MGA Payment Processing System Built for Premium Collection and Installment Billing
Managing General Agents require more than basic payment acceptance. An MGA payment processing system must collect premium by Card and ACH, send payment requests to agents and on to insureds, handle mid-term endorsement adjustments, run configurable retry workflows and give reconciliation visibility, with installment schedules where a program uses them. CoverPay provides a dedicated payment infrastructure layer built specifically for MGA environments. It integrates with rating and policy systems and automates premium collection 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 the Down Payment First
In MGA environments, premium collection often starts before the policy is issued.
CoverPay supports:
- Down payment collection on the first charge
- Card tokenised in the browser, never held by CoverPay
- API-triggered payment capture
- Transaction status and receipt on completion
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
Adjustments and Refund Requests
The premium owed changes after the first charge more often than not.
CoverPay allows MGAs to record:
- Additional charges raised against the payment
- Refund requests recorded against the original payment
- Void on a transaction that has not settled
- Charge, refund and transaction audit history
Technical workflow: Payment Adjustments and Refunds
Failed Payment and Delinquency Management
Manual collection follow-up increases operational risk.
CoverPay includes configurable retry automation:
- Retry attempt limits
- Configurable backoff and retry intervals
- Automatic re-charge on the saved payment profile
- A failed payments screen for manual follow-up
Details: Insurance Payment Retry Automation
Request Payment from Insured
The MGA sends the payment request to the agent. The agent can pay now, or pass the request to the insured.
How the last mile works:
- The MGA or wholesaler sends the payment request to the agent or broker
- The agent pays now by Card or ACH, or requests payment from the insured
- The insured enters their own Card or ACH information and pays
- Premium is collected and tracked through to reconciliation
The agent needs no separate CoverPay subscription and no separate payment setup. Help your agents collect faster, so you get paid faster.
MGA Operational Dashboard
Operations teams can:
- Monitor transactions
- Track installment performance
- Review failed payments
- Raise refund requests 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.
How This Service Connects to the Core Platform
This service operates within the connected Selectsys insurance infrastructure. Operational execution is fully aligned with the technology backbone.
- RQB: Rating and bind infrastructure for commercial and specialty lines.
- Expert Insured: Policy lifecycle system managing issuance, endorsements, and renewals.
- Premium Accounting: Insurance native accounting for agency bill, direct bill, trust, and reconciliation.
- CoverPay : Premium collection by Card and ACH for MGAs, wholesalers and carriers, with payment tracking and reconciliation support.
- Insurance BPO: Embedded teams executing submissions, underwriting support, servicing, and compliance.
Operational services are most effective when integrated directly with the core platform capabilities.
We are a part of
