Final Expense Company Who Take a Credit or Debit Card

[shonceman]

Anyone knows who will take a money order, came across a prospect who didn't want to do the debit-5star deal because they don't bill out receipts...

Thanks!

Settlers Life will direct bill. So will Security National Life.

 

[Justin Bilyj]

Does Settlers need a payment submitted with the app?

 

[TDFnCali]

AmAm, they will also bill for the first payment. It doesn't have to sent in with the app. Same for UHL but the modal factor with UHL is .099 for direct bill.

LH will take MO but it has to be sent in with the app and they will cut the commission by 40 points.

UHL direct billing is .095 now!!! UHL is pretty competitive now for non smokers up to about 70 (if I remember correctly)...after that, not the greatest!

 

[shonceman]

Does Settlers need a payment submitted with the app?

If it's not bank draft, they do.

 

[paige23]

I wish more companies would as well. I sold credit card processing for over 5 years and the companies(Business owners) have to pay a minimum of 1.5 -2.5 % fee (Or more) depending on what type of CC card the customer is using. That is probably why they do not readily offer paying premiums with a card. Debit rate is not as high , but there are still fees attached.

 

[HoosierLife]

I wish more companies would as well. I sold credit card processing for over 5 years and the companies(Business owners) have to pay a minimum of 1.5 -2.5 % fee (Or more) depending on what type of CC card the customer is using. That is probably why they do not readily offer paying premiums with a card. Debit rate is not as high , but there are still fees attached.

Yeah I sold CC processing too. The companies are going to have to start switching over. A new law/rule just went into effect, if a medicare recipient doesnt have a bank acct, they get one of those nifty visa debit cards.

These companies are leaving money on the table.

 

[paige23]

Yeah I sold CC processing too. The companies are going to have to start switching over. A new law/rule just went into effect, if a medicare recipient doesnt have a bank acct, they get one of those nifty visa debit cards.

These companies are leaving money on the table.

BIG TIME , they will just raise the rates , but yep a matter of time and the speedier they are the better. IMHO.

 

[jdeasy]

BIG TIME , they will just raise the rates , but yep a matter of time and the speedier they are the better. IMHO.

AmAm raised the modal factor when they started taking taking credit cards in order to cover the fees. They can't charge only the credit/debit card users more by law. They have to charge everyone the same. That's odd because they can charge direct monthly payers a fee but not credit card users.

Anyway, AmAm stopped taking credit cards after only a few months but they kept the higher modal factor in place.

Kinda of a sneaky way to raise rates but that's them in a nutshell.
- - - - - - - - - - - - - - - - - -

Yeah I sold CC processing too. The companies are going to have to start switching over. A new law/rule just went into effect, if a medicare recipient doesnt have a bank acct, they get one of those nifty visa debit cards.

These companies are leaving money on the table.

Nothing new about the rule it just took effect finally after being pushed back for the last 3 or 4 years.

Not just medicare. No more paper checks from SS. As of Jan 1, 2013 if you don't have a bank account for direct deposit then you get the SS Direct Express debit card. For SSI payments that went into effect on March 1, 2013.

Everyone drawing a payment from SS/SSI now will have an account.Either their own checking and/or savings or the Debit Card.

 

[jacobtn]

Nothing new about the rule it just took effect finally after being pushed back for the last 3 or 4 years.

Not just medicare. No more paper checks from SS. As of Jan 1, 2013 if you don't have a bank account for direct deposit then you get the SS Direct Express debit card. For SSI payments that went into effect on March 1, 2013.

Everyone drawing a payment from SS/SSI now will have an account.Either their own checking and/or savings or the Debit Card.

this is a great thing for us agents. now I really don't care if they have a bank account or not any more. no reason to ask, we know they have something that can be hit monthly regardless.

 

[shonceman]

AmAm raised the modal factor when they started taking taking credit cards in order to cover the fees. They can't charge only the credit/debit card users more by law. They have to charge everyone the same. That's odd because they can charge direct monthly payers a fee but not credit card users.

Anyway, AmAm stopped taking credit cards after only a few months but they kept the higher modal factor in place.

Kinda of a sneaky way to raise rates but that's them in a nutshell.
- - - - - - - - - - - - - - - - - -

Nothing new about the rule it just took effect finally after being pushed back for the last 3 or 4 years.

Not just medicare. No more paper checks from SS. As of Jan 1, 2013 if you don't have a bank account for direct deposit then you get the SS Direct Express debit card. For SSI payments that went into effect on March 1, 2013.

Everyone drawing a payment from SS/SSI now will have an account.Either their own checking and/or savings or the Debit Card.

The companies that I know of who take cc's also will bill monthly direct, so they just use the same modal factor as the monthly bill factor. Maybe that's why a couple who were doing it aren't now, since they never had a monthly bill rate.