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What You'll LearnInstant Carrier PaymentTransaction FeeFAQsCan I initiate instant carrier payment while there is a processing payment from the insured?Is there a charge to initiate instant payment for a policy(s)?Can anyone at my org initiate this process?Once I initiate, can I stop an instant payment?Are there any limitations to instant carrier payment?Contact Us
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Instant Carrier Payments

Edited

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.


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