At my Company we accept credit cards for payment of premiums for car and home insurance. I am looking to see if there is any service out there with lower fees that would do this service and automatically transfer the funds collected on a daily basis to our bank account. Does anybody use any company that does this if so I would like to hear from you. Thank you, Anthony
Accepting Credit Cards for payments of premiums etc
Answers
There are a lot of companies that offer these types of services and will even build a transparent link from your website to their PCI compliant site. Fees are most often based on volume and they can be renegotiated on a regular basis if your business is increasing. We recently switched to PayJunction and are finding the system easy to use along with the link for our clients to use.
If you don't have a large enough volume to negotiate good rates, consider looking at your industry association to see if they offer something to help get you started. If this system relies on the client to sign on and initiate their payment, you are golden. If you are going to start collecting installment payments, make sure your data collection meets PCI compliance standards. PayJunction offers batch processing so you don't have to upload any data, but if you are handling credit card or ACH data in transit, be extremely careful.
Thank you Sara. I will look into it.
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Cash Management