Credit Card Payments for Comp Policies Spark Debate Over Cost vs. Convenience

Making a workers’ comp premium payment by credit card is a popular option for cash-strapped small businesses, but the practice can be costly to insurance carriers, who have taken a variety of approaches to payment methods. Credit card fees range from 2.5% to 3% of a transaction amount, “contributing a significant hit to the bottom line,” according to the American Association of State Compensation Insurance Funds, or AASCIF.  But a survey of AASCIF members found that only 6% of respondents passed along credit card fees to policyholders. The survey results were reported i...