TESTING

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TESTING

  1. 1. XactPAYSM<br />Workers’ Compensation Payments Made Easy <br />Equality Financial Services, Inc<br />
  2. 2. <ul><li>What is XactPAY?
  3. 3. What are the benefits?
  4. 4. How does it compare?
  5. 5. How does it work?
  6. 6. How much does it cost?</li></li></ul><li>Introducing…<br />An Easier Way to Pay Your Workers’ Compensation Premiums<br /><ul><li> Our payroll service is now integrated with The Hartford to bring you XactPAY
  7. 7. Why The Hartford?
  8. 8. One of the first companies to pioneer “Pay-as-you-go” workers’ compensation payments 10 years ago</li></ul> - Leading insurance carrier with over 65,000 insured<br /> small business clients <br />
  9. 9. Workers’ Compensation 101<br /><ul><li>Workers’ compensation is a form of insurance for employers
  10. 10. Provides income and medical benefits for workers who are injured or become sick because of their jobs
  11. 11. It is required by law in all states except Texas
  12. 12. The monopolistic states of North Dakota, Ohio, Wyoming and Washington have coverage through their individual state.
  13. 13. The Hartford does not currently offer coverage in Alaska or Hawaii.</li></li></ul><li>What is XactPAY?<br /><ul><li> XactPAY is a workers’ comp payment service that is integrated with our payroll system
  14. 14. Allows Hartford workers’ comp policy holders to pay their premiums as we run their payroll
  15. 15. Premiums are calculated using your actual payroll</li></ul> generated for each pay period<br /><ul><li> XactPAY is a premium payment service and not an </li></ul> insurance product. <br />
  16. 16. Benefits to You<br /><ul><li>Stay in Control Of Cash-Flow
  17. 17. Elimination of a large down payment
  18. 18. Pay premiums one pay period at a time
  19. 19. Avoid year-end surprises
  20. 20. Save Time
  21. 21. No checks to write
  22. 22. Minimize audit activity</li></li></ul><li>How Does It Compare?<br />
  23. 23. Policy Payment Comparison<br /> Based on a premium of $2,000<br />XactPAY<br />Traditional Method<br /><ul><li>Monthly billing fees and checks to write
  24. 24. Additional Charges for late payments
  25. 25. Audit Adjustments
  26. 26. No monthly bills or checks to write
  27. 27. No charges for late payments as payments run with the payroll
  28. 28. Minimal (if any) Audit Adjustments</li></ul>Approximate Start-up Fees:<br />$ 2,000 Total Annual Premium<br /> 25% Down Payment*<br />$500 Down payment*<br />*The Down payment can be as much as 100% or $2,000 in this case.<br /><ul><li>No premium down payment, only Expense Constant**, Approx $250
  29. 29. Expense constant is taken on first payroll run</li></ul> $250 Taken with first payroll<br />**Varies by state<br />
  30. 30. Policy Payment Comparison<br /> Based on a premium of $5,000<br />XactPAY<br />Traditional Method<br /><ul><li>Monthly billing fees and checks to write
  31. 31. Additional Charges for late payments
  32. 32. Audit Adjustments
  33. 33. No monthly bills or checks to write
  34. 34. No charges for late payments as payments run with the payroll
  35. 35. Minimal (if any) Audit Adjustments</li></ul>Approximate Start-up Fees:<br />$ 5,000 Total Annual Premium<br /> 25% Down Payment*<br />$1,250 Total down payment<br />*The Down payment can be as much as 100% or $5,000 in this case.<br /><ul><li>No premium down payment, only Expense Constant**, Approx $250
  36. 36. Expense constant is taken on first payroll run</li></ul> $250 Taken with first payroll<br />**Varies by state<br />
  37. 37. Policy Review at Term End<br />Traditional Method<br />XactPAY<br />Scenario<br />Payroll used to calculate premium is Less Than actual payroll<br />Additional premium is due (typically within 30 days)<br />Regardless of the estimated payroll, premium is calculated on exact payroll each time payroll is run.<br />This means audits are minimal and the business owners cash flow is maximized.<br />Excess premium collected will be credited to renewal premium.<br />Poor Cash Management for business owner.<br />Payroll used to calculate premium is Greater Than actual payroll<br />Payroll is Accurately Estimated at policy inception<br />Difficult if not impossible to project accurately, especially in business with fluctuating payroll<br />
  38. 38. How Much Does It Cost?<br /><ul><li>The cost is 15.00 per-month
  39. 39. This is in addition to the insurance premiums that you would pay to The Hartford</li></li></ul><li>Contact Us<br />Equality Financial Services, Inc <br />(772) 380-2030 or (888) 304-1298<br />Mon-Fri 9:00 AM – 6:00 PM <br />Info@EqualityFinancialServices.com<br />www.EqualityFinancialServices.com<br />

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