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TESTING PRODUCTS

TESTING PRODUCTS

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  • 1. XactPAYSM<br />Workers’ Compensation Payments Made Easy <br />Equality Financial Services, Inc<br />
  • 2. <ul><li>What is XactPAY?
  • 3. What are the benefits?
  • 4. How does it compare?
  • 5. How does it work?
  • 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. Why The Hartford?
  • 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. Workers’ Compensation 101<br /><ul><li>Workers’ compensation is a form of insurance for employers
  • 10. Provides income and medical benefits for workers who are injured or become sick because of their jobs
  • 11. It is required by law in all states except Texas
  • 12. The monopolistic states of North Dakota, Ohio, Wyoming and Washington have coverage through their individual state.
  • 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. Allows Hartford workers’ comp policy holders to pay their premiums as we run their payroll
  • 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. Benefits to You<br /><ul><li>Stay in Control Of Cash-Flow
  • 17. Elimination of a large down payment
  • 18. Pay premiums one pay period at a time
  • 19. Avoid year-end surprises
  • 20. Save Time
  • 21. No checks to write
  • 22. Minimize audit activity</li></li></ul><li>How Does It Compare?<br />
  • 23. Policy Payment Comparison<br /> Based on a premium of $2,000<br />XactPAY<br />Traditional Method<br /><ul><li>Monthly billing fees and checks to write
  • 24. Additional Charges for late payments
  • 25. Audit Adjustments
  • 26. No monthly bills or checks to write
  • 27. No charges for late payments as payments run with the payroll
  • 28. Minimal (if any) Audit Adjustments</li></ul>Approximate Start-up Fees:<br />$ 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. Expense constant is taken on first payroll run</li></ul> $250 Taken with first payroll<br />**Varies by state<br />
  • 30. Policy Payment Comparison<br /> Based on a premium of $5,000<br />XactPAY<br />Traditional Method<br /><ul><li>Monthly billing fees and checks to write
  • 31. Additional Charges for late payments
  • 32. Audit Adjustments
  • 33. No monthly bills or checks to write
  • 34. No charges for late payments as payments run with the payroll
  • 35. Minimal (if any) Audit Adjustments</li></ul>Approximate Start-up Fees:<br />$ 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. Expense constant is taken on first payroll run</li></ul> $250 Taken with first payroll<br />**Varies by state<br />
  • 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. How Much Does It Cost?<br /><ul><li>The cost is 15.00 per-month
  • 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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