Merchant Processing for the Insurance Industry

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In recent years, insurance companies have increasingly embraced credit card payments as a convenient option for their customers. While in the past, insurance firms were cautious about accepting credit card payments due to concerns about processing fees, the industry has experienced a significant shift since 2020.

Now, both large and small insurance firms are adopting credit card payments to streamline collections and simplify the reconciliation process. This shift benefits both insurers and customers by offering greater flexibility and ease of payment. As a result, the insurance industry is adapting to the growing demand for convenient and efficient payment options, ultimately enhancing the overall customer experience.

Many Merchant Services Companies are Hesitant to Work with Businesses in the Insurance Industries Due to Three Main Reasons:

  1. High-risk transactions: Insurance services are often sold online or over the phone (via virtual terminals), which are considered high-risk transactions in the merchant services industry because the card and cardholder are not present during the transaction.
  2. High chargeback rates: Due to the nature of the industry, customers may be unhappy when claims are not approved or other issues arise, leading to moderately high chargeback rates.
  3. Fraudulent activities: Some “bad apples” in the industry have made banks and processors more cautious when dealing with insurance and warranty businesses, as fraudulent sellers have caused increased risk for these financial institutions.

As a result, many merchant services providers decline to work with insurance and warranty businesses, whether they sell online, over the phone, or even in person (retail).

Moneybox, however, has consistently offered insurance solutions. With its extensive relationships with credit card processors and sponsor banks capable of underwriting regulated industries, its integration of chargeback and fraud prevention software, and virtual terminal insurance businesses with stable, effective, and long-term credit card processing solutions.

Benefits of Accepting Credit Cards for Insurance

Insurance companies can experience numerous advantages by accepting credit card payments, including enhanced cash flow and increased convenience for clients. Processing credit card payments allows insurance firms to expedite collections and avoid cash flow challenges that may arise while waiting for client payments. Notably, Moneybox offers rapid deposit times of approximately one day, which can significantly impact insurance firms’ financial stability and cash flow management.

Credit card processing is not only beneficial for improving cash flow but also provides added convenience and flexibility to clients. Clients may prefer to use their credit card as a payment method, which can enhance their overall experience and foster stronger relationships. As a result, it can encourage repeat business, making it a win-win situation for both the business and the client.

Security is a critical concern for insurance firms, as they handle sensitive client data and must comply with stringent data privacy laws. Credit card processing offers secure payment gateways that adhere to industry regulations, such as PCI, ensuring that client data is safeguarded and mitigating the risk of data breaches or other security issues.

Insurance firms have to take into account the fees associated with credit card processing. However, Moneybox is committed to providing the most competitive rates available in the industry. To find the most affordable option, insurance firms can compare providers, but Moneybox stands out as a cost-effective choice for credit card processing.

How Insurance Firms Accept Credit Cards

The insurance industry employs various methods for accepting credit card payments. These include:

  1. Credit Card Machines: Suitable for insurance firms with a physical storefront, these machines allow clients to swipe, dip, or tap their credit cards for in-person transactions.
  2. Virtual Terminals: Ideal for online insurance firms, virtual terminals enable credit card payments through a web-based interface, accessible from any computer with an internet connection.
  3. Email Invoicing: Insurance firms can send invoices by email, including a link to a secure payment gateway, allowing clients to make online credit card payments without leaving their email client.
  4. Hosted Payment Pages: A secure web page hosted by a third-party payment processor, these pages ensure client data protection and secure transactions for credit card payments.

By offering a range of payment options, insurance firms can improve the client experience, foster stronger relationships, and streamline payment processing.

If you choose to begin accepting credit cards, Moneybox is here to assist you in navigating the payment processing industry. By utilizing our user-friendly and secure payment processing solutions, you can optimize your payment processes and offer your customers a dependable and effortless payment experience.

Frequently Asked Question

Moneybox provides merchant processing services that cater to an extensive variety of retail, eCommerce, and mobile businesses offering insurance and warranty products. We frequently work with companies that deal in:

  • Travelers Insurance
  • Business Insurance
  • Health Insurance
  • Life Insurance
  • Independent Agencies
  • Liability Insurance

What industries does Moneybox Merchant Services accept as clients? Moneybox specializes in mid-risk as well as specific high-risk industries (the terms “mid-risk” and “high risk” are used here from the perspective of the merchant services industry). We are proud to serve the following industries:

  • Accounting & Tax Prep
  • Adult
  • Airlines
  • Alcohol
  • Antiques & Collectibles
  • Apparel & Clothing
  • Automotive
  • B2B
  • Bad Credit
  • Bail Bonds
  • Bar & Restaurant
  • Cigars & Tobacco
  • Cleaning Service
  • Clothing & Apparel
  • Collectibles
  • Continuity / Subscription Products
  • Continuity-Subscription
  • Credit Monitoring
  • Debt Consolidation
  • Dental
  • Digital Downloads
  • Digital Streaming
  • Document Preparation
  • Drop Shipping
  • Ecommerce
  • Educational Seminars
  • Electronics
  • Events
  • Furniture & Home Furnishings
  • Guns & Firearms
  • Gyms, Fitness & Yoga
  • Hair & Beauty Salon
  • Health & Fitness
  • Healthcare
  • High Volume
  • Hotel & Hospitality
  • Hotels & Lodging
  • Hunting & Outdoor Equipment
  • Insurance
  • Insurance / Warranty
  • Jet Charter
  • Law Firms
  • Legal Services
  • Magazine Subscriptions
  • Medical Billing & Coding
  • Medical Supplies
  • Membership & Recurring Billing
  • MLM Companies
  • Moving Companies
  • Nonprofit
  • Nutraceuticals & Supplements
  • Online Dating
  • Pawnbrokers & Pawn Shops
  • Pet Products
  • Precious Metals
  • Property Management
  • Real Estate
  • SaaS Companies
  • Self Defense, Tasers & Stun Guns
  • Seminars & Coaching
  • SEO & SEM Services
  • Smoking Accessories
  • Survivalist & Tactical Gear
  • Taxes and Accounting
  • Tech Support
  • Telemedicine
  • Ticket Agencies
  • Tobacco & Cigar
  • Transportation & Moving
  • Travel & Timeshare
  • Travel Agency*
  • Utility
  • Vape / e-Cig / eJuice*
  • Veterinarians
  • Web Design Services

Please note, this is NOT a complete list; Moneybox Merchant Services Inc. serves hundreds of additional mid and low risk industries, too. We do not have a full list of industries we can work with, instead we keep a list of business that we currently can not support. See our FAQ page for more info. If the opportunity is right we will of course try to be considerate.

Sorry, we are unable to provide merchant services for foreign or offshore businesses, or any company that is headquartered, or operates, outside of the USA. We are also unable to provide merchant services for any business whose owner does not have a valid SSN and US issued identification (driver’s license, US passport, etc). That said we are working to fix this issue and should have a solution early 2025.

Yes, your startup or new business can be approved by Moneybox Merchant Services for a merchant account. We love startups! While newer businesses without processing history sometimes encounter hurdles when it comes to approval, Moneybox has helped many brand new businesses get their start in payment processing.

A high-risk merchant account is designed for businesses deemed as “high-risk.” These types of businesses have a greater likelihood of chargebacks, fraud, or other financial risk factors. High-risk businesses require such accounts to be able to accept credit and debit card payments.

Various industries are considered high-risk because of their inherent attributes. Some examples include CBD (Cannabidiol) products, e-cigarettes, vape products, stun guns, credit repair services, multi-level marketing, adult products/services, pawnshops, dietary supplements, SEO services, and tech support.

No central authority determines a business’s high-risk categorization. Every payment processor or bank sets its own standards, often based on internal risk management criteria. Providers assess businesses based on several detailed information bits to ascertain risk levels.

Factors contributing to a high-risk business include being a new business, having poor credit records or low credit scores, operating in controversial or highly regulated industries, relying heavily on international sales, and previous placements on the MATCH list by payment processors.

High-risk merchant accounts differ from regular accounts in several ways such as having a longer application process, higher payment processing fees, cash reserve requirements, volume caps in credit card processing, higher chargeback fees, and additional requirements based on the business type.

A high-risk business should ensure it maintains healthy cash levels, tries to reduce chargebacks, discloses all relevant information during the application process, keeps its financial documents ready, and adheres to the guidelines set by its payment processor.

A high-risk business can find a suitable merchant services provider by researching and listing down payment processors that cater to their industry. Businesses should consider factors like the processors’ experience in their industry, processing fees, equipment provided, customer support, experience with businesses in the same industry, and support for diverse payment methods.

Moneybox Merchant Services Inc. may not cater to all high-risk businesses (e.g. CBD merchants). It offers an upfront underwriting process that identifies risk factors early, saving the merchant time and potential costs. However, if Moneybox cannot service a particular business, they may recommend a processor better suited to your needs.

Best Processing & Support

“We conducted thorough research and compared different pricing options before settling on a new provider. After careful consideration, we chose Moneybox. We have been happy with the results for years since using their services. We interact with the product daily through their website, and most of the payments are automatically processed using Authorize.Net. We find Moneybox to be a reliable and efficient company.”
– Tom
Tom Bostic
Happy Customer

Fast Service, Unmatched Customer Service

“We changed our website and needed to get a new processor fast. Their prompt service and secure system are unmatched. We have been using their services for a while now and have never had any issues. In fact, they even require us to call them once a year to ensure our system is up to date. As our business continues to grow, we are excited to explore the many options that Moneybox has to offer, including a point-of-sale. They have been our go-to solution for everything, from terminal issues to website processing security. We couldn’t be happier with their exceptional service.”
Valmore Forgett
Happy Customer

Simply Amazing Technical Support

We were starting a new business and needed a reliable company to process our credit card payments. After some research, we found Host Merchant Services and began working with them in January 2021. The staff has been very helpful, and we’ve had positive experiences with both the Compliance team and technicians. We process payments in person using a terminal, and the service and machine have been excellent with no issues.
Tony and Sherry
Happy Customers

Consistent Communication

I had a wonderful experience with this company regarding high risk merchant services. Their consistent communication and daily updates regarding my application status during the approval process were greatly appreciated.
Christian
Happy Customer

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