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Stripe Billing from Stripe

A comprehensive billing platform for insurers with subscription and recurring revenue models. Features include automated recurring billing, multiple payment methods, invoice generation, payment retry logic, subscription management, pricing models, and robust reporting.

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Product analysis by function

Billing and Payment Processing Systems for Policy Administration

Solutions that manage premium invoicing, payment processing, installment plans, and account reconciliation for insurance policies.
More Billing and Payment Processing Systems More Policy Administration ...

Invoicing & Billing Management
(14 Yes /14 Known /15 Possible features)

Payment Acceptance & Processing
(13 Yes /13 Known /15 Possible features)

Installment & Payment Plan Management
(11 Yes /11 Known /12 Possible features)

Account Reconciliation
(7 Yes /7 Known /10 Possible features)

Integration & Interoperability
(9 Yes /9 Known /10 Possible features)

Customer Experience & Portals
(10 Yes /10 Known /10 Possible features)

Security & Compliance
(10 Yes /10 Known /10 Possible features)

Reporting & Analytics
(10 Yes /10 Known /10 Possible features)

Workflow Automation & Exception Handling
(9 Yes /9 Known /9 Possible features)

Product & Policy Flexibility
(10 Yes /10 Known /10 Possible features)

Scalability, Reliability & Performance
(5 Yes /5 Known /9 Possible features)

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Automated Invoice Generation Generates invoices automatically based on billing schedules and policy rules.		Stripe Billing automatically generates invoices based on recurring billing schedules and policy rules.
Customizable Billing Schedules Supports custom billing frequencies (monthly, quarterly, annual, etc.).		Stripe Billing supports customizable billing frequencies including monthly, quarterly, and annual subscription schedules.
Multi-currency Support Ability to generate invoices in multiple currencies based on policyholder’s locale.		Stripe supports billing in over 135 currencies, allowing insurers to generate invoices in multiple currencies based on policyholder locale.
Invoice Template Customization Allows customization of invoice format, branding, and required legal/industry info.		Stripe offers customizable invoice templates with branding options and support for adding required legal information.
Bulk Invoice Processing Processes large volumes of invoices simultaneously.		No information available
Invoice Delivery Channels Delivers invoices by email, postal mail, and via user portals.		Stripe Billing can deliver invoices via email, customer portal, and supports API integration for custom delivery methods.
Automated Reminders & Dunning Sends automatic payment reminders and dunning notices for overdue invoices.		Stripe Billing includes automated dunning management with configurable payment reminders and recovery tools for failed payments.
Tax Handling Calculates and applies relevant taxes per invoice.		Stripe automatically calculates and applies relevant taxes based on location and tax rules using Stripe Tax.
Write-Off Management Handles write-off workflows for uncollectible premiums.		Stripe allows for write-offs of uncollectible premiums through its API and dashboard.
Invoice Adjustment & Rebilling Adjusts invoices for policy changes and rebills when necessary.		Stripe supports invoice adjustments and rebilling when policy changes occur.
Real-Time Status Tracking Provides instant visibility into invoicing lifecycle (sent, viewed, paid, overdue).		Stripe provides real-time status tracking for invoices showing when they're sent, viewed, paid, or overdue.
Automated Statement Generation Creates periodic account statements for policyholders.		Stripe can generate periodic account statements for policyholders showing payment history.
Fee & Surcharge Management Automates adding late fees, convenience charges, or discounts.		Stripe supports adding late fees, convenience charges, and discounts to invoices.
Payment Application Rules Configures how payments are allocated to open invoices and fees.		Stripe allows configuration of payment application rules to allocate payments to open invoices and fees.
Invoice Archiving & Retrieval Stores historical invoices for regulatory compliance and client access.		Stripe maintains a complete archive of historical invoices for compliance and customer access.

Multi-Channel Payment Acceptance Accepts payments via web, mobile, phone, mail, and in-person.		Stripe accepts payments through web, mobile, and API integrations.
Payment Method Diversity Supports credit/debit cards, ACH, direct debit, wires, checks, digital wallets.		Stripe supports credit/debit cards, ACH, SEPA direct debit, wire transfers, and various digital wallets.
Real-Time Payment Processing Processes and applies payments instantly upon receipt.		Stripe processes payments in real-time and applies them instantly to customer accounts.
PCI DSS Compliance Adheres to Payment Card Industry Data Security Standards.		Stripe is PCI DSS Level 1 certified, the highest level of certification available.
Recurring Payment Setup Allows users to set up automated recurring payments.		Stripe Billing is built specifically for recurring payments and subscription management.
Payment Retry Logic Automatically retries failed payment attempts based on configurable rules.		Stripe includes smart retry logic that automatically retries failed payments based on configurable rules.
Partial Payments Handling Accepts and tracks partial payments and remaining balances.		Stripe supports partial payments and tracks remaining balances on invoices.
Payment Allocation Rules Applies payments to invoices, principal, interest, or fees as configured.		Stripe allows configuration of payment allocation rules through its API.
Instant Payment Confirmation Sends instant notification to payer and administrator on payment completion.		Stripe sends instant payment confirmations to customers and can notify administrators through webhooks.
Payment Reconciliation Speed Average time to reconcile incoming payments to accounts.		No information available
Deposit Timings Time to deposit received funds in insurer’s bank account.		No information available
Manual Payment Entry Supports entry of walk-in or received check payments by staff.		Stripe dashboard allows for manual payment entry by staff for received check payments or other offline methods.
Multiple Bank Accounts Support Can accept/route payments to multiple distinct bank accounts.		Stripe supports routing payments to multiple bank accounts through its Connect platform.
Refund Processing Automates premium refund processes after cancellations, overpayments, etc.		Stripe has built-in refund processing for cancellations and overpayments.
Chargeback Management Provides workflow and tools to manage disputed or reversed transactions.		Stripe provides tools for managing chargebacks and disputes including evidence submission.

Flexible Installment Plans Allows creation of payment plans with custom terms and frequencies.		Stripe Billing supports flexible installment plans with custom terms and frequencies.
Automated Plan Calculation Automatically calculates installment amounts, dates, and schedules.		Stripe automatically calculates installment amounts and schedules based on configured billing plans.
Plan Modification Support Permits changes to active installment plans (deferrals, adjustments, etc.).		Stripe allows modifications to active subscription plans including deferrals and adjustments.
Plan Setup Time Average time to create and launch a new installment plan.		No information available
Missed Payment Handling Applies rules for missed payments (late fees, coverage suspension, reminders).		Stripe handles missed payments with customizable rules for late fees and recovery attempts.
Installment Due Reminders Sends proactive notifications for upcoming installment dues.		Stripe can send proactive notifications for upcoming due dates through email.
Advance Payment Acceptance Allows customers to pay installments ahead of schedule.		Stripe allows customers to pay installments ahead of schedule through the customer portal.
Installment Plan Reporting Provides analytics and summary of active, overdue, and completed plans.		Stripe provides reporting on active, overdue, and completed subscription plans.
Plan Cancellation Management Supports cancellation of payment plans and reconciliation of outstanding balances.		Stripe supports cancellation of payment plans and reconciliation of outstanding balances.
Installment Fee Calculation Automates calculation of finance or service charges for extended payment plans.		Stripe can automate calculation of finance or service charges for extended payment plans.
Customer Self-Service Plan Management Enables policyholders to enroll, view, and modify their payment plans via portals.		Stripe's customer portal allows policyholders to manage their own payment plans.
Plan Rescheduling Tools Provides tools for authorized users to reschedule payments or renegotiate plans.		Stripe provides tools for rescheduling payments and adjusting subscription plans.

Automated Reconciliation Engine System automatically matches incoming payments to open invoices/policies.		Stripe automatically matches incoming payments to open invoices.
Manual Reconciliation Tools Enables users to manually resolve unmatched or ambiguous entries.		Stripe dashboard allows manual resolution of unmatched or ambiguous payment entries.
Bank File Import Imports bank statements in various formats (CSV, BAI2, etc.) for reconciliation.		Stripe supports importing bank files for reconciliation through its API.
Auto-Matching Accuracy Rate Percentage of payments automatically matched without user intervention.		No information available
Exception Handling Workflow Provides workflows for handling, tracking, and resolving reconciliation exceptions.		Stripe provides workflows for handling exceptions in the reconciliation process.
Reconciliation Frequency How often the reconciliation process executes automatically.		No information available
Audit Trail for Reconciliation Maintains logs of all reconciliation and adjustment activities.		Stripe maintains detailed audit logs of all reconciliation activities.
Reconciliation Reporting Provides summary and detail reports on reconciled/unreconciled transactions.		Stripe provides reporting on reconciled and unreconciled transactions.
Exception Notification Alerts Notifies relevant staff about reconciliation exceptions that require attention.		Stripe can send notifications about reconciliation exceptions that require attention.
Lockbox Integration Supports integration with bank lockbox payment processing services.		No information available

Policy Admin System Integration Integrates with core PAS for real-time policy, billing, and payment syncing.		Stripe offers extensive APIs that can integrate with policy administration systems.
Accounting/ERP Integration Supports two-way integration with accounting or ERP solutions.		Stripe has pre-built integrations with major accounting solutions like QuickBooks and Xero.
Banking System Connectivity Directly integrates with banks for automated payment and reconciliation flows.		Stripe integrates directly with banking systems for automated payment processing.
Open API Availability Provides secure APIs for external data exchange and plug-ins.		Stripe provides comprehensive, well-documented APIs for external data exchange.
Third-Party Payment Gateway Support Connects directly to major payment gateway providers.		Stripe is itself a payment gateway provider, eliminating the need for third-party gateways.
Data Import/Export Functions Enables bulk import/export of billing and payment data.		Stripe supports bulk import/export of billing and payment data through its API.
Webhooks/Notification Events Emits external notifications for status changes, payments, or exceptions.		Stripe provides webhooks for external notifications of payment events and status changes.
Integration Scalability Number of simultaneous integrations supported without degradation.		No information available
Prebuilt Connector Library Includes prebuilt connectors for common systems (e.g., Salesforce, SAP, Guidewire).		Stripe offers prebuilt connectors for common systems like Salesforce, NetSuite, and other platforms.
File Format Compatibility Supports main industry file standards (EDI, NACHA, etc.).		Stripe supports industry standards like NACHA for ACH transfers.

Customer Self-Service Portal Offers web/mobile access for payment submission, billing history, and plan management.		Stripe provides a customer portal for payment submission, viewing billing history, and managing subscriptions.
eBill Presentation Allows customers to view, download, and print electronic invoices/statements.		Stripe's customer portal allows viewing, downloading, and printing electronic invoices.
Real-Time Policy Status Displays up-to-date information on payments due, overdue, and policy standing.		Stripe provides real-time policy status showing payments due, overdue, and subscription standing.
Mobile Payment Functionality Enables payment submission through mobile-optimized interfaces or apps.		Stripe offers mobile-optimized payment pages and checkout experiences.
Secure Messaging Facilitates secure, compliant communication between insurer and policyholder.		Stripe's customer portal includes secure messaging capabilities between business and customer.
Installment Plan Management Lets customers enroll in, modify, or view their payment plans directly.		Customers can manage their payment plans directly through Stripe's customer portal.
Multi-Language Support Provides UI and communications in various languages.		Stripe supports multiple languages for its checkout and customer portal interfaces.
Notification Preferences Customers can select how they want to be notified (email, SMS, app).		Customers can set notification preferences for email and other alerts through the customer portal.
Document Upload & Download Allows submission or retrieval of billing-related documents.		Stripe's customer portal supports document upload and download functionality.
Accessibility Compliance Meets ADA/WCAG standards for customers with disabilities.		Stripe's interfaces comply with WCAG accessibility standards.

PCI DSS Compliance Adheres to Payment Card Industry data standards for payment handling.		Stripe is PCI DSS Level 1 compliant for payment handling.
Encryption-at-Rest Sensitive data is encrypted when stored.		Stripe encrypts all data at rest using AES-256 encryption.
Encryption-in-Transit Sensitive data is encrypted during transfer.		Stripe uses TLS 1.2+ for all data in transit.
Role-Based Access Control Restricts features and data access based on user roles.		Stripe provides role-based access controls for team members accessing the dashboard.
Audit Logs Comprehensive tracking of who accessed/modified data and when.		Stripe maintains comprehensive audit logs of all system access and modifications.
Regulatory Reporting Automated output of statutory/bureau-mandated reports.		Stripe supports regulatory reporting needs with extensive data export options.
Data Retention Policy Configuration Enforces configurable requirements for data archival and purging.		Stripe allows configuration of data retention policies to comply with regulatory requirements.
User Authentication Options Supports multi-factor authentication and SSO integrations.		Stripe supports multi-factor authentication and SSO integrations.
Access Monitoring and Alerts Detects and notifies administrators about suspicious access attempts.		Stripe has built-in access monitoring and alerts for suspicious login attempts.
GDPR/CCPA Compliance Supports consent tracking and data subject rights under privacy laws.		Stripe is GDPR and CCPA compliant with features for tracking consent and managing data subject rights.

Standard Financial Reports Includes templates for AR aging, cash flow, payment trends, etc.		Stripe includes standard financial reports for AR aging, cash flow, and payment trends.
Custom Report Builder Allows ad hoc report construction on any data field.		Stripe provides a custom report builder for ad hoc reporting on payment data.
Dashboard Widgets Visual summary of KPIs and operational alerts on a live dashboard.		Stripe's dashboard includes visual KPI widgets and operational alerts.
Automated Report Scheduling Delivers scheduled reports to designated recipients.		Stripe supports automated report scheduling and delivery to designated recipients.
Real-Time Analytics Provides up-to-the-minute metrics on transactions and operations.		Stripe provides real-time analytics on transactions and operations.
Data Export Options Exports all reports and data to Excel, PDF, CSV, and other formats.		Stripe allows export of reports and data to CSV, Excel, and PDF formats.
Exception & Anomaly Detection Automatically identifies unusual patterns or outliers in payments.		Stripe has built-in anomaly detection for unusual payment patterns.
Custom Alert Notifications Configures alerts to notify users about unusual conditions.		Stripe allows configuration of custom alerts for unusual conditions or thresholds.
KPI Benchmarking Tracks and compares performance to industry or internal benchmarks.		Stripe provides benchmarking capabilities to compare performance metrics.
Data Visualization Tools Includes charts, graphs, and infographics for easier data interpretation.		Stripe includes comprehensive data visualization tools for charts and graphs.

Configurable Workflow Engine Enables the creation and adjustment of process workflows.		Stripe allows configuration of workflow rules and automations.
Task Assignment & Escalation Automatically assigns tasks and escalates unresolved items.		Stripe supports task assignment and escalation for unresolved items.
Exception Routing Routes exceptions (disputes, failed payments, etc.) to designated handlers.		Stripe routes exceptions like disputes and failed payments to designated handlers.
Automated Approval Processes Routes requests for manual payment edits, refunds, or adjustments through approval chains.		Stripe has approval workflows for refunds and adjustments.
Document Generation Automation Automates creation of letters, emails, or forms in response to workflow events.		Stripe automates document generation for receipts, invoices, and notifications.
SLA Monitoring Tracks turnaround times and notifies managers if service levels are threatened.		Stripe monitors SLAs and can notify managers of potential service level issues.
Dynamic Business Rules Engine Allows operations to change logic/rules without IT intervention.		Stripe provides a rules engine that business users can configure without IT intervention.
User Notifications & Reminders Sends relevant staff automated reminders about open workflow items.		Stripe sends automated notifications to staff about open workflow items.
Workflow Analytics Provides metrics on workflow efficiency and bottlenecks.		Stripe provides analytics on workflow efficiency and bottlenecks.

Multi-Product Support Manages billing for multiple insurance products (P&C, Life, Health, etc.).		Stripe can manage billing for multiple insurance products across lines of business.
Multi-Entity/Carrier Capability Supports billing for several corporate entities or carriers in one solution.		Stripe supports multiple entities or carriers through its Connect platform.
Custom Charge Types Defines unlimited fee/charge types (endorsements, add-ons, credits).		Stripe allows definition of custom charge types for endorsements, add-ons, and credits.
Effective Dating for Billing Changes Allows changes to take effect on user-specified dates (mid-term adjustments, etc.).		Stripe supports effective dating for billing changes, including mid-term adjustments.
Short-Rate/Pro-Rata Calculations Supports varied premium calculations for cancellations and changes.		Stripe supports short-rate and pro-rata calculations for cancellations and changes.
Installment Plan Templates Predefines templates for common payment plan structures.		Stripe offers templates for common payment plan structures.
Group/Corporate Billing Supports consolidated/group billing for entities holding multiple policies.		Stripe supports consolidated billing for entities with multiple policies.
Adjustable Down Payment Percentages Configures minimum/maximum required initial payments.		Stripe allows configuration of minimum/maximum down payment percentages.
Bulk Policy Updates Updates billing terms on multiple policies at once.		Stripe supports bulk updates to billing terms across multiple policies.
Product-Specific Rules Assigns flexible billing rules depending on insurance product type.		Stripe allows different billing rules based on insurance product type.

Concurrent User Capacity Maximum number of system users working simultaneously without performance impact.		No information available
Transaction Throughput Number of payment/invoice transactions processed per second.		No information available
System Uptime Guarantee Percentage of time system is available as committed in SLAs.		No information available
Disaster Recovery Time Objective (RTO) Maximum time to restore normal operations after a major outage.		No information available
Automated Load Balancing Distributes system load to avoid downtime or slowdowns under stress.		Stripe uses automated load balancing to distribute system load.
Automatic Failover Automatically switches to backup systems if primary fails.		Stripe has automatic failover capabilities if primary systems fail.
Elastic Capacity Scaling Dynamically scales resources to meet demand surges.		Stripe's infrastructure scales elastically to meet demand surges.
Scheduled Maintenance Notifications Communicates maintenance events to minimize disruption.		Stripe provides advance notifications for scheduled maintenance events.
Performance Monitoring Tools Real-time monitoring and alerts for system health and KPIs.		Stripe offers real-time monitoring tools for system health and performance KPIs.

Stripe Billing from Stripe

Product analysis by function

Billing and Payment Processing Systems for Policy Administration

Invoicing & Billing Management (14 Yes /14 Known /15 Possible features)

Payment Acceptance & Processing (13 Yes /13 Known /15 Possible features)

Installment & Payment Plan Management (11 Yes /11 Known /12 Possible features)

Account Reconciliation (7 Yes /7 Known /10 Possible features)

Integration & Interoperability (9 Yes /9 Known /10 Possible features)

Customer Experience & Portals (10 Yes /10 Known /10 Possible features)

Security & Compliance (10 Yes /10 Known /10 Possible features)

Reporting & Analytics (10 Yes /10 Known /10 Possible features)

Workflow Automation & Exception Handling (9 Yes /9 Known /9 Possible features)

Product & Policy Flexibility (10 Yes /10 Known /10 Possible features)

Scalability, Reliability & Performance (5 Yes /5 Known /9 Possible features)