As an insurance agency, one of the main challenges you may face when it comes to credit card processing is finding a way to manage financial transactions with a large number of clients and consumers in a cost-effective manner. We’ve put together a list of the finest merchant accounts for insurance agencies to assist you in getting the ideal service package for your company.
To address this challenge, it is essential to have a reliable payment processing system in place, such as a traditional merchant account. This type of account often comes equipped with enterprise-scale client monitoring systems, making handling many transactions more accessible. Also, choosing a merchant account with low per-transaction fees is crucial, as this can help reduce costs for your business.
Another desirable feature of payment processing services for insurers is the ability to serve underbanked claimants. This can be achieved through prepaid debit cards, which allow you to disburse payments to claimants who may not have access to traditional banking services.
It is crucial to remember that when choosing any payment solution, it is essential to find the features you need while avoiding frequent contractual disadvantages, such as long-term contracts, excessive rates, and unnecessary fees. You can guarantee that you pick a payment processing solution that matches the demands of your insurance firm by carefully evaluating these elements.
What We Took Into Consideration While Making This List
These organizations provide tools and features to help you manage your revenue and disbursement streams, such as business control services, online invoicing, customer management and accounting integration, payment options, digital terminals, and prepaid card services.
Aside from these benefits, the providers on our list are recognized for offering low-commitment contracts with transparent pricing and high-quality customer support. To pick the ideal supplier for your insurance firm, we’ve compared prices and conditions and explored the goods and services offered by different processors.
Best Merchant Accounts For Insurance Agencies
These are the top picks for the ideal merchant account for your company in 2022:
- PaymentCloud
- Host Merchant Services
- Helcim
- National Processing
- Square Payments
PaymentCloud
PaymentCloud is a merchant account service located in Woodland Hills, California, focusing on supporting regular to high-risk businesses. It makes it an excellent choice for insurance companies since it provides a wide selection of products and services that can handle daily and one-time payments.
PaymentCloud provides POS systems, phone swipers, an online transaction solution, virtualized terminal, EMV-compliant terminals, and merchant cash transfers. These capabilities enable retailers to collect payments in several methods, both on-site and via online billing. PaymentCloud’s payment processing solutions are versatile, making them an excellent choice for insurance firms that need to manage a wide range of transactions.
Host Merchant Services
Host Merchant Services is a provider of traditional merchant accounts that offers credit card processing services and competitive pricing to businesses that qualify as high-risk. The company advertises that it can help businesses, including those “selling anything that ‘borders’ on unlawful,” to obtain merchant accounts that might not be available through other processors.
However, it is worth noting that Host Merchant Services works with Electronic Merchant Systems (EMS) to offer high-risk merchant accounts, and third-party reviews of EMS have reported tiered pricing and expensive early termination costs. It is advisable to ask Host Merchant Services for specific details before signing up for a merchant account.
Helcim
Helcim is a payment processing firm that provides interchange-plus transaction rates, automatic volume discounts for monthly sales of more than $25,000, and a variety of free business administration solutions such as point-of-sale, inventory control, billing, consumer management, and e-commerce capabilities. This approach is appropriate for various sectors, such as retail, insurance agencies, and subscription-based service companies, although it may be especially well-suited for retailers.
Some critics, however, have remarked that the system has limited connectivity with other corporate tools and requires a costly card reader. Furthermore, while the interchange plus pricing structure might reduce per-transaction costs, Helcim’s automated volume discount benefits enterprises with more significant monthly sales.
National Processing
National Processing is a payment processing company that provides several options for small businesses, including insurance agencies. The company can help enterprises to identify the ideal POS system or digital terminal for their demands and offers two pricing options: an interchange-plus and a “no-fee” program. Both of these options offer competitively priced rates.
Regarding reputation, National Processing has a clean record, with just one complaint filed in the last three years. This complaint does not appear to be particularly concerning. Based on our independent review, we find National Processing a reliable and solid option for most insurance companies.
Square Payments
Square Payments is a payment processing and POS solution that is free to sign up for and use. It offers the same processing rates to all users, which are not the lowest on the market but are still competitive. One of the main advantages of using Square is the wide range of free point-of-sale and e-commerce tools available to users, which can help businesses save on costs.
Additionally, Square has low startup costs and a sleek interface, making it a popular choice among merchants. Its advanced POS features and reasonable processing rates also contribute to its reputation as a top choice for overall merchant solutions.
How to Choose the Ideal Merchant Account for Your Business
When selecting the best merchant services provider for your business, there are three main factors to consider:
- Processing rates and monthly fees: Compare the costs of different providers to find the one that offers the most competitive pricing.
- Services: Look for a provider that offers a wide range of services, such as POS systems, inventory management, and customer relationship management tools.
- Account type for merchant services: Determine the type of account best for your business, such as an interchange-plus or a “zero-fee” program.
Conclusion
In conclusion, it is essential for insurance agencies to have a reliable payment processing system in place to manage financial transactions with clients and consumers in a cost-effective manner.
Traditional merchant accounts, such as those offered by PaymentCloud, Host Merchant Services, and Helcim, can be a good choice for insurance companies because they provide a wide range of products and services, including POS systems, virtual terminals, and prepaid debit cards, which can be helpful to for disbursing payments to underbanked claimants.
When selecting a merchant account, it is essential to consider the processing rates and monthly fees, the services offered, and the type of account best for your business. Looking for providers with low-commitment contracts, straightforward pricing, and excellent customer support is also advisable.
