Engineered For Today's Insurance Payment Workflows
ConnexPay understands the dual nature of insurance payments—processing incoming premium payments while efficiently disbursing claims and carrier payments. Our platform bridges these traditionally siloed functions.
Streamline Premium Collection-to-Remittance
ConnexPay enables brokers to collect premiums through multiple channels while instantly allocating those funds for carrier payments—reducing trust account complexities and accelerating the entire premium cycle.
Accelerate Claims Payment Delivery
Our multi-method disbursement platform enables same-day payment processing through virtual cards, push-to-debit, ACH, and other methods, dramatically reducing the time between claim approval and policyholder receipt of funds.
Maintain Multi-Party Payment Control
We support sophisticated payment routing for scenarios involving policy holders, suppliers, and 3rd party integrations—ensuring proper distribution of funds while maintaining accurate documentation throughout.
Are Payment Inefficiencies Creating Hidden Risks In Your Insurance Operations?
Payment infrastructure gaps expose insurance organizations to significant risks that come with premium trust account management and claims payment fraud.
Mitigate Premium Trust Account Compliance Risks
ConnexPay provides clear separation and tracking of premium funds through the entire collection-to-carrier remittance cycle, reducing compliance risks associated with commingling of funds or delayed premium disbursements.
Combat Increasingly Sophisticated Claims Fraud
Our platform includes built-in verification protocols and fraud detection capabilities specifically designed for insurance claim scenarios, helping identify suspicious payment patterns before funds are disbursed.
Reduce Exposure To Settlement Timing
Flexible funding options allow insurers to meet aggressive settlement timelines without compromising cash flow management, protecting your organization from the financial impact of large claim events.
Payment Capabilities Designed For Modern Insurance Operations
ConnexPay delivers a payment ecosystem that addresses the full spectrum of insurance payment needs—from premium collection and carrier payments to diverse claims disbursement requirements.
Premium Payment Acceptance & Carrier Remittance
Process policyholder payments through multiple channels including credit cards, ACH, and digital wallets, while automatically preparing corresponding carrier payments with the detailed policy information required for proper reconciliation.
Catastrophe Response Payment Capabilities
Access specialized payment tools designed for catastrophe response scenarios. ConnexPay's rapid deployment capabilities enable insurers to quickly issue thousands of emergency claim payments following major events, with distribution methods that work even in disaster-affected areas with limited infrastructure.
Multi-Method Claims Disbursement
Deploy a claims payment strategy that prioritizes policyholder preference and speed. We support virtual cards, push-to-debit, ACH, and check payments from a single interface, allowing claims departments to select the optimal payment method for each unique claim situation.
Payment Operational Enhancement
Our team of payment experts becomes an extension of your operations, managing complex payment workflows including third-party involvement, partial payments, and supplemental claims—freeing your staff to focus on core insurance functions rather than payment logistics.
Frequently Asked About PayIns
Find answers to your questions about customer acquisition solutions and services below.
You can set spending limits, date windows, block specific merchant categories (MCC), and allow or deny individual merchants.
A PayIn is a method of funding the account balance to make payments, whether using customer payments or operating capital. PayOut refers to any method of making a supplier or vendor payment, as well as balance transfers or wires.
You do not need an entity in the United States to be able to pay in USD. ConnexPay's solution allows for USD payments regardless of where your business is located.
ConnexPay supports funding card payments in USD, EUR, GBP, and CAD as our core issuing currencies. The currency used to fund card payments typically needs to match your account's designated accounting currency. For international payments, ConnexPay offers currency conversion services, though fees may apply for conversions.
Being Merchant of Record means you're officially responsible for processing customer payments, which provides several benefits: greater control over the payment process, direct relationship with customers, ability to manage chargebacks and disputes, opportunities for enhanced data collection, and potential for increased revenue through card rebates. It also allows for more flexibility in payment options offered to customers.
Yes, ConnexPay offers Client VCC Decisioning functionality that allows clients with proper permissions to override and directly decision authorizations. This feature enables clients to approve or decline authorization requests for our issued cards based on our own criteria.
ConnexPay offers credit card processing (accepting payments) in the United States, Europe, Canada, and is expanding internationally. Our virtual card issuing capabilities have broader, full international reach.
Apply online, complete underwriting, then connect to our API or portal. Most customers go live in 2 – 4 weeks, and some in as little as 7 days.
Apply online, complete underwriting, then connect to our API or portal. Most customers go live in 2 – 4 weeks, and some in as little as 7 days.
ConnexPay's business model is built around the integration of both acquiring (PayIns) and issuing (PayOuts) to provide a complete payment solution that simplifies cash flow management. While some clients may start with just one service (like issuing-only "Lite" clients), the full value proposition comes from using both services together to benefit from straight-through processing, reduced prefunding requirements, and optimized rebates.
For most clients, rebates are automatically applied to your account balance. The specific timing and delivery method of rebates may vary based on your agreement with ConnexPay and the funding model you're using (such as Flex Funding).
Rebates are typically processed monthly and are included in your monthly invoice or settlement.
ConnexPay offers various rate options including our Flex Card (a variable-rate virtual card with over 30 dynamic rates), or our Global Travel VCC with tiered interchange rates (ranging from 100-200 basis points) for price-sensitive suppliers. For UATP cards, the interchange cost to merchants varies from 165-197 basis points.
Intelligent PayOuts (IPO) is ConnexPay's patented decisioning engine that systematically determines which cards should be accepted and what virtual cards should be issued to maximize acceptance and rebates. IPO uses the supplier information submitted with card requests to determine the optimal card brand (Visa or Mastercard) and settings for each specific supplier. It's enabled by default for all clients to optimize payment success rates.
ConnexPay offers several card products including: single-use Virtual Credit Cards (VCCs), Lodged Cards (can be used multiple times over months/years), exclusive products like our Global Travel VCC (for international payments with no FX Fees), and UATP cards (specialized for airline payments). We also offer different card classes like Commercial Credit, Consumer Credit, and Prepaid Commercial cards.
ConnexPay offers Visa, Mastercard, and UATP card brands for issuing virtual cards. Each brand has different acceptance rates and cost structures, and ConnexPay's Intelligent PayOuts feature can help optimize which brand to use for specific merchants.
Virtual cards are better than traditional credit cards because we offer enhanced security (single-use or limited-use numbers), better control (spend limits, expiration dates, MCC restrictions), simplified reconciliation (with rich transaction data), and reduced fraud risk. we also integrate seamlessly with payment systems and provide detailed reporting.
There are no costs to issue ConnexPay's virtual cards.
ConnexPay offers various pricing models including interchange plus pricing for acquiring transactions and revenue share models for issuing services. The specific pricing depends on your business type, volume, and which services you use. Special programs like Global VCC or UATP cards have specific pricing structures, and features like 3D Secure authentication may have per-transaction fees.
To get started with ConnexPay, businesses need to complete an application process that includes financial underwriting and KYC (Know Your Customer) verification. Specific requirements include having a legal business entity, a business bank account, and meeting minimum processing volume thresholds. For acquiring payments (PayIns) in Europe, a physical entity in the region associated with the currency is required.
ConnexPay is unique in offering an integrated payment solution that combines both acquiring (PayIns) and issuing (PayOuts) in a single platform. This allows for streamlined payment processing where funds from customer payments can be directly used to pay suppliers. ConnexPay's model reduces the need for prefunding accounts and offers enhanced fraud monitoring, direct integration with major card brands, and specialized solutions for industries like travel and advertising.