Should We Be Concerned When Using Electronic Payment Systems?

The world now operates largely through the World Wide Web. New internet based companies are springing up all the time to offer consumers products for less and without the hassle of having to pop down to the shops to pick the item up.

All of these websites need to have some form of electronic payment system to allow the customers to securely pay their money to the company in question and possibly the biggest single issue with shopping on the internet is the threat of your bank details being hacked by some online virus or tracker.

Obviously there will always be people that will attempt to hack peoples bank details, just like there will always be people who attempt to rob banks or perform muggings. But thankfully there are a number of individuals that have the task of constantly coming up with new ways to make the electronic payment systems more secure.

There have been several variations of the online electronic payment system, but the standard version that most people use today is PayPal. This service works as a go between for the client and the company selling products. The money is transferred securely to PayPal who then hold the money before passing it on to the company. Because of this there is no exchanging of bank details between the two individuals. All the bank details are stored on PayPal’s secure servers.

Other variations of the electronic payment system involve using a series of security number and passwords. For instance VISA’s latest version of their online electronic payment system includes using the three digit security code from the back of the card and also uses a specified password that the owner sets to verify that the card hasn’t been stolen.

Obviously you will never really eliminate all card crime, because as quickly as these companies can manufacturer new methods of keeping us all safe, someone is coming up with a way to crack the code and give the advantage back to the thieves.

If you really want to make sure that you stay safe when ordering your products online, then there are a number of rules that you should follow. Firstly, online shop on sites that you know are genuine and you trust, secondly ensure that you machine is updated with the latest security patches from your software manufacturer, and thirdly ensure when purchasing that the web address starts with https. As long as you follow these steps you should have a happy and safe online purchasing experience.

Auto Insurance Electronic Payment Policy Retention

Many auto insurance companies have seen the benefits of having their clients on automatic payments that are taking electronically from the insured bank account monthly. The policy retention of the clients that have electronic funds transfer for installments is more than double that of the direct bill clients.

Having significantly higher policy retention benefits the insurance company in many ways. There is less paperwork that needs to be done for clients that are cancelled for non-payment, there are less midterm cancellations, and more of the client’s policies mature to receive the loyalty discounts that are offered.

When an insurance company offers a loyalty discount it is less likely that the insured will be able to find a more competitive rate with another carrier. In California, if the insured were to get quoted from new insurance companies the new companies will not be able to offer a discounted rate because the client has had continuous coverage.

In return the insurance companies offer these electronic payments to client multiple times. Some insurance carriers offer this to the client on almost every communication. The companies will also offer lower billing fees to these clients that elect to have their monthly payment taken from their checking account.

There has been some debate in the industry about the level of responsibility of the clients that choose EFT monthly installments. Some say that these clients are more financially responsible and would have the higher retention regardless of the policy billing. Either way, the insured will be able to save each month on the billing fees associated with the policies. In some cases the saving could be as high as $10 per month.

Flexible Electronic Payment Solutions Benefits Both Provider and Patient

The current economic situation has the capacity to force patients to decide between discontinuing their routine healthcare appointments or making other payment arrangements. Possible solutions offered by healthcare providers include medical credit cards, or automated electronic payment plans (such as “auto-debit”).

Affordable, electronic payment plan options now play a vital role in the financial health of a practice more than ever before. With declining insurance reimbursement, patients are now personally responsible for a larger portion of their healthcare expenses.

Finances have become a barrier for many patients who are not able to receive the care they want and need.

Easing the financial burden for patients and making it easy for them to plan their budget with an automated electronic payment plan is essential, as it provides the opportunity for preventive care which will inevitably minimize the need for emergency care that results from lack of routine health appointments. It is much less costly for patients and society in general, if routine screening and maintenance healthcare is made fiscally available.

From the healthcare practitioner’s perspective, the predictability that comes with steady, recurring revenues from electronic payment plans is most important during times of economic uncertainty. If providers are completely subject to patient decisions on when to have their routine check-up, they ultimately lose out if a patient cancels due to an unforeseen bill or other such budgetary burden. Payment plans make sure that care is already budgeted for. With greater predictability of income, comes the confidence for providers to take control and better plan for the financial health of their business. For a sustainable system, both the needs of the patient and the provider must be met.

One of the primary benefits of being in private practice is maintaining control over patients and ensuring independence. Most private practices have at some time spent sizable amounts of time and dollars growing an organization and brand that identifies them. In most cases, communicating this brand to patients contributes to a significant portion of the practice’s marketing expense. Successful practices know the importance of converting potential leads into new patients to take full advantage of those marketing dollars. The ability of an office to convert new patients is greatly enhanced by offering electronic payment plan options that have the flexibility to fit into the patient’s budget.

Opting for partner companies who will assist providers in offering flexible, electronic payment solutions will ultimately lead to healthier, happier patients and goes a long way to strengthen and grow a practice.