In mid-September 2014, Western Union became 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).
Western Union convenience fees may apply, depending on type of account. The maximum payment limit is $5,000 for Credit/Debit Card Payments and $99,999.99 for ACH/Debit (check) payments. These changes apply only to urgent-payment options (ACH/Debit and Debit/Credit Card payments) made through Western Union.
Commercial account convenience fees, which are assessed by Western Union, compare favorably to overnight package-delivery fees, which can exceed $22 per package. When using the Western Union option for credit card payments, it may be worth checking whether the credit card used 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.
Prime Rate offers a range of other convenient payment options, including: