Applied Announces Launch of Applied Pay
October 03, 2022
The only natively integrated payments solution for the insurance industry is now live
UNIVERSITY PARK, Ill. – October 3, 2022 – Applied Systems® today announced that Applied Pay, the only natively integrated digital payments solution built specifically for insurance and directly integrated into agency technologies and daily workflows, is now available to Applied Epic and EZLynx agencies in the North American market. After pre-launching to significant industry demand, Applied Pay has gained early traction with its modern, digital payment offering that simplifies payment processing, accelerates premium collection process, and lowers total operating costs. Early adopters of Applied Pay include High Street Insurance Partners, among other independent agencies.
Applied Pay is a cloud-based electronic payments hub that enables agents to provide their clients with a secure, online way to pay for new and recurring premiums. The solution revolutionizes the payment experience with core features, including:
- Product Integration: Built with robust, scalable APIs that integrate fully with the Applied Epic, Applied CSR24 and EZLynx platforms and process payments fast and efficiently.
- Branded Checkout Page: The secure, highly intuitive, and branded payment checkout page allows insureds to pay their premiums safely and easily.
- General Ledger Reconciliation: Invoices are created within the agency management system and then sent to payees via a pay link to collect payment. When payment is complete, the system then returns the transaction back to the invoice for reconciliation, reducing the workload and streamlining the accounts receivable process.
- Payment Flexibility: Equipped with flexible payment options, including ACH, Credit Card, Debit Card and more, Applied Pay gives insureds the power to pay how they choose. It also offers powerful features, like next-day funding, on all credit and debit card transactions, the ability to pay multiple invoices at once, and soon, the option to set up recurring payments and access premium financing directly from the checkout page.
- Real-Time Transaction Visibility: Easy-to-use dashboards display real-time snapshots of all payment transactions as they appear in the admin portal, helping to safeguard against policy lapses and defaults in coverage.
- Compliance & Risk Monitoring: Advanced security and tokenization of sensitive data enable fraudster identification during fraudulent transaction attempts on customer accounts, helping agents remain compliant while accepting digital payments.
- Expedited Settlement: Accounts receivable process automation simplifies and speeds up premium collection and reduces internal workloads, enabling agents to settle payments fast and drive a more profitable book of business.
“Agents love the efficiency and security of direct bill but miss the opportunity to have total control over the payment part of the customer journey – until now,” said Allan Lacoste, chief payments officer, Applied Systems. “Applied Pay puts agents in the driver’s seat by direct integration into their management system, while delivering security and efficiency in managing, processing and posting in agents’ general ledger so they can provide a modern payment experience to their customers.”
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About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.