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Payment Processing for Insurance Companies



Payment Processing for Insurance Companies

Processing payments for insurance companies online is fast becoming integral to serving the needs of customers within the industry. As customers are looking for more convenient ways to pay for their health, home, business, property and life insurance. 

Implementing an insurance payment system suited to your organisation can allow you to accept payments from your customers in their preferred way, efficiently and securely.

The nature of the insurance industry means customers may be looking for a range of different ways to pay for premiums and annual cover. With different insurance plans also comes different payment processing requirements. 

Whether your customers are looking to pay for their policy as a one-off transaction, or as monthly or quarterly recurring payments, using their credit or debit card, a pay by link or virtual terminal option. Opayo’s solutions to payment processing for insurance companies can ensure that your customers' data is protected and transactions are processed quickly and easily, however they choose to pay. 

How an online insurance payment system can revolutionise your payment processing


Online payment gateways capture and transfer payment information between customers and merchants. These gateways also work to protect customers and businesses throughout the transaction. 

During the process of transferring payment information, customer’s sensitive information is encrypted and their payment method verified to ensure they have enough available funds to complete their transaction. Giving your customers the confidence to complete their payments, knowing their data is protected. 

Consumer habits are changing rapidly with more and more customers turning to the internet to research and purchase services such as insurance policies. 

Implementing an effective insurance payment processing system will allow your organisation to compete with these changing demands and encourage more customers to purchase policies from your organisation. 

Utilising an online payment gateway will also allow you to process these transactions from a variety of sources, quickly and securely, no matter the size of your organisation. 

Be able to accept payments from anywhere, at anytime

It is by no means unfamiliar for customers to want to pay or renew their insurance policies over the phone. As one of most common methods of communication in the industry, it is vital you can serve the needs of these customers.

Implementing a payment processing system such as a virtual terminal will allow you to accept payments from your customers at any time, and from anywhere over the phone. Virtual terminals also allow for your organisation to accept and process multiple payments from customers  at the same time, for faster and more efficient insurance payment processing. 

Offer your customers more ways to pay, and allow them to complete stand alone or recurring payments with ease with Opayo’s trusted insurance payment processing systems. 

Offer fast & secure face-to-face insurance payment processes


Although many consumers are turning to online payment methods for an easier and faster way to make payments, it remains important to offer efficient payment processing for consumers face-to-face. For smaller insurance companies with physical branches and customers who may not have access to the internet or lack confidence completing payments online, efficient insurance payment processes are still vital for smooth transactions. 

There are a variety of face-to-face payment processing options available, from countertop card machines to portable card readers and contactless card payment systems, designed to make accepting payments as easy as possible. All of our face to face payment processing options accept all major credit and debit cards, and are suitable for low, medium and high volume transactions, suitable for insurance companies of all sizes. 

Our card machines can also be integrated with a POS or ePOS system for greater customisation, and end to end solutions that can allow you to accept higher value transactions that can be integrated with your eCommerce system. 

Get started with our payment processing for insurance companies


Implementing Opayo’s insurance payment processing systems will allow your organisation to implement a payment system tailored to the unique demands of your business. We work with the likes of AXA Insurance, More Than Insurance and Insurance the box to help them accept payments with ease.

Our dedicated team will work closely with you to find the right payment processing solution to suit your businesses goals and objectives. While helping you to meet the growing demands of your consumers for more easy and convenient ways to pay. So your organisation can continue to grow.