Why Outsourcing Claim Payments Makes Even More Sense Today
The first few months of 2020 have certainly caused all of us to rethink what it means to be prepared—and carefully consider how we should plan for tomorrow’s “new normal.” Get payment options that support your remote workers, get payments to people faster and free up your internal resources.
Over the past few weeks, “business as usual” has basically ceased to exist for pretty much everyone. It’s an unprecedented time that is causing individuals and businesses to rethink what it means to be prepared.
We understand that at this moment, there are more questions than answers. But as you start to evaluate your business and plan for the coming months, please know that the VPay team is committed to supporting your efforts to facilitate safer, more efficient payments to your policyholders, members, service providers, and claimants.
Outsourcing payments has never made more sense. It allows you to deliver payments quickly and safely to your payees in whatever form they prefer—epayments, push-to-debit or checks—while saving you money and providing much-needed efficiencies and insights you can count on.
VPay’s total payment solutions allow you to:
Provide safe, remote-friendly and always-on payments
Turning your claim payments over to a trusted partner instantly removes a significant burden from your internal staff—by offloading the physical, location-dependent work required to process, print and mail checks. Outsourcing claim payments also enhances your efforts to create a more remote-friendly work environment which, as we’ve all learned, can quickly become imperative.
Take advantage of economies of scale to lower your print/mail costs
VPay processes more than 2.5 million payments every month, which gives us access to a wide variety of the largest volume discounts and savings. And of course, we pass all of those savings on to you, which will significantly lower or eliminate your print/mail costs.
Gain more complete payment visibility and insights from any location
Outsourcing your claim payments doesn’t have to mean sacrificing visibility and control. With an “always-on” VPay 360 portal, you maintain total control over how payees get paid and how those payments are delivered. This includes full visibility into the status of every payment, a daily recon file you can access any time, and a wealth of real-time financial, claim and delivery data.
Convert more payees to epayments
Electronic payments are faster, more efficient and less expensive than paper checks. They also translate into increased satisfaction and better experiences for your payees. At VPay, we understand what it takes to move large numbers of payees from checks to whatever form of epayment they prefer (ACH, virtual card or push-to-debit). On average, our clients see a 45% reduction in check payments, which saves many of them more than $1 million a year.
Reduce banking and treasury fees
Moving more payees to epayments will also take a big bite out of banking and treasury fees, including positive pay, stop pay, escheatment and more. It’s one more way we can help lower your costs and conserve precious resources.
Most importantly, we are fully prepared and committed to delivering all of these services and savings as we always have. Payment processing is all we do. Our data centers and print facilities continue to operate at capacity. They are remote-enabled, and fully prepared to keep processing and mailing payments throughout this uncertain time. And if outsourcing claim payments makes sense for you, we are ready to help you make that transition as quickly and painlessly as possible.