Specialized payment gateway: essential in the digitization of insurance companies

In 2020, no business sector has been spared from forced digitization, from the most analog to those that already had one foot in the internet, as is the case with insurance companies. For insurers, the time has come to work in 100% digital without ceasing to offer the customer a close and efficient service, but the time has also come to comply with PSD2 and offer secure payments as well as efficient for the client and the company itself.

For this reason, as experts in online payments, we want to highlight the payment needs of insurance companies, their pain points and how the appropriate payment gateway can provide a solution to all of them while facilitating the digitization and compliance with PSD2 by insurers.

What problems does an insurance company face when collecting and compensating its clients?

• Direct debit of payments is slow and confirmation of them even more.
• A direct debit payment can be reversed in a single click if it raises questions.
• Card charges require customer confirmation to comply with the SCA (PSD2).
• An expired card can stop charges and lead to costly procedures and even the loss of the customer.
• Call centers need to comply with SCA, PCI and gain efficiency.
• The payment of compensations is slow and this involves costly procedures and dissatisfied customers.

Luckily, at PaynoPain we have created a payment technology specialized in solving all these problems and facilitating the automation of collections, compliance with security regulations and the satisfaction of insurers' clients.

Paylands payment gateway allows:

• Collections and confirmations of payments in real time.
• More steps to carry out the reverse of a charge.
• Programming the automatic collection of fees without user interaction and complying with the SCA.
• Automatic renewal of expired cards.
• Call centers with specialized charging technologies such as IVR PCI.
• Possibility of paying compensations in minutes with Visa Direct and Mastercard Money Send services.

Thanks to card charging through the tokenization of payment data, many of the problems associated with charges in insurance companies are solved. If we also add the multi-channel billing (email, SMS, WhatsApp...), especially by IVR in call centers (Interactive Voice Response), and efficient tools such as Visa Direct and Martercard Money Send, we get a perfect payment platform for this sector.

This is the case of Paylands, which also has the most advanced anti-fraud tools, a control panel with statistics and a wide variety of functionalities, and a close and fast 24/7 customer service.

If you are looking for the best payment service for your insurance company, inform yourself without obligation about how we can help you: