, all commissions are paid via check. No electronic payment options are available.
- 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.
Agency Portal & Documents FAQ
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.)
The agency code is listed as the Agency No. at the top of each declarations page.
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.
