Billing Information

The Billing Information form provides a place for you to select a payment plan, down payment method, and enter other payment information.

Payment flexibility is an important benefit that comes along with an American Modern policy. Options include a single annual (Full) payment, 2 Pay, 4Pay, or EFT/12 Pay plans. For added convenience, credit card payment or electronic funds transfer can also be utilized.

You can change a payment plan at any time, but American Modern recommends changing a payment plan on the policy's effective date (not mid-term) when possible. Submit an Endorsement Request via Policy Inquiry to request a payment plan change.

Please see the FAQ for Billing for more information about collecting and handling payments.

Billing Information includes:

Field	Description
Policy Term	Indicates the policy term in months, carried over from Basic Information page.
Payment Plan	Only the eligible plans (based upon premium) are listed. Payment choices include: Full Pay. Full payment is made immediately. Client is billed for the total. No service fee is charged. 2 Pay. 50% down with one installment. Premium must be $201 or higher. Installment (due at 60 days) includes a service charge. The amount of the service charge varies by state. 4 Pay. 25% down with the balance paid in three additional payments. Premium must be $401 or higher. American Modern will include service charges applicable to the state. EZPay (EFT)/Monthly. Electronic funds transfer from a checking or savings account on the selected day of the month. An EZPay Authorization form should be signed by the applicant authorizing transfer of funds for the policy premium. This form should be kept in agent files. EFT is subject to a minimum annual premium of $400, except in AZ, CO, TX or where no minimum applies. Once a policy is on EZPay, it will remain on EZPay even if the premium falls below $400. modernLINK attempts to verify the account information through a third party service when either the Submit, Next, or Previous buttons are clicked. A $1 service charge for each withdrawal may apply. EZPay (CC)/Monthly. Electronic funds transfer from a credit card account on the selected day of the month. An EZPay Authorization form should be signed by the applicant authorizing transfer of funds for the policy premium. This form should be kept in agent files. EFT is subject to a minimum annual premium of $400, except in AZ, CO, TX or where no minimum applies. Once a policy is on EZPay, it will remain on EZPay even if the premium falls below $400. modernLINK attempts to verify the account information through a third party service when either the Submit, Next, or Previous buttons are clicked. A $1 service charge for each withdrawal may apply.
Minimum Down Payment	Shows the minimum required down payment for the selected pay plan. This amount should be collected by the agent.
Down Payment Method	Down payment methods include: Credit Card. Charge the down payment to a credit card. For the Full Pay payment plan, this is 100 percent of the bill. EFT. Voided check and approval for EFT is received from applicant (do not use a bank account number from deposit slip). When the policy is booked, funds are transferred immediately from the applicant's bank account once for the down payment. For the Full Pay payment plan, this is 100 percent of the bill. There is no EFT service charge for a down payment.

To enter Billing Information:

Select a Payment Plan.

The page is re-displayed with the Minimum Down Payment shown.

Select a Down Payment Method.

Depending on the Down Payment Method selected, the page is re-displayed and additional information, such as EFT or credit card information, must be entered.

Enter credit card or, as shown in this example, EFT information: Bank ABA Number, Account Number, Account Type, and Day of Month. Click EFT AUTHORIZATION FORM to print the form, have the applicant sign it and retain it with your records.

Do one of the following:
Click Next to review a summary of the quote.
Click Submit to submit the quote.

If Next is clicked, the Summary page opens.

If Submit is clicked, the quote is submitted.

When an application has been submitted for approval and money has been entered into the application, American Modern will not deduct any premium from the applicant's account until a policy is issued.

Review the information in Submit the Quote to learn about quote statuses and processing.