Frequently Asked Questions
1. Does Bill It Now work directly with the insurers and retail producers or do we have to?
Bill It Now will work directly with the insured and broker to address any billing questions that may arise.
2. Does Bill It Now pay the commissions directly to the retail producers and the MGA?
Typically yes, and in doing so we eliminate the need for you to reconcile direct bill, however the BMS platform is dynamic and flexible and can be configured to distribute the commissions in full to the MGA if that is desired.
3. Are commission payments made as earned or paid in full upon receipt of the down payment?
Commission payments are paid on an "as collected" basis.
4. Is Bill It Now a premium finance company?
No, Bill It Now is a third party service provider, not a financing company. We do not prefund the carriers any premium we have not collected nor do we charge an interest charge for premiums due to us.
5. Who is responsible for any uncollected premiums?
Typically the MGA is responsible for any premiums that go uncollected. Bill It Now does not assume the contractual obligation to pay the carrier any premium it has not collected.
6. What installment schedules are available on the Bill It Now platform?
We can handle any installment schedule that is agreed upon between the MGA and the carrier, Monthly, quarterly, semi-annual, pay in full or any combination of.
7. Does Bill It Now handle "pay as you go" work comp payroll deduct programs?
Yes, BMS has a payroll deduct program for workers compensation programs.
8. Is Bill It Now a call center for collections?
Essentially yes, BMS staff will take all of your inbound calls that relate to the product we are billing for you, eliminating the need for you field any billing calls. We become your billing call center.
9. How do I know that Bill It Now cancellation notices will be enforceable in my state?
Bill It Now has a custom integration with ODEN, a well known, proven service utilized by many insurance carriers and MGA's around the country to ensure their notices are compliant with state laws and regulations.
10. Does Bill It Now accept online payments via credit cards and Ach and if so, who pays for the charges?
Yes, the BMS platform fully supports online bill pay via credit card and ACH. Either the insured, broker or MGA can make a payment on behalf of the policy via the online platform. The charges are typically a pass through to the MGA or carrier or they may be absorbed into the service charges from Bill It Now.
11. Is the Bill It Now website secure and does any of the data get sent to other parties?
The Bill It Now website is secure to current web standards for protection against hacking and theft of data. Bill It Now does not sell or share any data to any entities that are not parties in our contractual agreement. Further, Bill It Now stores no credit card information on its website, completely eliminating the ability to steal this data from our site.
12. Is Insurance the only industry that Bill It Now supports?
No, in fact, Bill It Now can support any industry that has a recurring billing need with the desire to have a web platform to integrate and face their clients.
13. Does Bill It Now actually operate a lock box or do they partner with an outside bank or service for this?
Bill It Now manages and operates its own lock box with its own proprietary in-house solution which eliminates an additional point of failure in typical direct bill facilities. With one less party in the transaction, the payments are posted more quickly and there's less room for error when looking for those infamous "lost checks."
14. What is done with the premium from the time Bill It Now collects it to point it's paid to the insurance carrier?
For each program Bill It Now opens, there is a jointly held premium trust account where all premium proceeds are deposited until they are remitted to the carrier. These funds will only be invested in conservative treasury type investments as governed by the master agreement with Bill It Now. This is no different then the handling of premiums at the agency level.