TORONTO,ON, JUNE 9, 2020/insPRESS/ – ClearPay, the leader in automating payment settlements and reconciliation for the Insurance Industry, announced today that it is extending payment services for vendors to brokerages in the P&C Insurance sector.
“We are excited to offer vendors and brokerages another channel to easily send and receive funds with requisite payment information,” said John Knotek, Chief Executive Officer of ClearPay. “Over the last year and particularly the last couple of months with many brokers working from home, vendors have asked us for an easy and secure way for our extensive brokerage network to settle their invoices. With our payment portal, an industry first, we will make ClearPay available to all vendors and brokerages.”
The payment portal will be made available to any industry vendors, associations and brokers wanting to settle invoices. Brokers will be in full control of amount and date of payments and vendors will receive notifications and appropriate information with respect to each payment. In addition, through the vendor portal each party will have access to the same information to assist with reconciliation of payments. All brokers already using ClearPay will have instant access to the portal and new brokerages can be activated quickly.
“This is a great and easy way for our customers to settle their invoices with us,” says Thomas Accardo CEO of Brokerlift, “We have looked into other payment methods for our customers and the ClearPay vendor portal is the simplest, fastest and most economical option for our customers as well as our receivables staff.”
The vendor portal is yet another step ClearPay has taken to eliminate cheques and disparate reporting processes for the P&C Industry. By having one easy access point to settle all vendor payables, payable staff can save time and have better assurance of payment dates. There are no restrictions on broker size or financial institution.
“The Keal System Users Group has historically been accepting only cheques from members,” said Sheldon Williams President KSU, “We looked at different options to migrate away from accepting cheques and as a not for profit organization, cost was very important. ClearPay presented the most economical and efficient option for us and our members. We look forward to ClearPay opening up access to our members in coming months.”
Additional vendors will be available in the portal within a matter of weeks. Any industry vendors or associations that would like to be part of this innovative payment solution should contact ClearPay directly.
ClearPay is an independent Canadian company created by professionals with years of experience in the insurance and banking industries to automate payments and account reconciliation for the insurance industry. For more information connect with ClearPay on Twitter or Linkedin or visit clearpaycanada.com.