Merchant Accounts For Insurance and Warranty Providers

Merchant Accounts for Insurance and Warranty Providers

An Overview

SoarPay offers credit card processing solutions for insurance and warranty service businesses.

Why We Proudly Offer Solutions for Insurance and Warranty Businesses (Even When Many Processors Don’t)

Many merchant services companies do not work with businesses in the insurance and warranty industries, for three primary reasons:

  • Many insurance and warranty businesses sell their services and process transactions over the internet or over the phone (via virtual terminals). Internet/virtual terminal sales are often perceived as “high risk” within the merchant services industry because the card and cardholder are not present during the transaction.
  • Many insurance and warranty providers have moderately high chargeback rates, due to the nature of customers sometimes being unhappy when claims aren’t approved, or other various issues.
  • A few “bad apples” within this sector have made the industry riskier (in the context of merchant services) for banks. Fradulant insurance and warranty sellers have caused fewer banks and processors to want to work with these businesses.

Due to these three risks, many merchant services providers decline to accept any insurance or warranty business, whether they sell online, over the phone, or even in person (retail).

Soar Payments, by contrast, has consistently offered solutions for insurance and warranty providers. Our extensive relationships with credit card processors and sponsor banks who have the capability to underwrite regulated industries, in addition to our integration of chargeback and fraud prevention software, uniquely positions Soar Payments to provide retail, eCommerce, and virtual terminal insurance and warranty businesses with stable, effective, long term credit card processing solutions.

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Frequently Asked Questions

Here are common questions specific to insurance and warranty merchant accounts:

  • What types of insurance and warranty providers do you service?

    Soar Payments offers merchant processing solutions for a wide range of retail, eCommerce and mobile-based businesses selling insurance and warranty services. Businesses selling the following types of insurance and warrantees are those we most commonly work with… auto warranties, home warranties, home insurance, auto insurance, business insurance, life insurance, car title insurance, and health insurance. If you’re unsure if the services your business sells would be covered, please feel free to contact us.

  • Do you accept insurance and warranty businesses that back their own claims?

    At this time Soar Payments cannot work with businesses that back their own claims. We can only work with businesses who are essentially insurance and warranty brokers. You will be required to provide copies of any contracts you have with the businesses that are backing the insurance and warranty claims.

  • How soon can I begin processing transactions for my warranty/insurance business?

    Soar Payments partners with some of the best banks and processors in the merchant services industry to offer solutions for insurance and warranty businesses and we work to get approvals through as quickly as possible. Once your application is submitted, with all the required documents, it typically takes 3-5 business days for approval.

Want more information? Click here to read our extended list of our FAQ.

Our friendly Customer Support Team is standing by to approve your application

Types of Insurance and Warranty Provider Merchant Accounts

Soar Payments offers a full-array of merchant accounts to online, brick-n-mortar, and other businesses in the warranty and insurance industries. These include:

Retail Payments

A retail merchant account for warranty & insurance providers enables businesses to accept face-to-face debit and credit card payments via a traditional credit card machine or point of sale system.

Ideally suited to a storefront or retail setting with reliable internet access, retail apparel credit card processing accounts typically have the lowest chargeback and fraud risk and as a result are afforded the lowest credit card processing pricing.

PAX A920 Terminal

Mobile Payments

A mobile merchant account for warranty & insurance providers enables your business to accept face-to-face credit and debit card payments via a swiper (included with each account) that plugs into your mobile phone or iPad.

Appropriate for businesses that frequently conduct face-to-face sales outside of a storefront, such as smaller businesses doing sales on the road and at trade shows, mobile accounts are priced similarly to retail, due to their lower chargeback risk.

Virtual Terminal Payments

Also called a payment gateway merchant account, a virtual terminal enables businesses to accept payments over the phone, via mail, or typed into a computer (without needing outside equipment). They also have invoicing solutions which allow the merchant to email an invoice to the customer, which they can pay online.

A warranty & insurance payment gateway account is ideal for businesses that accept payments over the phone, or via mail order. This is typically the most common type of account insurance and warranty businesses utilize. Virtual terminal payments are particularly vulnerable to fraud, therefore Soar Payments offers integrated chargeback protection.

eCommerce Payments

An eCommerce warranty & insurance merchant account allows you to accept credit card payments via your website’s online shopping cart or checkout page.

Our eCommerce credit card processing accounts integrate seamlessly with most major payment gateways and shopping cart software, making setup simple. Online payments are vulnerable to fraud and chargebacks, consequently, we offer pre-integrated fraud protection technology.

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