Insurance Brokers

ConnexPay allows insurance brokers to maximize benefits in the agency model, providing you with instant access to your commission on an incoming premium payment.

The problem

Insurance brokers have two primary payment models to choose from. With the pass-through model, insurance brokers have to wait days, weeks, or even months to receive their commission payouts from a carrier. With the agency model, insurance brokers take on the responsibility of accepting a customer’s premium payment, sending the premium payment to the carrier, and keeping their commission.

The solution

ConnexPay’s all-in-one payments platform allows insurance brokers to use the agency model and reap the following benefits — instant access to incoming customer premium payments that you can use in real time to take your commission and pay the carrier. Plus, with ConnexPay, insurance brokers enjoy guaranteed lower merchant processing fees and earn industry-leading card rebates on carrier payments, ultimately boosting cash flow and improving your bottom line.

1. Accept customers’ premium payments.

2. Incoming payments are authorized and money immediately available in real time—including access to your commission.

3. Use those incoming customer premium payments to generate real-time payments to carriers or vendors, all inside the same platform.

4. After the outgoing payment processes, access robust end-to-end transaction details and automated reconciliations inside the ConnexPay platform.

5. Receive cash rebate monthly on any virtual card payments made to carriers or vendors.

Key benefits =

Savings & revenue

  • Immediate access to incoming customer premium payments
  • Guaranteed lower merchant processing fees
  • Increased revenue through industry-leading virtual card rebates
  • Patent-pending intelligent purchases routing technology chooses and automatically issues the type of card to provide the maximum rebate

All-in-one payments platform

  • One contract with a single reconciliation
  • Ability to make payments to carriers or vendors via virtual cards and ACH
  • Working capital/available funds not impacted until supplier payment settles
  • No prefunding or lines of credit required
  • No processing caps or financial commitments
  • Ability to share complete customer data with downstream suppliers for fulfillment
  • Make payments in some of the world’s leading currencies, such as USD, EUR, GBP, CAD

Fraud prevention & reporting

Easy to get started

  • Rapid implementation with no setup fees
  • Easy API documentation
  • Webhooks to notify you of transaction-related events
  • SDKs to ease the integration of payment acceptance on your website
  • 60+ BINs across Visa and Mastercard

Further reading

News: ConnexPay named to 2023 Inc. 5000 list of fastest-growing companies in America

Video: Why ConnexPay?

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