PathPay: First-of-its-kind digital payment experience for E&S insurance
Pathpoint is the first in the E&S industry to offer a 100% digital payment method. PathPay is a digital payment experience for E&S insurance. Agencies can choose PathPay Insured or PathPay Agency to manage their billing through our online invoicing and payment process. Every agent using Pathpoint will need to set up a PathPay account to handle billing.
- PathPay streamlines payment processing, shortening the time from bind request to policy issuance.
- PathPay offers transparency in the billing process with real-time payment tracking.
- Pathpoint modernizes E&S placement with PathPay–a digital payment experience that’s faster and easier than traditional agency bill processes.
PathPay Insured (where the Insured pays directly) reduces the financial risk for agencies because we don’t bind an account until we receive your client’s payment. With PathPay Agency (where the agency collects the premiums and remits to Pathpoint), agencies benefit from payment status updates when paying PathPoint, which helps with account reconciliation.
PathPay Insured offers multiple benefits to agencies:
- Reduced Financial Risk: We don’t bind an account until we receive client payment. Your Agency won’t be responsible for the Minimum Earned Premium if the Insured fails to make payment on the account.
- Automatic Commissions: Receive your commission when the Insured pays their invoice, and opt to receive commissions either weekly or monthly.
- Transparent Reporting: Access a dashboard to view invoice status and commission payout.
- Streamlined Client Experience: Offer a seamless, consistent, and transparent payment process that your clients expect and appreciate.
PathPay Agency offers an enhanced experience to the typical agency bill process:
- Payment Tracking: Keep track of the status of your premium payments to Pathpoint for easier reconciliation.
- Digital Payments: We make it easy to pay via credit card or ACH.
Whichever PathPay option you choose, you can rest assured that you’re processing payments using a fast, safe, and reliable system.
- Less paperwork: Say goodbye to manual admin tasks. We handle the payment processing that an agency normally has with a wholesale broker.
- Transparent reporting: Access a dashboard to track payment status in real time. Offer a simple, easy, and seamless payment process to maintain high-quality client service.
- Easy setup: Set up your account with a few simple steps.
Setting Up PathPay
PathPay simplifies the payment process for E&S insurance. Contact your Account Manager today to choose PathPay Insured or PathPay Agency and get set up right away. You will not be able to remit payment for bound accounts any other way.
Austin Roberts, CA + TX
Matt Schamble, Northeast
Dan Coakley, Southeast
Jayne Respeliers, Mid + Northwest
WHAT IS PATHPAY?
PathPay is a digital payment experience for E&S insurance. Agencies can choose PathPay Insured or PathPay Agency to manage their billing through our online invoicing and payment process.
DO I NEED TO USE PATHPAY, OR CAN I KEEP USING OTHER PAYMENT METHODS?
Every agent who wishes to bind business with Pathpoint must set up a PathPay account and use either PathPay Insured or PathPay Agency as their payment method. We will no longer accept any other method of payment.
WHAT IS PATHPAY INSURED?
PathPay Insured enables Insureds to pay directly on an account. It eliminates the typical agency bill process and replaces it with a direct payment method. See the PathPay Insured experience by watching this video.
WHAT IS PATHPAY AGENCY?
With PathPay Agency, agencies benefit from payment status updates when paying Pathpoint, which helps with account reconciliation. See the PathPay Agency experience by watching this video.
WHO IS RESPONSIBLE FOR PAYMENT IN BOTH PATHPAY INSURED AND PATHPAY AGENCY?
With PathPay Insured, the Insured is responsible for payment. Pathpoint doesn’t bind until we receive payment, so there is no risk to the agency for being responsible for uncollected premiums.
With PathPay Agency, the agency is responsible for collecting payment from the insured and paying the premium to Pathpoint.
HOW MANY DAYS WILL PATHPOINT WAIT FOR PAYMENT BEFORE REJECTING THE BINDER?
Pathpoint will have to reject the bind request if we haven’t received payment in three (3) business days after the policy effective date. If payment is not received after three (3) business days and you are still interested in binding, you will need to send a new request to bind with a new effective date. After the payment period, the earliest we can bind is the date payment is received.
CAN I SET UP AN AGENCY FEE?
Yes. For PathPay Insured, the option to add an agency fee is available when you set up your account with Ascend. Agency fee cannot be varied per policy. For PathPay Agency, add the agency fee to the invoice when you bill the Insured.
WHEN WILL THE AGENT RECEIVE COMMISSION?
For PathPay Insured, you will receive your commission when the Insured pays their invoice. You can set your payout schedule to receive commissions weekly or monthly. For PathPay Agency, you will receive your commission payout monthly.
WHAT IS THE PROCESS TO SET UP PATHPAY?
Contact your Account Manager (see the map and contact information above) and they will walk you through the easy setup process for either PathPay Insured or PathPay Agency.