Industry-leading insurance firm leverages Financial Transmission Network’s (FTNI) ETran receivables platform to tackle credit card payments and meet substantial security requirements.
Credit Card Payments Go Off the Charts!
When a new billing and collections system touched off an 850 percent spike in credit card payments, Physicians Mutual Insurance Co. was driven to explore better ways to handle card data. “At the time, card processing occurred as a service through our bank,” explained the VP and enterprise architect at the Omaha-based health and life insurer. “But it was apparent we needed more sophisticated and streamlined processes to better meet requirements.”
In addition to PCI compliance, Physicians Mutual sought a NACHA-compliant solution as well. But available packaged and outsourced options were insufficient or cost prohibitive, according to the VP and enterprise architect, who said the insurer originally began plans for building its own solution before finding FTNI.
Enhancing Efficiencies and Throughput
On the customer-facing side, FTNI works with credit card companies to update card expiration information before a recurring payment is processed, preventing coverage interruptions due to an expired card. The VP and enterprise architect noted, “For us, it reduces internal inefficiencies caused when a payment attempt is made to and expired card."
Not surprisingly, card and ACH transactions have soared. “Within eight months we exceeded credit card volume over the entire previous year,” the VP and enterprise architect reported. “Also, over the period, we processed $4 million in electronic payments through the enhanced self-service capability enabled by FTNI. And we’re getting a higher persistency of customers who use recurring payments.”
“Implementing ETran started with approximately $250,000 in savings in our up-front infrastructure costs and 3,500 hours of our development effort" - VP and enterprise architect
Growing business means growing transactions, and that means continually seeking new ways to streamline A/R processes while integrating new, highly secure payment technology and processes along the way. For this nationally known insurance firm, FTNI is the long-term strategic partner that will help them be as efficient and effective as possible.
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