Insurance agencies
have unique needs in handling payments they accept. No other business has to
sort and forward payments each day to the appropriate company.
Because of direct
bill, insurance agents are usually taking payments on behalf of the insurance
carrier as a convenience to both the insured and the carrier. The result is
the agency - you - have to forward most payments you take to the insurance or
premium finance company your insured is actually paying.
This requires
special "remittance" reports. Reports that list on a company by company
basis the days payment activity. Using these reports you can send checks to
the correct companies for the correct insureds, or reconcile the daily sweep
of your premium account by your companies.
Cap Dat
ACORD's CashBox Program Is Your Solution
You can track
a single cash box or 1,000 cash boxes - however many your agency has.
For each cash
box, our program starts the day by balancing the physical cash box.
Each person's
cash box access is limited by their unique Cap Dat ACORD log in. (The master
Cap Dat ACORD log in - yours - has global access to all cash boxes for reporting
functions.)
As you take payments
and provide your insured's with receipts, the cash box program makes change
and keeps an accurate running total of the current balance in the box.
In addition to
payment transactions, you can record miscellaneous transactions for taking money
from the cash box for petty cash needs. Every transaction that can change the
actual balance of money in the cash box is tracked so you always have an audit
trail giving you a perfectly balanced cash box.
Even payments
by check to the insurance or premium finance company can be entered so you can
generate a receipt and an audit trail for those activities. Checks made out to
the companies are not added to your cash box balance because
they are not money you have to deposit to your bank account.
In addition to premium
payments, you can track extra fees charged by you, your insurance companies or
your premium finance companies. These would include late payment fees, NSF fees,
etc. The insurance and finance company fees are included in the remittance reports
to those companies. The agency fees are left in your account.
To get a better
understanding of our Cash Box program, take the time to watch these short video
demos of our service.
