Join Jeff Brown, president of VPay, a firm specializing in insurance claims payments, and George Peabody of Glenbrook Partners in this deep dive discussion of how the work of claims processing is done and how he approaches B2B payments, compliance, and the value-added services needed by the company’s customers.
The B2B Domain
We’re all familiar with the card present POS domain, card not present Remote domain, P2P payments, and the Bill Pay domain. A phone tap here, a card swipe there, a bill payment to the utility company. On a day to day basis, our personal experience with payments is these areas.
The B2B and B2C payment domains are very different. There is a wide range of industries with very specific payment needs. (Listen to episode 92 to hear how customized payments can become. Roadsync’s Robin Gregg talks about the special paper check type built just to serve independent long haul truckers.)
Insurance is Huge
One of the biggest industries is insurance. Premium payments in the U.S. alone are over $1.2 trillion. Payouts by stakeholders, such as healthcare systems and property & casualty insurers, and made to individuals claimants and service providers amount to trillions more.
Insurance is definitely big enough to be a very attractive vertical to a payments service provider.
Knowing Your Customer’s Business
If you are a PSP serving a particular vertical market in the B2B space, you have to know at least as much about the vertical you serve as you do about payments operations and services. For example, if you’re making healthcare payments, you have to comply with the strict data privacy requirements specified by HIPAA regulations. You may have to support specific data formats. And you should help your business customers deliver useful features to their own customers.
If you want a great explanation of how payments fits into a vertical market, you can’t do better than listening to this episode of Payments on Fire®.