Creating seamless payment experiences for one-off and recurring collections
Ecommerce has raised the bar for online payment experiences. Now, customers require the same convenience, speed and ease from any service, insurance included. Depending on the insurance product, insurers not only have to provide a seamless payment experience for premium collections, but also for recurring charges. Whilst most insurers are not new to collecting payments through direct debit mandates, they struggle to meet their customers’ unique payment needs.
Customer payment preferences vary widely based on factors such as age, location and accessibility. For instance, credit card is the payment method of choice for older generations, whereas young consumers are keener on using alternative payment methods to receive money. In order to meet specific customer needs, insurers have to integrate with multiple payment providers and technologies. However, the lack of payments expertise, resources and time, along with the reliance on antiquated infrastructure, hinders insurers from delivering best-in-class payment experiences.
How do we solve it?
Imburse offers a PCI-DSS compliant payments platform that allows insurers to collect premium and recurring premium payments using any bank, card, or alternative payment method. Through a single connection to Imburse, insurers are able to deploy any payment provider or technology available in any market. The Imburse marketplace gives insurers full flexibility over their payment operations, as they can change providers or add new ones depending on their customers’ preferred payment methods. Imburse also allows you to store and use any tokenized card and direct debit mandate across banks and payment providers.
