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 or, in some states, 4 Pay plans. For added convenience, credit card payment or one-time electronic funds transfer for down payment 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 Maintenance 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 |
|
Payment Plan |
Only the eligible plans (based upon premium) are listed. Payment choices include: Full Pay: Must be paid in full. No service fee is required. 2 Pay: 50% down + service fee. 4 Pay: 25% down + service fee. Available only in the following states: AL, AZ, AR, CA, FL, GA, LA, MS, NM, NC, SC, TN, TX and VA. |
|
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. MasterCard®, Visa®, and Discover® are accepted. 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. Bill the Insured. The down payment bill for the policy is sent directly to the applicant. For the Full Pay payment plan, this is 100 percent of the bill. |
To enter Billing Information:
Complete the Billing Information form.
Depending on the Payment Plan selected, the page is re-displayed with the Minimum Down Payment shown.
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.
If EFT is selected, enter bank EFT information, as shown in the example above, or credit card information.
At this time, the Watercraft Rate and Quote service does not validate credit card numbers or EFT information.
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.
Click Next to review a summary of the quote.
The Summary page opens.
