Media | Benefits of Partnering with a Payment Solutions Provider for You and Your Clients

Reliability ∙ Growth ∙ Innovation

In April, FIRST Insurance Funding of Canada merged with Policy Bill to form a strategic partnership for the Canadian insurance market. We have combined our financial strength and payment solutions to give you a market-leading advantage. 

As a complete payment solutions provider, partnering with FIRST Canada not only enhances the value offering to your clients, it can also make sense to your brokerage from a financial perspective.

Broker benefits

  1. Improve your own cash flow and fast-track revenue - Providing payment solutions can create a secondary revenue stream by way of commission payments, adding additional profit to your bottom line.  When policies are paid via a payment plan, your markets and your brokerage gets funded right away vs. earning premium over the policy term. Should you choose to use your own capital and resources to offer your clients premium financing, you can put your excess capital to work as an investment instrument.
  2. Enhance your value proposition - By offering your clients additional payment options such as easy monthly payments and credit card options from FIRST Canada, you are enhancing the value you bring to your client and differentiating your services from your competitors.
  3. Provide your clients with cost-effective options - Some clients may not realize that certain financing solutions may be less expensive than alternative options. Brokers can provide value by offering cost effective payment plan options to best suit their clients' needs.
  4. Relieve your administrative burden – FIRST Canada manages contract processing, invoicing, payment collection and debt recovery so you can focus on your area of expertise and growing your business.

Client benefits

  1. Choose from a variety of options – Clients of brokers that partner with FIRST Canada have access to a wide variety of payment options for their commercial premiums. Clients can take comfort in the ability to choose the option that best suits their needs, whether they want to pay in full, pay by credit card, or monthly payment plan options.
  2. Smooth out cash flow - Instead of tying up working capital in a large lump sum policy payment, clients can opt for an easy monthly payment solution and reinvest their capital in their business.
  3. Simplified payment schedule - Multiple commercial policies can be consolidated into a single contract; allowing the client the benefit of having one payment.
  4. Maintain credit availability - Unlike a typical loan, payment options from FIRST Canada do not typically affect bank covenants or overdraft lines; therefore a client's traditional borrowing capacity and lines of credit remain intact.

Contact us today to learn why together, we have more to offer.


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