Zenith Insurance Services
With clients across Australia and many in remote areas, Zenith Insurance Services was facing demand for more payment options. "Customers wanted to be able to pay for premiums using BPAY® or with their credit card so they could get points. Plus, remote customers couldn't get to a bank or post office easily to make a payment or send a cheque and our previous bank couldn't support other payment options," explains Lynda Bowles, Administration Manager.
Lynda was also spending an hour or two each day manually processing payments and issuing cheques to underwriters would take a full day each month. "Then one of our underwriter cheques was stolen and used fraudulently, which was disruptive to the business. I used to spend time chasing unpresented cheques or getting them stopped."
In 2008, the growing Western Australian-based broker firm decided to switch to Macquarie and set up MPP, Macquarie's automated payment solution. Lynda says from the moment they moved over they never looked back.
"The transition was seamless – we just clicked over and were straight onto it the next day."
The Macquarie difference
Lynda says she saw the benefits immediately.
"It's so easy for clients to pay now," says Lynda. "That's reduced the time we used to spend chasing payments – it can be hard to make contact with remote clients and if they then have to post a cheque it takes a while. Now they have easier ways to pay so there's less delay."
I didn’t realise how easy MPP would make everything. It’s just such a user-friendly system and the transition was really seamless – so much simpler than I thought it would be.
Zenith now processes around 240 transactions each month in minutes rather than hours as Lynda simply downloads the file every morning into the management system WinBEAT. When it's time to pay the underwriters, it's a simple file upload and one automated payment transaction – saving her a full day each month.
"The business has grown since we implemented MPP, so I've been able to focus more on that rather than chasing and managing payments," she says.