Who We Are
Payment Insurance Network is a specialized insurance agency that focuses on the unique risks of the payments industry and financial institutions.
Unlike other agencies, our experience includes underwriting on the carrier side. Because of this, we are able to streamline the process of building customized policies by working directly with underwriters with full binding authority.
We only place our business with carriers rated "A" or better.
What We Do
Insurance we specialize in:
Issuing Bank Card Fraud
Our clients include:
Mortgage Insurance Providers
Some of Our Products
Uncollectible Chargeback Insurance
Designed to protect the acquirer, ISO, processor from their chargeback liability if merchants are unable to pay.
These are when a fraudster makes a requests for funds transfers from a company that appear be legitimate because they make the request under the guise of an authorized individual such as the CEO or CFO.
Allows an ISO to protect merchants against losses as a result of a data breach
Pays merchant losses as a result of fraudulent transactions.
Covers chargeback losses and fees that a merchant is responsible as a result of EMV liability-shift coded transactions. Merchants covered also include ATMs and gas stations.
CNP Fraud Insurance
Protects an online merchant from losses due to fraudulent transactions.
Covers unauthorized funds transfer losses resulting from a fraudster sending an electronic funds transfer request to the financial institution under the guise of the account holder.
Covers losses incurred by the originator as a result of a repurchase demand by the investor. Losses covered include scratch and dent, foreclosure, short-sale.
Protects company against losses as a result of a data breach.
Also known as Errors & Omissions, is designed to protect against losses as a result of the service being offered for a fee.
We specialize in building customized policies from the ground up.
Looking for a BIN:
An ISO was having trouble attaining a BIN because of the number of high-risk merchants in its portfolio. The sponsor bank established a substantial reserve requirement which put the ISO and merchants in a difficult position.
We put together a chargeback insurance policy at a fraction of the cost of reserves. The ISO was not only covered for losses from uncollectible chargebacks, but also fines and penalties from the card brands. The ISO received their BIN and was even able to charge their merchants a premium by not requiring reserves.
A competitive advantage:
A PCI provider was looking for an advantage over its competitors that offered merchant breach protection.
After examining their competitors' policies, we found that every one was exactly the same and the only differentiating factor was cost. We built a customized policy from the ground up with much more comprehensive coverage. Merchants were now able to receive immediate tangible value, and ISOs were able to substantially increase their revenue. As a result, the PCI provider was able to substantially increase their revenue in addition to winning business from their competitors.
Additional revenue stream:
An ISO that had primarily CNP merchants was looking for an additional revenue stream. They wanted to explore the possibility of monetizing the fraud liability of their CNP portfolio.
We wrote a custom policy that allowed the ISO to indemnify their merchants against fraudulent charges. Because the merchants were no longer liable for these charges, the ISO was able to command a premium which resulted in a substantial increase in revenue.
Additional revenue stream:
A payment processor formed a licensed insurance agency to sell insurance to merchants but was having very little success in gaining substantial traction as many of the merchants attained their insurance from their local agent.
After analyzing their portfolio we were able to identify a large homogeneous group of merchants and put together a customized insurance program that was not only unique in coverage, but exclusive to the processor's agency. As a result, the processor not only gained a significant additional revenue stream but virtually eliminated the possibility of losing merchants to a competitor.
An ISO transitioning to a PayFac was being required to carry numerous liability insurance policies by their sponsor and a major client. After months of no progress they found that their agent had little to no understanding of what a PayFac was nor could they find any markets.
Within one week we were able to secure all of their insurance policies, satisfying their bank's and client's contractual requirements.
Increase in mortgage origination volume:
A correspondent lender was looking to increase retail production by recruiting loan officers at higher compensation levels than their competitors.
We structured a custom policy to cover repurchase liability, therefore allowing reserve funds allocated for repurchases to fund increased loan officer commissions.