Two Years Later, eCHECK’s Popularity Grows
September 29, 2010
The use of eCHECK, NYSIF’s electronic option for policyholders to make premium payments, has shown consistent growth since its debut in July 2008. After two years, the number of eCHECK transactions has increased steadily with a 28 percent increase in the past year alone.
eCHECK has proven to be the quick and easy way for policyholders to pay workers’ compensation and disability benefits premiums by electronic funds transfer from their bank accounts without charge, eliminating the hassles of writing and mailing payments.
In the past year the dollar amount of eCHECK payments has increased 33 percent and now eCHECK payments are outpacing credit card transactions four to one.
NYSIF Chief Deputy Executive Director Francine James said policyholder acceptance of eCHECK has surpassed all expectations. “It’s a service our policyholders have found useful and convenient,” she said. “Now with two years’ experience, usage tells the story.”
To take advantage of the eCHECK option, policyholders visit nysif.com and click on “
Pay My Bill.” Users must have the policy number, the amount of the premium payment and bank account information including routing number.
When the transaction is finished, eCHECK displays a confirmation page with the total payment amount along with a printable receipt. Payments may also be made by phone by calling 877-309-6028 to access eCHECK.