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First Year Direct Bill and Credit Card Payment

April 3, 2017

Merchants Bonding Company recently rolled out two valuable online features: first year direct bill and online credit card payment. These new features provide agents with added flexibility and time-saving convenience, further fulfilling Merchants’ brand promise of first class service.

 

Previously, the option of direct bill was offered on bond renewal. Now, direct bill is available for nearly all commercial bonds upon issuance as well. With our direct bill program, Merchants handles the billing on commercial surety bonds, saving agents time and hassle. 


Merchants Bonding Company sends a direct bill invoice to the principal’s address. The invoice explains where to send payment, including a unique URL to complete online payment by credit card, and details of any requested underwriting information. When payment and underwriting information are received, the bond is issued or renewed. The principal receives all the bond documents needed to file the bond. The principal signs the bond and forwards information to the obligee. The agency simply receives the commission and a monthly direct bill statement summarizing information like bonds paid, premium adjustments and bonds not renewed.

 

The principal’s direct bill bond invoice includes a unique, secure payment link where credit card payment can be made online. This link is also available to the agent if they would like to email it to the principal.

 

“When an agency is growing and expanding, they are often trying to find every way they can to save time,” says Jim Holter, Vice President, Commercial Surety, Merchants Bonding Company. “Agencies will find the Direct Bill service useful and efficient to minimize their handling of commercial bonds.”

  

To learn how to use these new features, attend our “15 Minutes with Merchants” webinar on May 3 at 10:30am central. Email bhunt@merchantsbonding.com to register.