Frequently Asked Questions

Q: Who is CoverPay built for?

MGAs, Wholesale brokers, Carriers, Agencies.

Q: What payment methods are supported?

ACH, Credit card, Premium financing.

About premium collection, installment billing, payment orchestration, and reconciliation

This page answers common questions about insurance payment workflows, including premium collection, installment billing, compliance, integration, and reconciliation. For a full overview, see insurance payment processing.

General Questions

What is CoverPay?

CoverPay is insurance payment infrastructure that manages premium collection, installment billing, payment orchestration, compliance, and reconciliation across policy workflows. Explore platform

Who is CoverPay built for?

Is CoverPay only for Selectsys customers?

No. CoverPay integrates with any system that supports APIs and webhooks. Learn more

Payments and Billing

Does CoverPay support installment billing?

Yes. Full installment billing with recurring payment schedules and policy-aware adjustments. Installment billing

What payment methods are supported?

Can payments be adjusted for endorsements?

Yes. Payment schedules automatically adjust based on policy changes. Learn More

Does CoverPay support agency bill and direct bill?

Yes. Both models are fully supported. Learn More

Failed Payments and Recovery

What happens when a payment fails?

CoverPay automatically detects failures, retries payments, and triggers recovery workflows. Failed payment recovery

Can retry logic be configured?

Yes. Retry frequency, thresholds, and workflows are configurable.

Does CoverPay support NOC triggers?

Yes. Notice of Cancellation triggers can be automated based on payment failure conditions.

Compliance

Does CoverPay handle compliance?

Yes. Compliance is built into the system, including:

Does compliance vary by state?

Yes. Rules differ by state and are enforced automatically. Learn More

Integration

Does CoverPay integrate with existing systems?

Yes. CoverPay integrates with:

Is CoverPay API-driven?

Yes. Fully API and webhook-based integration. Learn more

Do we need to migrate systems?

No. CoverPay works alongside existing systems.

Reconciliation and Accounting

Does CoverPay handle reconciliation?

Yes. Payments are automatically allocated and synced with accounting systems. Learn more

Can it integrate with QuickBooks?

Yes. Accounting system integration is supported. Learn more

Pricing

How is CoverPay priced?

Small monthly infrastructure fee
Convenience fee applied to transactions

Pricing

Are there platform fees?

No large platform fees. Pricing is usage-based.

Security

Is CoverPay secure?

Yes. Payment security, data protection, and compliance are built into the platform. Security and compliance

Getting Started

How do we get started?

Request a demo

How long does integration take?

Integration depends on system complexity but is API-driven and designed for fast implementation.

Key Takeaways

CoverPay supports full payment lifecycle

Installment billing and compliance are core features

API-driven integration allows flexibility

Automation reduces manual workflows

Pricing is aligned with usage