NYSIF Declares First Year of eCHECK a Success!

The New York State Insurance Fund announced Friday that in its first year of use, more than 17,000 policyholders paid $52.3 million in premium using NYSIF eCHECK – the free, quick and easy way for policyholders to pay workers' compensation and disability premiums by electronic funds transfer. Over 6,000 policyholders were repeat customers.
 
Since July of last year, more than 70 percent of electronic payment transactions made by NYSIF policyholders utilized eCHECK, which transfers funds from the customer’s bank account. Use of eCHECK is outpacing payments via credit card, which incur a service fee, more than 3-to-1. More than 5,000 eCHECK transactions are completed each month, with the average eCHECK payment totaling $1,300. Electronic payments overall are up 141 percent.
 
NYSIF Treasurer Mary Ellen Martin stated, “We are very pleased with the acceptance of the eCHECK program. It is a fast, efficient and cost-free way for our policyholders to make premium payments. We are confident that the number of policyholders utilizing the program will continue to grow.”
 
Policyholders are taking advantage of this program by paying their monthly installments by eCHECK, saving themselves the time, money and hassle of writing and mailing a check.   In addition, this benefit can help prevent late payment cancellations.
 
Both workers’ compensation and disability benefits policyholders can take advantage of eCHECK by visiting nysif.com. Click on “Pay Your Bill” and have available your policy number, premium amount, bank account information and bank routing number. When the transaction is complete, the system will display total payment amount and issue an on-screen confirmation and printable receipt.
 
Policyholders can also make an eCHECK payment by phone by calling 877-309-6028. Policyholders should note that using the eCHECK option for their premium payment is a one-time deduction and does not establish a monthly payment.
 
eCHECK is just one tool available on NYSIF’s customer-friendly web site. NYSIF’s web site contains a full array of information and services regarding workers’ compensation and disability benefits insurance for New York businesses, including sections devoted specifically to serving policyholders, claimants, brokers and medical providers.
 
NYSIF is a competitive insurance carrier that sells workers' compensation and disability benefits insurance to any employer doing business in New York State. Approximately 185,000 employers hold NYSIF workers' compensation insurance policies (approximately 37 percent of the market), while 61,000 have active disability benefits policies.