Payment Processing (New Business)

Overview

Once a bind order is received, you record the premium payment in LAMS. The payment stepper guides you through selecting the payment method, entering the details, and confirming the amount. After payment is recorded, the booking entry is created automatically.

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Payment Methods

Method	When to use
ACH	Bank-to-bank electronic transfer
Check	Physical check received from insured or producer
Credit Card	Card payment — enter last 4 digits and card type
Wire	Wire transfer — enter wire reference number
Finance	Third-party premium finance company — enter finance agreement details

Recording a Payment

1. Open the application from Policy Search or your queue.
2. Navigate to the Accounting tab and click New Payment Entry.
3. The Payment Stepper opens.

Stepper Step 1: Select Payment Method

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Payment stepper step 1 showing payment method dropdown with ACH, Check, Credit Card, Wire, Finance options

Payment stepper step 1 showing payment method dropdown with ACH, Check, Credit Card, Wire, Finance options

Select the payment method from the dropdown.

Stepper Step 2: Enter Payment Details

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Payment stepper step 2 showing ACH fields: bank name, routing number, and account number

Payment stepper step 2 showing ACH fields: bank name, routing number, and account number

Enter the details for the selected payment method:

• ACH: Bank name, routing number, account number
• Check: Check number, bank name
• Credit Card: Last 4 digits, card type
• Wire: Reference number, bank name
• Finance: Finance company name, down payment amount, agreement reference

Stepper Step 3: Verify and Submit

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Payment stepper step 3 showing payment summary with total entered versus total due

Payment stepper step 3 showing payment summary with total entered versus total due

Confirm that the total entered matches the premium due shown on screen. Then click Submit.

Caution

Do not submit if the totals do not match. Resolve the discrepancy with the producer before recording the payment.

Split Payments

If the payment comes from more than one source:

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Split payment dialog showing two rows with payment method and amount fields for each portion

Split payment dialog showing two rows with payment method and amount fields for each portion

1. On the payment method screen, click Split Payment.
2. Add each payment method as a separate row.
3. Enter the amount for each portion.
4. Confirm the combined total equals the premium due.
5. Submit all portions together.

Installment Plans

For premiums over $6,000 where installments are agreed, or when a finance company is involved:

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Installment schedule table showing due dates, installment amounts, and payment status for each installment

Installment schedule table showing due dates, installment amounts, and payment status for each installment

• The installment schedule shows each future payment due date and amount.
• Automated reminders are sent to the insured before each due date.
• Each installment payment is recorded separately as it arrives.

After Payment Is Recorded

Once payment is submitted:

• A booking entry is created automatically with the premium breakdown, taxes, and commission.
• The application moves from Payment Pending toward In Force.
• Proceed to the Order to Issue checklist to complete policy issuance.

Refunds

If a policy is cancelled or endorsed down, a refund may be due. See the Refunds page for instructions.