Business check ordering is one of the most common challenges that companies face nowadays. Let’s see how the cloud-based platform can solve this.
In a world where everything is changing, the insurance sector remains a significant foundation for financial stability and growth. Basically, the insurance sector consists of companies that offer risk management by providing insurance contracts.
The insurance sector is a vast economy. It includes various services, from life and health insurance to property, casualty, and accident insurance. Presently, the industry is facing a shift towards digitalization.
However, there might be clients and vendors who still prefer checks. Giving those clients and vendor payments on time is also equally important. This might be difficult to execute as most ordered checks take days or even weeks to arrive. Additionally, the check might take another week to reach the payee. Altogether, making check transactions via the traditional method might take weeks.
Another significant concern while transacting checks via mail is the security that it offers. Checks are most likely to get stolen or lost while in transit. An insurance company that might have to send a large sum may find this method less reliable. However, the paper trail that checks provide and its universal acceptance compel companies like this to use checks.
On top of that, whenever an insurance company issues a payment, it must include certain documents. For instance, the company would have to include an Explanation of Payment (EOP) or Explanation of Benefits (EOB) document. Also, they might have to send legal documents along with the checks.
So, having software that deals with all these problems is crucial. Zil Money is one such platform where you can find solutions for all these concerns. How? Let us have an understanding from this blog.
Click Here to See Interactive Demo
Check Ordering vs Check Printing
As mentioned earlier in the blog, many prefer checks over other digital payment solutions. But the one thing that prevents them from using checks is the time it takes to deliver. Especially when you consider an insurance company, it might have a lot of transactions to make on a single day. So, for them, waiting for the ordered checks to be delivered is unimaginable.
Printing checks using Zil Money is the perfect solution that they can find. Unlike pre-printed checks, they are available on demand. Users of Zil Money can print them whenever they need them.
The platform allows the check to be printed on blank stock papers. This lets users save 80% of check printing costs compared to ordering pre-printed checks. You can get blank stock papers from any nearby office supply store.
Secure Your Checks
In the year 2018, it has been reported that around 74% of organizations experience check fraud. Check fraud losses totaled $1.3 billion in the same year. This number increased by 43 % by the year 2020. So, similar to any other business, the security of checks is crucial for insurance companies as well. Insurance companies may have to make a huge number of check transactions, and that too containing large amounts. So, finding a solution that guarantees the security of their checks is important for them.
Zil Money is that solution that they can find that promises the security of checks. The platform offers a number of features that assure the safety of your checks.
- The cloud-based platform offers a Positive Pay feature. This feature ensures the security of checks by pre-notifying the arrival of your checks to the bank. Consequently, the bank will only process those checks. Any unmatched checks will be sent for further examination.
- Zil Money is integrated with over 22,000 banks and financial institutions in the US and Canada. This integration helps users prevent any kind of check fraud.
- The platform offers a customization feature. With this feature, you can add your company logo, specialized font, watermarks, and more that are hard to replicate. This makes it difficult for others to make a copy of your checks and thereby prevents check fraud.
Send Documents Along with Checks
It is crucial for insurance companies to send documents along with checks. The company can have this service with Zil Money. The platform lets you send any number of documents along with your checks. You can attach your documents as PDF files.
The entire process of mailing checks will be carried out by the platform. That is, you don’t have to worry about the printing, mailing, labeling, enveloping, and sending your checks. The platform will take care of it. Your documents and checks will be mailed depending on the option you choose. Basically, the software offers four ways to send checks:
- First Class – Takes 1 to 5 business days to get delivered
- First Class with Tracking -Gets delivered within 1 to 5 business days
- Priority – 1 to 3 business days
- Overnight – Often delivered the very next business day
- Express – 2 business days
The whole process can be done at a nominal fee. The cloud-based platform also offers an option to send eChecks. Companies can send eChecks as one-time printable PDFs via email or SMS.
ACH, wire, credit cards, payment links, etc, are other payment options offered by Zil Money. For any further details, kindly visit the official website.
Conclusion
For an insurance company that may have multiple checks to send at a time, Zil money is the best solution. The on-demand check printing facility offered by the platform attracts companies to it. The advanced security measures offered are another highlight. Features like positive pay ensure the safe delivery of checks no matter how hard fraudsters try.
The ability to send documents along with checks offered by the platform is worth mentioning. They are particularly beneficial for companies that may have to submit EOPs or EOBs along with checks. Altogether, Zil Money is a reliable platform that has made business check ordering an effortless task.
