Do You Pass on CC Transaction Fees?

[nbarnes]

How do you all handle the 3% or so transaction fees from the use of credit cards? Do you pass the fee to the insured?

It is my understanding, in Georgia, that credit card transaction fees, until recently, were not allowed to be passed on to the insured. The Dept. of Insurance just changed that rule, but did not address taking credit cards from accounts outside of my domicile state. My book of business covers all 50 states. I've emailed and called repeatedly the Department of Insurance, but to date have not had a response.

I'm hoping someone may be able to shed some light on this for me or point me to the appropriate people/law.

 

[AZDave]

How do you all handle the 3% or so transaction fees from the use of credit cards? Do you pass the fee to the insured?

It is my understanding, in Georgia, that credit card transaction fees, until recently, were not allowed to be passed on to the insured. The Dept. of Insurance just changed that rule, but did not address taking credit cards from accounts outside of my domicile state. My book of business covers all 50 states. I've emailed and called repeatedly the Department of Insurance, but to date have not had a response.

I'm hoping someone may be able to shed some light on this for me or point me to the appropriate people/law.

In AZ we are only able to fee commercial lines. no on auto/home. I am just now looking into credit card processing company's. Seriously looking at PolicySpot. They charge zero fees to the agency; but they do charge $2.99 plus 3% to the customer.

That should solve your problem of the agency passing along any fees.

Good Selling.!

 

[Milkman1265]

there are third party vendors, that will pass the fee onto the insured.

because you are not directly charging them, it's allowed.

you are referring them to a payment processor to accept the payment that will send you the money instead of you having the merchant account.

look up simplyeasier payments, i found them on pia, and i am currently using them.

 

[nbarnes]

Thanks everyone. I'll look into those suggestions!

 

[LLATDE]

We are about to DUMP Simply Easier payments due to their VERY unhelpful customer service. We were very happy for a year then suddenly this week our clients start getting an "error code" when attempting to pay. We have tried every possible solution they have suggested. It seems that since their computers say there is no problem, then they are unwilling to help.


Also note that when we call their 800 number, we get a voicemail that sounds like they are operating out of a dorm room. I am a VERY unhappy agency owner. Look elsewhere for a solution.