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B2B Vault Episode 43: Insurance Companies & Credit Card Processing Services

Written by Allen Kopelman

January 13, 2022

Video Transcription

Hello, everybody. Allen Kopelman here with B2B Vault. So today, we will bring you an industry spotlight on insurance companies. So we work with insurance companies, and we work with insurance brokers. But today, we’re talking about insurance companies, and we also work with third-party administrators, which is part of the insurance business.

So what do we do for insurance companies that make us special? Number one, insurance costs and companies qualify as an emerging market. So they get special interchange rates, and we have signed several insurance companies, and generally, they’re not getting the emerging market rates. So we’re able to save them quite a bit of money by putting them into an emerging market program. So what we do is we get to know your company. We gather information about your company, your processes, how you process your payments. We evaluate your current processing using a gateway or any software. And then we discuss with you your payment options and even a lot of companies today, you know, they’re not doing, you know, they offer a credit card, but they don’t do ACH.

So we always suggest, you know, combining credit cards with ACH. And that way you can have a more, you can have a, a more balanced payment process where some people that want to pay by check can pay by ACH, otherwise referred to as each so that you want to go down the page a little, my assistant slacking off today. We optimize your interchange by getting you enrolled in emerging markets. We’re going to increase your profits by getting you lower rates by doing two things, the emerging markets and adding ACH have payment options. We integrate into over 500 different kinds of software products. So most of the time, we can integrate. We also have an open API; many insurance companies or some of the third-party administrators they’re using CRM systems. So many times, they need to open API, and we have an open API.

We have restful API, APIs in all types of different ways. We can link to your system. So to make your program successful, we make sure that all the tech, then we’re going to give you the technology you need to simplify everything. So we’re going to work with your program, what you’re doing, get you the right price, saying, get you the right technology, you know, so that your business can run smoothly. You know, using an expert and the, for your payment processing is very important. I’ve been in this business for over 20 years, started nationwide payment systems slash MPS bank, 2001. We’ve signed up thousands of merchants over the last 21 years. And I’ve started this podcast to give relevant information to merchants. They want to learn what type of business they’re in and what’s out there to help them. So this is why we do these different industry spotlights. So it’s essential to work with an expert. You can come to our page nationwide payment systems. I mean, NPS bank.com.

You can go to the insurance DAS companies and pull it down and the under industries. And here’s a couple of examples. So we had a company. Number one is a health insurance call center, and they’re a third-party administrator. They’re using a CRM. So we integrated using the API to their CRM. We lowered their costs. We optimize their interchange. We saved them about $10,000 a month. Some, and you know, that’s a lot of money. We also added ACH, which can, you know, against credit card processing; it’s a little bit cheaper to pay less expensive to process. So by adding ACH, they save, you know, even more money, a company, number two, we had a PNC property and casualty company, and the same thing. We found out what kind of CRM system they use and what payment portal they use. They use the gateway, and they offer to invoice. We set them up with a payment portal so that their customers can email out an invoice.

The customer sees the link clicks. It goes to the payment portal. It makes a payment. And especially during the pandemic, it became imperative because people were not in the office to accept checks in the mail. And they, you know, informed all their customers. Please do not mail us checks. You know, please do not mail checks. So this is very important to do. You know, we saved that company back $12,000 a month because combining with the credit card processing and everything, the credit card processing and optimizing their interchange and adding ACH, we lowered their costs. Our systems are all secure PCI compliant. If you’re doing card present. So EMV, we’re using point-to-point encryption, all the credit cards are tokenized. So if you have to give a refund, you don’t need to get the credit card number. We have an open API, which is very important, so that, that we can integrate into anything that has a, they have an open API, we have an open API, boom, you can do an integration.

We integrated into over 500 different types of software on the various platforms that we use. We can help you create payment portals. We have virtual terminals, and we have all different payment options. Like I said, credit card processing. Nobody’s asked for cryptocurrency yet at an insurance company, but I’m sure it’s probably coming in the next because everybody seems to be asking us about crypto. If you have an insurance company, whether it’s health, PNC, insurance, or any insurance you want to have, you want to save money on your credit card processing. Looking to put together a better program for your company, learn how to qualify as an emerging market merchant, and get the special interchange fees available to that industry.

We can walk you through how we get all that done, and we can help you get set up, get you on your way to saving, and give you a better way for your customers to pay. I call it the consumerization of payments. Many businesses don’t look at how to consumerize their payments by giving people multiple payment options. You make it easier for your customers to pay you. So if you’re only open from nine to five and people have to call in and give you the credit card number we give you, we show you how to use a payment portal. Now you’re open 24/7 to accept payments, especially when you have a combination of people in the office at home. You have everybody at home, or you have people that maybe are the ones taking the payments, and they’re at home because they’re sick. So they have to work at home for a week or two. Alleviating all of that by having these different ways, how to accept payments by sending someone an invoice, sending out a payment link through email, texts, or whatever ways you need to do that. We walk you through how to integrate it into your CRM system. And it’s all good.

So if you want to set up an appointment, come to https://npsbank.com/, click on the appointment link, or the contact us page. We can get in touch with them, you can download the insurance brochure on the page, and everybody has a great day. So ready to talk with you about insurance, Carpe Diem, and follow B2B Vault on social media. Follow us on your favorite podcast network or catch the videos on YouTube.

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