Managing Premium Financing Details on a Policy

Introduction

This article explains how to add and manage Premium Financing information on a policy, how financing details affect invoices and reporting, and how to process payments for financed policies.

Adding Premium Financing Details to a Policy

Premium Financing information can be added from the Policy Administration page.

Adding Financing Information

1. Open the desired Policy.

2. Navigate to More → Administration.

3. In the left navigation panel, ensure Details is selected.

4. Complete the following financing fields:

   • Finance Account Number

   • Finance Company

   • Contact Agent

5. Click Save Policy.

The financing information will be saved and associated with the policy.

Effects of Adding Premium Financing Details

Once Premium Financing information is added to a policy, BindHQ automatically updates several areas of the system.

Invoice Updates

Any invoices generated for the policy will display:

• The Finance Company

• The Finance Account Number

Agency Statements

Agency Statements will indicate that the policy is financed, providing visibility into financed business.

Data Exports

The Data Dump export will include the Finance Company associated with the policy.

Making a Payment for a Financed Policy

When processing payments for a financed policy, BindHQ automatically identifies the Finance Company as the payee.

Recording a Payment

1. Open the financed Policy.

2. Navigate to the Accounting tab.

3. Locate the desired transaction.

4. Click the transaction row to expand the details.

5. Select View Invoice to open the invoice.

6. On the Invoice Detail page, click Actions in the upper-right corner.

7. Select Make Payment.

The Payment Details page will open.

Payment Processing for Financed Policies

When making a payment on a financed policy:

• The Finance Company is automatically populated as the Payee.

• A notification appears indicating that the selected transaction is financed by the associated Finance Company.

• Payment information can be reviewed and updated before processing.

Printing Checks

If Print Check is selected during payment processing:

• The printed check will display the Finance Company's information.

• The Check Remittance will also include the Finance Company details.

This ensures payments are directed to the correct financing organization and that payment records accurately reflect the financed status of the policy.