With this new feature, carriers can now allow a policy to become active without a payment using the "no-initial-payment-required-bound" setting and the “policy_billing.form.allow_electronic_for_downpayment” quote wizard setting. This is different from the existing "no-initial-payment-unbound" setting, which makes payment optional only if the application is submitted unbound. These two settings work together to give Carriers more discretion in making a policy active without payment.
How does this impact you?
The new settings show the option to add a payment method without it being set up for autopay. This allows the electronic payment to be used for overpayment only and stored for future one-time payments. On the BriteQuote V2 user interface when the above settings are enabled and thus, no payment is due. Additionally, there is now a help icon/note within the overpayment box, which states that early payment will pull based on the payment method entered on the billing screen. The overpayment will be pulled at the time of policy submission.