Payment Change Notification for Insureds Opting for the Immediacy and Convenience of ACH/Debit & Credit/Debit Payment Options

In mid-September 2014, Western Union became the payments vendor coordinating insurance premium payments made by ACH/Debit (check) transactions or Credit/Debit cards to Prime Rate Premium Finance Corporation.

These convenient options are ideal for insureds who opt to make urgent payments to avoid policy cancellation. Many other insureds routinely use this option because of its convenience and same-day account application (up to 4 p.m. Central Time).

Western Union convenience fees may apply, depending on type of account. The maximum payment limit is $5,000 for Credit/Debit Card Payments and $99,999.99 for ACH/Debit (check) payments. These changes apply only to urgent-payment options (ACH/Debit and Debit/Credit Card payments) made through Western Union.

Commercial account convenience fees, which are assessed by Western Union, compare favorably to overnight package-delivery fees, which can exceed $22 per package. When using the Western Union option for credit card payments, it may be worth checking whether the credit card used for payment has a cash-back reward option. For example, if the insured makes a $1,000 payment with a credit card offering 1.5% cash-back rewards, the insured would earn $15 in cash back while paying only $9 for the transaction. 

Additional Payment Options

Prime Rate offers a range of other convenient payment options, including:

  • Payment via recurring ACH (checking account), for which the insured can secure the forms needed to provide their bank by calling Prime Rate toll-free at 800-777-7458 or our main office number at 843-669-0937.
  • Online bill pay or automated bill pay set up through the insured’s bank (typically free or with a nominal fee charged by the bank)
  • Regular mail (U.S Postage Service) that the insured can send to Prime Rate’s lockbox for the cost of a standard stamp (currently $0.49 per stamp)
  • In-person payment at the insurance agent’s office Payment at any MoneyGram location (Walmart, CVS, etc.)