Instant Carrier Payments
Note: This feature is only available to agencies subscribed to Ascend Plus.
What You'll Learn
What is an Instant Carrier Payment
How to process an Instant Carrier Payment
FAQs
Instant Carrier Payment
Your can initiate instant payment to MGAs and carriers from the Accounting > Payout Approval page. Instead of Ascend's 3 business day funding SLA for program payments to carriers and MGAs, you can select a policy to be paid out instantly to the markets (MGA or carrier).
Initiating instant carrier payment will allow your team to:
Avoid carrier cancelation for non-payment on policies where policy payment from the insured is delayed or the coverage is being backdated
Assist with a shorter timeline for binding for carriers who require payment in order to bind coverage
Have more control over the carrier payment timeline
Instant payments can only be made on a policy with premium of $35,000 or less.
This feature is available on programs that have been paid for by the insured (either paid in full or successful downpayment received by Ascend). Ascend cannot offer payment to any party until the insured's payment is successfully received by Ascend. Please note ACH payments have a processing timeline of 3-5 business days.
Transaction Fee
There is a transaction fee charged to your agency of 0.5% (with a maximum of $1,000) of the payout amount to cover the instant carrier payment cost. This fee cannot be waived.
FAQs
Can I initiate instant carrier payment while there is a processing payment from the insured?
No. This feature is available on programs that have been paid for by the insured (either paid in full or successful downpayment received by Ascend). Please note ACH payments have a processing timeline of 3-5 business days.
Is there a charge to initiate instant payment for a policy(s)?
There is a transaction fee charged to your agency of 0.5% (with a maximum of $1,000) of the payout amount to cover the instant carrier payment cost. This fee cannot be waived.
Can anyone at my org initiate this process?
No, only user types who have access to the Accounting tab will be able to initiate an instant carrier payment
User types that can initiate instant carrier payouts:
Accountant
Admin
User types that cannot initiate instant carrier payouts:
Producer
Support
Once I initiate, can I stop an instant payment?
No, please keep in mind that once instant payouts are initiated, they cannot be redacted or stopped.
Are there any limitations to instant carrier payment?
Instant payments can only be made on a policy with premium of $35,000 or less.
The insured's payment (either paid in full or successful downpayment) must be received by Ascend (NOT in processing status).
The agency must be subscribed to Ascend Plus.
Contact Us
Need more help? Contact us at support@useascend.com for more help.