Stuckey & Co. appeals to accountants with XactPAY Web for clients’ worker’s comp premiums
Stuckey & Company is actively partnering with accountants and bookkeepers whose clients rely on QuickBooks for payroll activities, and is offering a referral fee to eligible professionals who refer their clients to Stuckey & Company's network of licensed insurance agents.
The XactPAY Web Workers Comp premium payment service allows policyholders to improve cash flow by eliminating large premium down payments. Stuckey & Company offers the pay-as-you-go option as a value-added service to insurance clients who use QuickBooks for their payroll accounting. XactPAY Web is offered by insurance underwriter The Hartford.
The Hartford's Payroll Alliances Center (PAC) was established over 10 years ago to provide Hartford insureds with an automated payroll deduct Worker's Compensation solution. Today, the PAC staff includes over 75 insurance professionals who write over $220 million in total written premium for nearly 69,000 insureds. PAC has developed an easy web interface that allows companies that use QuickBooks for their payroll to quickly and easily begin using the system.
Accounting and bookkeeping professionals benefit from referring their clients to XactPAY Web because The Hartford recognizes a network of ProAdvisors - CPAs, accountants, or bookkeepers who promote or utilize QuickBooks for their clients and serve as a center of influence for clients using QuickBooks products. ProAdvisors who complete The Hartford's Service and Marketing agreement and disclosure form are eligible for a $50 referral fee for each qualified lead that is converted to XactPAY Web. Dwight Stuckey, president and CEO of Stuckey and Company, says professional accounting firms whose clients use XactPAY Web benefit from increased revenue potential and improved customer retention rates.
"The service and software are free of charge, and help insured companies immediately gain control of their cash flow without having to change the payroll software they are familiar with," Stuckey said. "There is no downside to this - it's a win-win for the companies that use it, as well as for the outside accountants that advise them about the opportunity." Stuckey says insureds benefit from significantly reduced down payments and better cash flow management since they can pay in up to 52 annual installments with no billing fees. And, since each installment is directly tied to actual payroll reports, XactPAY Web minimizes the potential impact of unexpected audit adjustments at the end of the year.
For example: for a Worker's Comp policy with a $10,000 premium, a company using traditional Worker's Comp payment methods would put down about 25 percent of the projected annual premium upfront, and usually spread the rest over nine or fewer installments (which might each carry additional installment fees or late payment charges). With XactPAY Web, that same company would only pay about $600 for its first payroll run, then pay subsequent installments based on actual payroll figures rather than estimated figures.
"With this cash management advantage, you can see why companies love the professional services firms that refer them to XactPAY Web," Stuckey said.
About Stuckey and Company:
Stuckey & Company is a specialty insurance provider based in Lake St. Louis, Missouri. For 20 years, Stuckey has offered commercial, professional and personal lines of insurance. Stuckey & Company's network of more than 8,000 licensed agents has the knowledge and experience in dealing with specific coverage not typically covered under standard policies. As one of the fastest-growing specialty insurance providers in the U.S., Stuckey & Company offers E&O coverage to over 150 classes in sectors that include technology and IT consulting, accounting and financial services, government services, media, laboratories and education. Coverage limits are available for many risks up to $5 million. The company also offers a variety of standard policies. For information on any of the TekDivision programs from Stuckey & Company, call (800) 828-3452 and ask for Dwight Stuckey.