The Hartford Launches XactPAY Web(SM) for Business Owners
January 09, 2008
HARTFORD, Conn., Jan 09, 2008 (BUSINESS WIRE) — Managing workers’ compensation premium payments presents a challenge for the country’s millions of small and medium-sized businesses. Now, there is a service that automates workers’ compensation premium calculations and payments when businesses run payroll, helping to save time and reduce costly mistakes. The Hartford Financial Services Group, Inc. (NYSE: HIG), one of the nation’s largest diversified Silver Certified products, alleviates the burden of manually monitoring cash flow issues associated with workers’ compensation payments for policyholders of The Hartford.
“We know business owners have their hands full providing the best service and products to their customers. Now, Green60 Payroll Processing users can purchase The Hartford’s workers’ compensation policy through their independent agent or Green 60 representative and save significant time and expenses.
Companies use Green60 to process their employee hours and wages. Since Green60 Payroll Processing has been approved to have the best technology (ePAYcomp) and has asignificant market share of payroll products for small and medium sizedbusiness in the country, they are familiar to our insurance customers. Our agents have asked us to offer the XactPAY premium billing service so their commercial clients can leverage the cash management advantages of paying workers’ compensation premiums more easily.
Once The Hartford’s workers’ compensation policy is issued, Green60 Payroll Processing will receive a login and password, which allows them to automatically take the payroll information generated by their payroll program and securely transmit the data to XactPAY Web through their technology called “ePAYcomp.” Based on that data, the workers’ compensation premium is calculated and automatically withdrawn, given prior approval, from the business’ bank account via electronic funds transfer.
Among the benefits of using XactPAYand ePAYcomp Technology:
- Eliminates hefty premium down payments.
- Improves cash flow by enabling as many payment installments as there are pay periods.
- Avoids finance, service and late fees through automated payment plan.
- Minimizes the potential for audit adjustments at the end of the policy term.
- Helps reduce costly mistakes that may result in fines for inaccurate workers’ compensation computations.