Primeratepfc make payment Payment Change Notification for Insureds Opting for the Immediacy and Convenience of ACH/Debit & Credit/Debit Payment Options In mid-September 2014, Western Union becomes the payments vendor coordinating insurance premium payments made by ACH/Debit (check) transactions or Credit/Debit cards to Prime Rate Premium Finance Corporation.
These convenient options are ideal for insureds who opt to make urgent payments to avoid policy cancellation. Many other insureds routinely use this option because of its convenience and same-day account application (up to 4 p.m. Central Time).
The convenience fees for using the Western Union option are $7.50 for ACH/Debit (check) and $9 for Credit/Debit Cards. The maximum payment limit is $5,000 for Credit/Debit Card Payments and $99,999.99 for ACH/Debit (check) payments.
The convenience fees, which are assessed by Western Union, compare favorably to overnight package-delivery fees, which can exceed $22 per package. Insureds using the Western Union option for credit card payments should note whether the credit card they use for payment has a cash-back reward option; for example, if the insured makes a $1,000 payment with a credit card offering 1.5% cash-back rewards, the insured would earn $15 in cash back while paying only $9 for the transaction. It’s an attractive, convenient option for paying insurance premiums.
These changes apply only to urgent-payment options (ACH/Debit and Debit/Credit Card payments).
Important Information Payment Options Move to Western Union Mid September Western Union becomes Prime Rate’s payment vendor for credit card and check payments. The Western Union fees for these payments will be $7.50 for check payments and $9.00 for Credit/Debit card payments. The maximum payment for credit/debit card payments is $5,000 and $99,999.99 for check payments. These options are ideal for customers who opt to make urgent payments to avoid cancellation.
Additional Payment Options
Prime Rate offers a range of other convenient payment options, including:
- Payment via recurring ACH (checking account), for which the insured can secure the forms needed to provide their bank by calling Prime Rate toll-free at 800-777-7458 or our main office number at 843-669-0937.
- Online bill pay or automated bill pay set up through the insured’s bank (typically free or with a nominal fee charged by the bank)
- Regular mail (U.S Postage Service) that the insured can send to Prime Rate’s lockbox for the cost of a standard stamp (currently $0.49 per stamp)
- In-person payment at the insurance agent’s office Payment at any MoneyGram location (Walmart, CVS, etc.)
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