Checking Account/ EFT

[Funguy]

Hey guys,

I have had some people tell me they want to make a purchase but are not comfortable with monthly EFT payments.

Any advice on how to make these people comfortable about this method of payment and conveying to them that it is in their best interest if they chose to pay through EFT.

Sincerely,

Funguy

 

[moonlightandmargaritas]

I have had some people tell me they want to make a purchase but are not comfortable with monthly EFT payments.

When you ask them why they're not comfortable with EFT, what do they say?

 

[Todd King]

Many companies just won't do direct billing anymore. Even if you do find one that will, the client just may end up paying a little more each month because of it.

You just have to tell the clients that it's not in their best interest to do so. You have to assure them that the price isn't going to change and it will be the same deduction each month.

I used ask my clients, "What would happen if they got into an accident or suddenly fell ill and had an extended stay in the hospital? The bill comes and doesn't get paid. Now you have your life policy to lapse. Do you really want that?"

 

[inreverse]

listen to the client and suggest 5 Star, they will do monthly billing if they have a checking account.submit the first premium with a check from their account and the rest will be monthly billed for a small charge, then you will know if they are just blowing smoke

 

[keith48]

If they are concerned with the security of the process, I tell them that all their banking records are digitized by the bank already whether they want it or not, and that having the deductions automatically done is much safer than mailing a check every month where it can be intercepted along the way. Also, I make a point to tell them that they never take it out earlier than their draft date. If their draft date is on a weekend or holiday, they will draft it on the next business day and never before.

 

[GoCubsGo]

Right before you give any rates tell them insurance companies give a discount if you have a checking or savings account to make the payments out of and ask if they have either. If they say yes proceed without saying any more. When you get to the EFT form explain this is for the paperless payments with the discount.

If they object along the way answer it. Problem giving out checking info explain that all the info they want is on your check which you give out all the time. Give them the accident scenario Todd said above.

If they still object give them the rate for 5 Star, UHL or American Amicable and let them pick which way they want to go.

 

[policy doctor]

All of the above, plus there is a trail of insurance premiums paid; whereas with money orders or checks they have to retain the copies.. Easier bookkeeping for heirs.

Tell them the old way went out with Pharoah.

 

[jdeasy]

listen to the client and suggest 5 Star, they will do monthly billing if they have a checking account.submit the first premium with a check from their account and the rest will be monthly billed for a small charge, then you will know if they are just blowing smoke

There is no extra charge for direct billing with 5 Star. Nor with AmAm. UHL does charge extra as does LH.

There are some other FE companies that will do monthly billing at the client's request once the policy is issed and in force for one month.

 

[Funguy]

When you ask them why they're not comfortable with EFT, what do they say?

Well 2 people have told me that some companies took some money from their account without their knowledge.

I have no idea why they said that.....

 

[Jerard]

Well 2 people have told me that some companies took some money from their account without their knowledge.

I have no idea why they said that.....

People will always blame someone else rather than admit to their own stupidity. Chances are they either forgot or their plan was with Bankers.