FE - Credit Cards and Direct Express Cards

[MaxReaver]

Is it common for some FE producers to walk away completely from direct bill, direct express, netspend, and greendot all the way around?

How much business would one really lose if they stick to folks with a bank account and only do bank draft?

I'll be hitting the bricks soon so I am curious...

 

[Baseball7]

Direct express-Trans or LBL
No to direct bill 'we don't offer it.'
Netspend-one shot with gerber

 

[jdeasy]

Is it common for some FE producers to walk away completely from direct bill, direct express, netspend, and greendot all the way around?

How much business would one really lose if they stick to folks with a bank account and only do bank draft?

I'll be hitting the bricks soon so I am curious...

I will write DE business. No other cards and no direct monthly bill.

I do know some agents that won't write the DE either.

Nor will I take someone to the bank to open an account.

 

[BibH]

Does Lbl draft direct express correctly like Trans and Trinity?I would only use Lbl for direct express with copd as they charge standard rates with all direct express.Many carriers will switch to direct monthly after the policy is issued. A few months ago had a client call a company after the 1st draft and threaten to drop it as "she didn't want anything coming out of her account". They changed it and needless to say she never paid another premium.

 

[Baseball7]

Have had mixed results with liberty and direct express. I'm going to side with the company here if the person can't keep their money on the card for more than one day that they're not responsible enough to have insurance.

I also understand it from our perspective but at some point client needs to manage their money if they want to keep a policy.

 

[MaxReaver]

So...

How difficult is it to remain profitable with the chargeback experiences you guys have had here? The number I have heard is about 20% chargeback rate.

 

[jdeasy]

So...

How difficult is it to remain profitable with the chargeback experiences you guys have had here? The number I have heard is about 20% chargeback rate.

20% would be a ridiculous chargeback rate. I suppose some agents have it that high?

This is a very profitable career if you can do it. Most cannot.

EFES says they will send someone to you for training. Why aren't you taking advantage of that?

 

[MaxReaver]

20% would be a ridiculous chargeback rate. I suppose some agents have it that high?

This is a very profitable career if you can do it. Most cannot.

EFES says they will send someone to you for training. Why aren't you taking advantage of that?

Thanks for your reply John...I am glad to hear the chargeback rates are better than I thought.

I am working with Matt (Spur City)....just did some ride-alongs with him this week. All good on the training thing as he has been very helpful. I am just fielding some questions to a larger audience to get a cross section of input on a various number of topics.

 

[jdeasy]

Thanks for your reply John...I am glad to hear the chargeback rates are better than I thought.

I am working with Matt (Spur City)....just did some ride-alongs with him this week. All good on the training thing as he has been very helpful. I am just fielding some questions to a larger audience to get a cross section of input on a various number of topics.

Spur is not with EFES.

 

[MaxReaver]

Spur is not with EFES.

I know...what made you think I was going with EFES?