Innovation for Premium Funding with new Integrated Invoice Links and Pay By The Month Offerings

Red Planet Software delivers innovative technology to premium funding and professional fee funding providers.

SYDNEY, AUSTRALIA May 13, 2016: Red Planet Software, one of Australia’s largest software solution providers for insurance premium funding and professional fee funding, has released Pay By The Month (PBTM) functionality for brokers and funders.

Red Planet Software have successfully developed this functionality into its Odyssey software system and can provide integrated invoice links with leading vendors such as EBix and Xero (others are currently under development).

Odyssey is a long-standing innovative application and a market leader in insurance premium funding and professional fee funding applications. It is used by the majority of Australia’s largest funders and numerous brokers throughout Australia, New Zealand, USA and Canada.

The Pay By The Month functionality automatically calculates monthly repayments and includes this amount as one of the payment options alongside current EFT or BPAY offerings on the client’s invoice with links to online payment portals. Providing links from your client’s invoices and statement to online payment methods is called “Integrated Payment Links”.
“Clients demand flexibility and easy online processes,” says Peter Williams, managing director of Red Planet Software. “Payments can now be made by direct debit or credit card on a weekly, fortnightly or monthly basis.”

“Other industries and businesses have been offering this solution for some time, it’s now time premium funding and professional fee funding jumped on board,” says Williams.
The Odyssey application is one of the only solutions available today that integrates with broker and funder systems, provides real-time credit checks (Dun and Bradstreet and Veda) and has automated workflow capabilities to automatically approve loans that meet certain criteria. This greatly reduces the amount of time to process applications.

Brokers and funders favour the Odyssey application for its ease of use, ability to be customised, its continual innovation and mobile technologies. It reduces the chance of errors, saves time in avoiding repetitive data entry and lowers administration costs. Brokers can focus on growing their business and turnaround higher number of applications.

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