Piedmont payment service assignment agreement

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How do I register to use Piedmont’s services?

To register, click here. Your request is approved within 1 business day, and you will receive an email outlining next steps for setting up a group.

How does Piedmont’s proprietary process benefit insurance carriers, insurance agents, employers, and policyholders?

CARRIER

• No cost
• No change to existing procedures
• Greater retention of clients and policyholders
• On-time payments (no delinquencies)
• Available for Groups/Employer and Individuals/Direct Bill
• Faster access to payment data
• No handling of checks and money orders

AGENT

• No cost
• Easy setup
• Greater retention of clients and policyholders
• No more collection calls
• Policyholder retention when changing jobs or converting to Direct Bill
• More sales: weekly at $10 vs. monthly at $40
• Faster response to missed deductions

EMPLOYER

• No cost
• Easy one-time setup
• Automated process – once set up, the Payroll System handles the rest
• No General Ledger to manage
• No bill
• No reconciliation
• No payment to remit
• No need to notify Piedmont or carrier of employee termination
• Resolves issues related to employer objections: “hate the bill reconciliation” or “don’t have any more deduction buckets”

POLICYHOLDER

• Low cost – As low as $1.39 per week
• Easy one-time setup
• No bill
• No need to send in money order or check
• Premium paid on time
• Funds pulled on payday versus larger amount once per month
• Continuity of coverage when changing jobs

How is this any different than an employer-billed payroll deduction?

With payroll deduction, premiums are collected “inside” the payroll system (subtracted from the gross pay in determining the net pay). The employer holds the funds in an internal general ledger account until it’s time to pay the bill and is expected to manage the bill, including all payments, reconciliation, terminations, etc.

Piedmont’s PUSH process is set up within the payroll system as an apportion of take-home pay (as opposed to a payroll deduction). The employer has no further responsibility for the premium.

Piedmont’s PULL process is completed outside of the payroll system as it eliminates the employer’s responsibility altogether.

Does the employer have access to employees’ escrow accounts?

Does the policyholder have access to his/her escrow account?

No. These funds are set aside for a specific use and are not accessible by the policyholder. If there is a need to refund a policyholder, Piedmont will refund via EFT to the account specified by the policyholder.

What happens if a deposit is missed?

The policyholder’s account may be under-funded and the balance may be insufficient to cover the premium. If this happens the premium may be short-paid or may go unpaid, depending on the carrier’s instructions.

If using the payroll direct deposit method (PUSH), can a policyholder’s account be over-funded?

Yes. If a policyholder receives more than one paycheck during a pay cycle, it is likely that he will end up with multiple deposits to Piedmont. We recommend that the amount remain in the account to cover any missed deposits in the future (due to a missed paycheck), though the overage can be refunded to the policyholder at any time upon their request.

What happens when a policyholder changes jobs? Does the employer, policyholder, or agent have to do anything?

Once the employee stops receiving payment, the account funding stops. The policyholder can set up the account to be funded for his next employer. The agent will receive notice of delinquency in Payment and Funding Failure alerts, which allows quick follow up in order to retain current clients.

How do I set up a new group with Piedmont?

It’s important for the agent to add the new group with Piedmont to ensure receipt of Payroll Direct Deposit and Electronic Funds Transfer forms. The setup process varies depending on the carrier.

Answers to more Frequently Asked Questions will be available after you have registered as an agent.

To register, please click here.