Applied Releases New Applied Pay Innovation
October 17, 2023
New capabilities to enhance the collection and application stages of the digital premium payment cycle
Chicago, IL. – October 17, 2023 – Applied Systems® today announced the latest innovation of Applied Pay®, the industry’s only natively integrated digital payments solution, launched in 2022. The latest release will simplify the accounting and bill collection process through new hosted payment page capabilities, and verification and transaction limit enhancements to deliver a more streamlined and digital payment experience for both insureds and agents.
Applied Pay is a cloud-based electronic payments hub that enables agents and brokers to provide their clients with a secure, online way to pay new and recurring premiums. Directly integrated into Applied Epic®, Applied CSR24® and EZLynx Client Center, Applied Pay provides intuitive, branded checkout pages where policyholders can pay premiums via text link, credit/debit card or ACH. It automatically handles payment authorization and tokenizes sensitive information to increase security and ensure compliance. The solution also reconciles receivables at the account level, reducing manual workflows and improving the accuracy and timeliness needed to reconcile payments.
Features launched in 2023 include:
- Accounts Receivable Reconciliation: Reduce steps in the accounting process by automating the application of credits-to-debits on a client’s account once a payment has been made. This upgraded functionality is available through Applied Epic, Applied CSR24, Pay Portal Hosted Payment Page, and EZLynx workflows.
- 3 Complimentary Applied Epic Workflows: Collect payments using unique workflows that complement different types of business models.
- Agent Led Workflow - Allows payments to be managed directly from inside a client’s account in Applied Epic via the Payment from Client screen.
- Insured Led Workflow – Allows clients to log in and make a secure payment from within the Applied CSR24 Client Center.
- Independent Workflow – Unique Hosted Payment Page link, provided in the Applied Pay Portal can be sent to anyone, anywhere to collect a payment.
- Hosted Payment Page PAY NOW Link: Allow insureds to pay multiple or single invoices that are open in Applied Epic or request an exact payment for items such as third-party fees or services rendered. Payments received can be automatically applied to clients account, or an Activity and/or a Transaction can also be returned for accounting purposes.
- Enhanced Notifications: Provide more clarity throughout the collection process with refined audience, content, and delivery of email and batch notifications so staff can make better decisions with timely, accurate information.
- Insured Personal Portal: Allow insureds to manage their payment profile, store desired payment methods with CARD on FILE technology, and view their payment history in the new Manage My Account feature.
- Compliance & Risk Monitoring: Remain compliant while accepting digital payments with security and tokenization of sensitive data, which reduces liability for agencies and handles PCI Compliance.
- ACH Verification: Verify a customer's bank account and routing details in real time with the new ACH/bank validation process to ensure the information entered is valid and active.
- Company Branded URL: Choose the name associated with company’s PAY NOW payment link to foster greater confidence and trust in the payment process.
- Large Single Transaction Limits Allowed: Process extra-large premiums with Applied Pay’s increased single transaction limit, allowing larger clientele to make payments without having to resort to other banking services.
“We developed Applied Pay with the goal of putting agents in the driver’s seat of the payment journey while providing a modern checkout experience that their internet-savvy clients have come to expect,” said Chase Petrey, president of Applied Pay, Applied Systems. “The latest Applied Pay innovations offer more payment choices when collecting and applying premiums, creating a secure, frictionless and speedy process for both agents and insureds.”
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The Applied products and logos are trademarks of Applied Systems, Inc., registered in the U.S.
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.