Consumers nowadays expect a certain type of experience when paying for products or services online. From shopping online for that favorite pair of shoes to paying insurance premiums via a payment portal, the ability to get tasks done quickly and easily is the key to a great customer experience.

Despite this shared experience, some agencies still have reservations about adopting a digital payments solution. Security concerns, a lack of core functionality and issues integrating with their other systems are common objections. However, many agency owners also believe that customers don’t trust online payments and, therefore, prefer to pay their premiums by check or cash.

These objections are valid but inadvertently do a disservice to clients and agencies. Keeping up with consumer payment preferences can be the key to winning new customers and retaining existing ones. 

Here are four ways that adopting a digital payments solution can improve customer experience:

1) The convenience they crave. A digital payments hub provides policyholders with 24/7 access, allowing them to pay their bills when it is most convenient. Whether via mobile, web or text, policyholders can pay their premiums wherever they are and on whichever device they want. Taking convenience one step further, digital payments solutions allow automated recurring payments, so policyholders never have to worry about missing a payment again.

2) Payment Pilates. Consumers want flexible payment options. Checks and large sums of cash are not convenient and obtaining them requires an extra step for your customers. Digital payments solutions provide various payment methods, including credit cards, automated clearing house (ACH) and digital wallets. Agents can even create customizable payment plans for their policyholders. Customers can pay individual or multiple invoices simultaneously, choose which invoices to pay and even make partial payments. 

3) Financing at their fingertips. Premiums can get pricey, especially for small business owners. Using a digital payments solution with embedded premium financing provides policyholders with easy financing options that aren’t readily available at other agencies. Your clients will have opportunities they didn’t have before, thanks to your platform. They may be able to get better coverage than they could afford if they paid in one lump sum. This type of financing is particularly helpful for new business owners managing startup costs.

4) Safe and sound. Clients are looking for more secure ways to make payments. Paper checks and cash sitting in desk drawers aren’t secure, and having personal information out in the open could lead to security risks—not to mention the risk of human error when counting and reconciling non-digital payments. Integrating a digital payments solution keeps this information safe in your agency management system (AMS).

Many agencies think their clients are fine with writing premium checks. They may think they don’t need to offer a modern, online checkout experience. But times are changing. Today’s insureds demand choice and want simple experiences. You can differentiate your business with an online payment experience that offers convenient, quick payment options. 

Chase Petrey is president of Applied Pay at Applied Systems.