Final Expense Company Who Take a Credit or Debit Card

[jdeasy]

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.

I agree. Some agents are complaining about this. I can't see it for anything but a help. Now we just need more companies that will take the Direct Express card.
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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.

That was my point. The companies that drag their feet about taking credit/debit cards say that they have to figure a way to recover the costs and that they can't charge the credit card payers more the way some gas stations do, for instance, but they can charge monthly direct payers more. UHL charges a higher modal factor for direct bill. LH charges a $2/mo fee.

How can they do that if it's a law that everyone has to pay the same?

Soujnds like more insurance company BS to me.

 

[paige23]

Actually services can charge customers a convenience fee now if they choose. Retailers just eat the fees because if you shop with a card you spend something like 20-40% more.
Visa is making a flipping fortune . ..charging us and them.
But we are a cashless society.

 

[Todd King]

I think JD is referring to insurance specifically. They are suppose to charge the same for certain ages. And they do. That's only referring to the basic cost per unit, policy fees and riders. The model factors can be different for the different billing methods.

 

[jdeasy]

I think JD is referring to insurance specifically. They are suppose to charge the same for certain ages. And they do. That's only referring to the basic cost per unit, policy fees and riders. The model factors can be different for the different billing methods.

But they claim they cannot. That's why AmAm claimed they had to raise the modal factor for everyone. Not just the credit card payers.

And, yes I'm only talking about insurance. I know others can charge for using credit cards. I got gas today in the town I was working. The cash price was 3 cents less per gallon.

Americo is claiming their big holdup is how to handle that plus they are talking about using a 3rd party and there are privacy concerns. That's the story anyway.

 

[HoosierDaddy]

5 Star does not do an RX (prescription) check and will take the trash business of Direct Express. So most agents i hear of load them up with all the sick and poor clients... And they do monthly direct bill too

 

[TDFnCali]

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.

While I'll agree....Ill still ask if they have a bank acct over a card. Bank accts dont expire, CC/Debit Cards do.

 

[rousemark]

5 Star does not do an RX (prescription) check and will take the trash business of Direct Express. So most agents i hear of load them up with all the sick and poor clients... And they do monthly direct bill too

Can agents make a living chasing that type of business? Would think the chargebacks would be horrendous.

 

[HoosierDaddy]

Can agents make a living chasing that type of business? Would think the chargebacks would be horrendous.

No, nor can an insurance company that does not do underwriting and has horrible persistency because the accept direct express and monthly direct. Just helping agents know where to put junk business when they come across it.

 

[brianpeterson32nj]

5 star take credit-debit and ss

There are two companies I know of Lincoln heritage and settlers life insurance.

 

[shonceman]

While I'll agree....Ill still ask if they have a bank acct over a card. Bank accts dont expire, CC/Debit Cards do.

Hmmm..., that's a good point!