MetLife (metropolitan life insurance) which is one of the leading insurance companies have made it quite clear that they will prefer the electronic check rather that the traditional checks. This is definitely one of the very bold steps taken by one of the leading company in the field of insurance. Many other companies too have started accepting the electronic checks. Hence the electronic check is definitely accepted by the insurance companies.
As far as the check by phone is concerned it is definitely accepted. Let me tell you that you will definitely find it to be quite a comfortable process of transferring the payment. The insurance companies also have realized that in this way they will have many advantages. Some of the advantages are as follows:
1. This provides a method of transferring the fund within few minutes. It will hardly take one hour to transfer the money from the clients account to the companies account.
2. The second advantage is that it is quite secure. The ACH channel which is used for the transfer of the information is really quite secure. You will definitely find then to be quite safe. The hackers find it very difficult to decrypt the ACH channel. It is definitely quite tough and no hacking case has yet been found related to the ACH channel.
3. The third advantage which comes to my mind is that this mode of payment is quite cheaper than the traditional checks. Let me tell you that the electronic checks cost 40 cents less than the traditional checks. Hence you are able to save around 40 cents per check and this is definitely a good saving.
4. The fourth advantage which comes to my mind is that it is quite easier to tackle the electronic check than the traditional check. It is definitely quite an easy method of payment and all the companies have realized this fact. Therefore they are trying to ask the clients to pay through the checks.
5. The companies like MetLife were being questioned that what they feel about the automated bill payment? Their answer was quite straightforward. They told directly that through this process the number of clients who cancels the policies go on decreasing. According to one of the survey being conducted, this fact put forward by the MetLife was found to be true.
Hence we see that there are many advantages of the automated bill payments like check by phone. Hence the insurance companies do not hesitate to accept this kind of bill payment.