Online EFT enables you the agent to collect payments in your office, and electronically transmit the collected payments to SIUPREM. Each business day at 6:00 pm your EFT payment file will be processed and posted to your insured’s accounts. Deposit the payments you have collected for the day into your agency bank account. The next business day an EFT transmission will be processed through SIUPREM’s bank account and will debit your agency account for the total EFT payments collected the prior day. Throughout the day all payments you have collected and entered into the system will be viewable in the ‘Payment transactions’ table until the file is processed for the day.
The Online EFT program will draft your agency account one business day after it is entered – SIUPREM would strongly suggest only collecting Cash or Money Orders as an insured check could be returned to your agency account NSF. Your agency would be responsible for collecting the NSF funds from the insured directly. Use our SPEEDPAY product for all Checks and Credit Card transactions as it would also post to the insured’s account the same day, but would protect your agency from the possibility of NSF checks.
Click on the ‘Apply Payment’ link. A dialog box will appear for you to enter the insured’s account number – after entering the account number click ‘Select’. The insured’s account number, name, amount due, and status will appear. Please verify the information before continuing. If the information is not correct click ‘Clear’ and re-enter the account number. If the information is correct select the ‘Payment Type’ from the drop menu provided (Money Order, Cash, Check, Credit Card). Next enter the Check / Money Order number or any other identifying memo you would like. Last enter the amount you are collecting from the insured and click ‘Submit’. Note – the Online EFT system will accept any dollar amount you collect and is not limited to the suggested amount due (unless the account is in a Cancelled Status). As a result, please be aware that if the payment is not sufficient to bring the account to a current status, it will not prevent late or cancel fees, or policy cancellation. An authorization pop up box will appear to verify the amount of the payment and insured name – click ‘OK’ to process or ‘Cancel’ to abort. If you click ‘OK’ you will notice the system will reset for the next payment and display a red [Process Complete – Payment has been applied] message. If you click ‘Cancel’ the system will take you back to the prior screen to edit.
Payments may be applied on canceled accounts if cancellation return premium has not been applied to the account. Payments may not be applied on canceled accounts if cancellation return premium has been applied to the account without SIUPREM approval. Call SIUPREM customer service at 678.498.4700 to obtain authorization on the account. A SIUPREM Representative will review the account and instruct you of the amount needed to collect to bring the account current and request reinstatement. This process would be subject to SIUPREM’s current business rules. After obtaining authorization from SIUPREM re-submit the payment and process same as above.
Locate the insured’s payment transaction in the ‘Payment Transactions’ table (the last payment entered will be first on the list). Under the Receipt column there will be a blue ‘Print’ link. Click the link – a receipt will pop up in a separate internet browser to view and print.
To view any collected payments after they have been processed click on the ‘Print Transaction Register’ link, enter the date range you wish to print, and click ‘Submit’. A report will pop up in a separate internet browser to view and print.
SIUPREM, Inc. is a full service independently owned premium finance company serving insureds and independent insurance agents since 1969. With over 50 years of experience in financing commercial and personal lines, SIUPREM combines industry-leading technologies with personalized customer service, creating flexible finance solutions for any application.
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