ISOpay Launches Cash Payment Solution For “Unbanked” Policyholders

ISOpay, LLC today announced ISOpay, a software add-on for insurer billing systems which permits cash payment of insurance premiums at nearly 10,000 locations across the U.S.  it is billed as the “Insurance Cash Portal”.

IRVING, TX - January 29, 2009

Presently, there are over 70,000,000 persons in the U.S. who have either limited or no bank relationships through which to pay their insurance premiums and this number is growing.  This group buys over $11 billion insurance each year.  Given the current economic environment, many policyholders are also paying for goods and services much closer to their past due dates.  Because of this, they run the risk of cancellation of their insurance.

Insurers who are incurring the high cost of cancellation and late notices as well as suffering deteriorating retention rates are also seeking means of aiding their customers.  Cash payment methods have proven beneficial to utility, cable and wireless phone services for many years.  Carriers who have piloted ISOpay see improved retention, cost savings and improved public image.  Agents also see reduced risk processing cash in their own offices.

“It became our mission to find a solution to a huge shortcoming in the insurance billing process,” said Richard Asprey, president of ISOpay which is located in Irving, TX.  “We believe that by providing a new use for an old payment method that we are helping thousands of policyholders, agents and insurers.“

ISOpay permits policyholders to remit premiums at any one of nearly 10,000 Ace Check Express or IPP of America Convenience stores throughout the U.S. with more coming on line each month.  Policyholders pay a convenience fee for the service – often less than the cost of a money order and Agent fees and without the inconvenience or delay of mailing.

When cash is accepted at the payment center, the policyholder gets a receipt and the payment is recorded in real time in the insurer’s system.  A batch transmission option is also offered. The payment is credited to the insurer’s bank within three days – the same as a credit card payment.  And since cash cannot be recalled like credit payments, claims disputes are avoided.

ISOpay was designed to interface quickly, inexpensively and easily with any billing system which has a “data hook” for payments made by such methods as credit cards or ACH (Automated Check Handling).

Introduced originally to support the monthly payment options of non-standard automobile insurance clients, the system is proving supportive of such lines as homeowners, mobile-home, dwelling fire or any line in which the policyholder has limited access to bank services.

The system has passed its pilot stages and is has been implemented by several insurance providers.</p>

For additional information, please email Richard Asprey at [email protected]or call him on 678-428 2763.  Please also visit our site at www.isopay.com.