Now live: Premium Accounting and CoverPay. Insurance native accounting, installment billing, and payment collection infrastructure with full control of your payment gateway.

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MGA Payment Processing System Built for Premium Collection and Installment Billing

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Managing General Agents require more than basic payment acceptance. An MGA payment processing system must support down payments at bind, structured installment schedules, mid-term endorsement adjustments, configurable retry workflows, and reconciliation visibility. CoverPay provides a dedicated payment infrastructure layer built specifically for MGA environments. It integrates with rating and policy systems, automates premium collection, and allows MGAs to maintain merchant gateway control while managing billing complexity at scale.

As part of the broader CoverPay insurance payment system, this solution is designed to align directly with underwriting and policy lifecycle operations.

Collect Down Payments at Bind

In MGA environments, premium collection often begins at quote-to-bind.

CoverPay supports:

  • Down payment collection at bind
  • Real-time payment authorization
  • API-triggered payment capture
  • Immediate transaction confirmation

Integration is handled through the unified Insurance Payment API This ensures payment processing aligns with rating and issuance workflows.

Automated Installment Billing for MGA Programs

Many MGA programs require structured premium schedules.

CoverPay enables:

  • Multi-month installment creation
  • Configurable billing frequencies
  • Automated due-date charging
  • Outstanding balance tracking

Full installment engine details: Insurance Installment Billing Software

Endorsement-Driven Premium Adjustments

Mid-term policy endorsements create billing changes.

CoverPay allows MGAs to:

  • Recalculate installment schedules
  • Add additional premium installments
  • Issue refunds
  • Maintain billing audit logs

Technical workflow: Insurance Endorsement Billing

Failed Payment and Delinquency Management

Manual collection follow-up increases operational risk.

CoverPay includes configurable retry automation:

  • Define retry attempts
  • Configure retry intervals
  • Trigger automated notifications
  • Initiate escalation workflows

Details: Insurance Payment Retry Automation

Merchant-Owned Gateway Model for MGAs

Unlike bundled payment ecosystems, CoverPay connects directly to your merchant account.

MGAs retain:

  • Gateway ownership
  • Settlement transparency
  • Processing cost visibility
  • Control over merchant configuration

This structure allows flexibility across multiple carrier programs.

MGA Operational Dashboard

Operations teams can:

  • Monitor transactions
  • Track installment performance
  • Review failed payments
  • Issue refunds and adjustments
  • Configure retry policies
  • Access reporting and logs

This reduces dependency on manual spreadsheets and fragmented billing tools.

Built for Program Scale

CoverPay supports:

  • Multi-carrier programs
  • Specialty underwriting lines
  • Hybrid direct and agency billing
  • High-volume installment structures

It provides infrastructure flexibility without locking MGAs into closed billing ecosystems.

Platform Integration

Within the broader platform architecture:

  • RQB handles rating and underwriting
  • AMS manages policy lifecycle
  • Premium Accounting handles reconciliation
  • AI automates workflows
  • CoverPay orchestrates premium collection

This integrated model ensures payment workflows align with underwriting and accounting systems.
Platform overview: Platform

If your MGA requires a configurable payment processing system built around underwriting complexity and installment billing automation, request a technical walkthrough of CoverPay.

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