InsurCard, a leading provider of prepaid cards used to pay insurance claims have expanded their range of products with the launch of the new InsurCard Virtual Card which is designed specifically for making electronic claim payments for medical, auto repair, home contractor and various other P&C service providers.
The prepaid Virtual Card from InsurCard has made paying providers much faster and less costly than paper checks. This benefits not only the insurer but also their service providers by providing quick and secure payments.
The new card allow insurers to eliminate the need to print checks while reducing postage costs and avoiding the potential risks and time delays that come with mailing paper checks. The system is easy to implement, running alongside any existing payment procedures. It also incurs no additional fees for insurers or service providers.
President of InsurCard, Bob Mendte says,
Providers prefer electronic payment by this method because it allows them to maintain their existing internal business methods of matching payments to bills, and unlike with EFT payments, no enrollment is required and there is never any confusion over what services are covered by the payment. Moreover, unlike with checks, providers get their payment immediately. There’s no running to the bank or waiting for checks to clear.
Providers receive a statement from InsurCard containing a one time payment on a prepaid card along with an advice note to ensure providers are not confused as to what the payment is for. To access the payment, the provider simply enters the virtual card number and payment amount into their merchant terminal. Payment is then sent immediately at no extra cost.
The InsurCard Virtual Card is an extremely easy system to implement. No additional systems integration is required as it will work alongside the existing payments systems. The Virtual Card uses exactly the same information that is produced by insurers who issue paper checks.
The system guarantees cost savings for insurers. It carries no implementation fees and no transaction fees. The system utilizes the insurer’s current payment format and is very easy to put into practice.
InsurCard is part of Service Network Design, LLC, a management consultancy who deal with clients across the insurance and the prepaid card industries. InsurCard Prepaid Cards were introduced when Service Network Design saw a need for new claim payment systems and the products offered are specially designed to meet recognized needs of the industry.