MGA Payment Software
Premium Accounting helps managing general agents collect insurance premiums through secure ACH and credit card payment workflows while connecting every payment to the correct invoice, policy, insured, agency, program, and accounting transaction. Send payment links, track payment status, manage installments, process refunds, identify failed or returned payments, and reconcile premium collections without relying on disconnected processor reports and spreadsheets. Premium Accounting operates as the insurance accounting subledger while QuickBooks, Xero, Sage, Workday, or another supported accounting system remains your general ledger.
See MGA Payment Software in Action
Watch how Premium Accounting helps MGAs collect premiums online, connect payments to insurance invoices, manage payment status, and reconcile financial activity at the policy level.
Premium Accounting Accounts for the Money. CoverPay Collects It.
An MGA collects across several programs and carriers, so the payment has to carry its context with it. Premium Accounting and CoverPay are integrated today. Raise the invoice in Premium Accounting and a CoverPay payment link goes out with it. The payer settles by ACH or credit card, the result comes back, and the receivable is applied against the right invoices and accounts without anyone rekeying it. Two products, one loop.
What CoverPay does:
- Issues the payment link against the invoice
- Takes ACH and credit card from the agent or the insured
- Handles the hosted payment page and the receipt
- Returns the payment result so it can be applied
What Premium Accounting does:
- Decides what is payable, and to whom
- Applies the payment to the right invoices and accounts
- Keeps premium, tax, fee and commission apart
- Reconciles, settles with the carrier and posts the entries
Collecting through CoverPay is a choice, not a requirement. Record a cheque, a bank transfer, a payment taken through another provider or a manual receipt and the receivable closes the same way. Read more about premium collection and the payment options Premium Accounting supports.
Ready to modernize your agency accounting?
Insurance Payment Software Built for MGAs
Collecting an insurance premium is not the end of the payment process. The payment must be connected to the correct invoice, policy, program, agency, producer, installment, and accounting transaction. A payment may also include premium, taxes, policy fees, broker fees, payment charges, commissions, or other financial components that must be recorded and reconciled separately.
Premium Accounting gives MGAs an insurance-native payment workflow that connects premium collection with:
- Insurance Billing
- Policy-Level Accounting
- Premium Receivables
- Installment Schedules
- Trust Accounting
- Commissions
- Carrier Payables
- Refunds
- Reconciliation
- General Ledger Activity
This gives accounting teams visibility into what was billed, what was collected, how the payment was applied, and what financial obligations remain. Learn more about Insurance Accounting for MGAs.
What Is MGA Payment Software?
MGA payment software is a platform used by managing general agents to collect, track, allocate, and reconcile insurance premium payments. Unlike a generic payment processor, MGA payment software must preserve the relationship between each payment and the underlying insurance transaction.
That transaction may include:
- Policy
- Policy Term
- Invoice
- Installment
- Insured
- Retail Agency
- Producer
- Program
- Carrier
- Line of Business
- Premium
- Taxes
- Fees
- Commission
- Carrier Payable
Premium Accounting provides the insurance accounting layer around the payment so the transaction does not become an isolated processor record. Learn more about MGA Billing Software and Insurance Premium Accounting for MGAs.
Send Secure Payment Links from Insurance Invoices
Premium Accounting can connect insurance invoices with secure online payment links. Authorized payers can use the link to submit payment without requiring the MGA accounting team to collect payment information manually.
Payment links may be used for:
- New Business Premium
- Renewal Premium
- Endorsements
- Audit Premium
- Installments
- Policy Fees
- Inspection Fees
- Taxes and Assessments
- Other Approved Insurance Charges
The payment link remains connected to the invoice and policy transaction that generated it. This reduces confusion for the payer and makes it easier for the accounting team to identify where the payment belongs. Learn more about Insurance Payment Software and Insurance Customer Payment Portal.
Accept ACH Premium Payments
ACH gives MGAs a practical option for collecting larger premium payments electronically. Premium Accounting can support ACH payment workflows connected to the related insurance invoice and policy.
ACH payment activity may include:
- Payment Initiated
- Payment Pending
- Payment Completed
- Payment Failed
- ACH Return
- Refund
- Reconciliation Status
Because ACH transactions may take time to complete, it is important to distinguish a payment that has been submitted from one that has been successfully completed. Premium Accounting helps preserve that payment status so users do not treat pending funds as fully settled. Learn more about Insurance ACH Payments.
Accept Credit Card Premium Payments
Premium Accounting can also support credit card payment workflows for eligible insurance invoices.
Credit card payment activity can be connected to:
- Invoice
- Policy
- Insured
- Agency
- Program
- Installment
- Payment Amount
- Processing Fee
- Payment Status
- Refund Status
- Reconciliation Status
This gives MGAs a modern payment option while maintaining the insurance accounting detail associated with the transaction.
Learn more about Insurance Credit Card Payments.
Connect Payments to the Correct Policy and Invoice
A payment processor may confirm that money was received, but it does not always provide the accounting detail required by the MGA.
Premium Accounting connects payments to the correct:
- Invoice
- Policy
- Policy Term
- Insured
- Retail Agency
- Producer
- Program
- Carrier
- Line of Business
- Installment
- Transaction Type
This helps prevent common problems such as:
- Payments Applied to the Wrong Policy
- Payments Applied to the Wrong Term
- Unidentified Cash
- Duplicate Payment Posting
- Incorrect Invoice Balances
- Missing Payment Allocations
- Manual Research During Reconciliation
The result is a payment record that supports insurance operations and accounting, not just payment acceptance.
Track Payment Status from Initiation Through Completion
Premium payments can move through several statuses before the transaction is complete.
Premium Accounting can help track statuses such as:
- Payment Link Created
- Payment Initiated
- Payment Pending
- Payment Approved
- Payment Completed
- Payment Failed
- Payment Returned
- Payment Refunded
- Payment Partially Refunded
- Payment Reconciled
This gives accounting teams a clearer understanding of which payments have actually settled and which still require attention. It also reduces the risk of updating an invoice as paid before the funds are successfully received. Learn more about Insurance Payment Tracking Software.
Manage One-Time and Installment Payments
MGAs may collect a full policy premium in one payment or allow the payer to follow an installment schedule.
Premium Accounting can help manage:
- One-Time Premium Payments
- Deposit Payments
- Monthly Installments
- Quarterly Installments
- Custom Installment Schedules
- Partial Installment Payments
- Missed Installments
- Failed Installment Payments
- Remaining Balances
- Completed Installment Plans
Each payment can be connected to the specific installment and overall policy balance. This gives accounting teams visibility into both the current amount due and the remaining premium owed for the policy. Learn more about Insurance Installment Billing Software.
Manage Partial Payments and Split Allocations
A payer may submit less than the full invoice amount or make one payment covering several invoices. Premium Accounting can help preserve the allocation of that payment.
Payment scenarios may include:
- Partial Payment
- Short Payment
- Overpayment
- One Payment for Multiple Invoices
- Multiple Payments for One Invoice
- Deposit Payment
- Unapplied Payment
- Credit Balance
- Payment Difference
The remaining invoice balance stays visible until the transaction is resolved. Where a payment covers multiple items, the allocation can be retained at the invoice and policy level rather than being recorded only as one summarized deposit.
Separate Premium, Fees, and Payment Charges
Insurance payments may include more than premium.
A single transaction may contain:
- Premium
- Taxes
- Policy Fees
- Broker Fees
- Inspection Fees
- Payment Processing Fees
- Other Approved Charges
Premium Accounting helps maintain these amounts separately so the accounting team can understand what was collected and how it should be recorded. This distinction is important because premium, taxes, fees, commissions, and payment charges may have different accounting treatment. It also improves reporting by preventing the entire transaction from being treated as one undifferentiated payment amount.
Connect Payments to Premium Receivables
Every completed payment should reduce the correct premium receivable.
Premium Accounting helps connect payment activity to:
- Original Invoice Amount
- Amount Paid
- Credits
- Adjustments
- Remaining Balance
- Due Date
- Aging Status
- Reconciliation Status
This gives accounting teams a current view of open receivables and helps prevent paid invoices from continuing to appear outstanding. It also makes it easier to identify invoices that remain partially paid or past due after a payment has been received. Learn more about Insurance Accounts Receivable Software.
Handle Failed Payments
Not every payment attempt is successful. Premium Accounting helps identify failed payments and keep the related invoice balance open.
Failed payment workflows may include:
- Payment Attempt Recorded
- Failure Status Received
- Invoice Remains Unpaid
- Accounting Team Notified
- Payer Can Retry
- New Payment Link Issued
- Exception Remains Visible Until Resolved
This prevents the invoice from being incorrectly marked as paid and gives accounting teams a clear record of the unsuccessful attempt.
Track ACH Returns
An ACH transaction may initially appear successful and later be returned.
Premium Accounting can help connect the return to the original:
- Payment
- Invoice
- Policy
- Insured
- Agency
- Program
- Settlement
- Accounting Transaction
The related invoice balance can then be reviewed and reopened when appropriate. ACH return tracking is important because the MGA may have already updated the invoice, included the transaction in reconciliation, or prepared downstream accounting activity. Keeping the return connected to the original payment makes the financial impact easier to understand and resolve.
Manage Refunds and Return Premium
Refunds may result from cancellations, endorsements, overpayments, duplicate payments, or other approved adjustments.
Premium Accounting can help track:
- Original Payment
- Refund Amount
- Refund Reason
- Policy Transaction
- Return Premium
- Approval Status
- Refund Status
- Related Settlement
- Reconciliation Status
A refund should remain connected to the payment and policy transaction that created it. This gives accounting teams a complete financial history from the original invoice through payment, adjustment, and refund. Learn more about Insurance Premium Accounting for MGAs.
Connect Payment Activity to Trust Accounting
Premium collections may include funds owed to carriers, producers, tax authorities, or other parties. Premium Accounting helps connect payments to the related trust accounting obligations.
Payment activity can affect:
- Premium Received
- Carrier Payable
- Commission Earned
- Producer Payable
- Taxes and Fees
- Refund Obligations
- Return Premium
- Unsettled Balances
This helps the MGA distinguish collected funds from earned operating revenue and supports more accurate trust reconciliation. Learn more about Trust Reconciliation Checklist.
Connect Payments to Commission Accounting
Commission calculations are often tied to premium billing and collection.
Premium Accounting can connect payment activity with:
- MGA Commission
- Retail Agency Commission
- Producer Commission
- Commission Earned
- Commission Payable
- Commission Adjustment
- Return Commission
- Commission Reconciliation
When premium is adjusted, returned, or refunded, the related commission impact can also be reviewed. This preserves the relationship between the premium transaction and the commission generated from it. Learn more about Commission Accounting Software.
Connect Payments to Carrier Payables
Premium collection may also affect the amount owed to the carrier.
Premium Accounting helps connect payment activity to carrier obligations based on:
- Premium Collected
- MGA Commission
- Producer Commission
- Fees
- Taxes
- Return Premium
- Refunds
- Endorsements
- Cancellations
- Prior Settlements
This gives accounting teams better visibility into which collected amounts may be eligible for carrier settlement and which transactions remain pending or unresolved.
Reconcile Payment Activity
Payment reconciliation confirms that processor activity, invoice balances, policy transactions, bank deposits, and accounting records agree.
Premium Accounting can help identify:
- Payments Without Invoices
- Invoices Without Payments
- Duplicate Transactions
- Incorrect Payment Amounts
- Unapplied Cash
- Missing Refunds
- ACH Returns
- Failed Payments
- Settlement Differences
- General Ledger Differences
Instead of relying only on processor reports, accounting teams can review payment activity in the context of the related insurance transaction. Learn more about Insurance Reconciliation Software and Premium Reconciliation Checklist.
Improve Visibility into Premium Collections
Premium Accounting gives MGA accounting and leadership teams visibility into payment activity across the organization.
Reporting can include:
- Payments Initiated
- Payments Completed
- Payments Pending
- Failed Payments
- ACH Returns
- Refunds
- Partial Payments
- Unapplied Payments
- Payment Method
- Processing Fees
- Outstanding Balances
- Reconciliation Exceptions
Information can be reviewed by:
- Program
- Carrier
- Policy
- Insured
- Retail Agency
- Producer
- Line of Business
- State
- Payment Method
- Accounting Period
This provides more useful insurance context than a standard payment processor report.
Reduce Manual Payment Posting
Without an integrated insurance payment workflow, accounting teams may need to:
- Export Processor Reports
- Match Payments to Invoices
- Search for Policy Numbers
- Update Invoice Balances
- Record Fees Separately
- Track Failed Payments
- Monitor ACH Returns
- Process Refunds
- Update Spreadsheets
- Post Activity to the General Ledger
Premium Accounting helps centralize this process and preserves the relationship between the payment and the underlying insurance transaction. This reduces duplicate entry and makes payment reconciliation more manageable.
Integrate Payment Activity with the General Ledger
Premium Accounting operates as the insurance accounting subledger while the MGA continues using its current accounting or ERP platform as the general ledger.
Depending on the configured integration, synchronized activity may include:
- Invoice Payments
- Receivable Updates
- Fees
- Refunds
- Adjustments
- Journal Entries
- Reconciled Totals
Supported integrations may include:
- QuickBooks
- Xero
- Sage
- Workday
- Other Supported Accounting Systems
The general ledger records the company-level financial activity while Premium Accounting preserves the policy-level payment detail.
Learn more about General Ledger Integration for Insurance.
Support Payments Across Multiple Programs
MGAs may operate different payment and accounting workflows across programs, carriers, products, and distribution relationships.
Premium Accounting can organize payment activity by:
- MGA Entity
- Program
- Carrier
- Product
- Line of Business
- State
- Retail Agency
- Producer
- Policy
- Payment Method
- Transaction Type
- Accounting Period
This gives the MGA one consistent payment framework while preserving the detail required for each program. It also helps leadership compare premium collection activity and outstanding balances across different areas of the business.
Strengthen Payment Controls and Audit History
Premium Accounting helps MGAs establish a controlled process for receiving, applying, refunding, and reconciling payments.
Controls can include:
- Role-Based Access
- Payment Status Tracking
- Refund Approval
- Adjustment History
- Reconciliation Status
- Transaction History
- User Activity
- Accounting Period Controls
- Exception Reporting
- Audit Trails
This gives management visibility into who initiated, applied, adjusted, refunded, or reconciled a payment. It also reduces the risk of undocumented changes or incomplete payment records.
Support MGA Growth Without Creating More Payment Spreadsheets
As an MGA grows, payment complexity can increase across:
- Programs
- Carriers
- Agencies
- Producers
- States
- Lines of Business
- Installment Schedules
- Payment Methods
- Refund Volume
- Reconciliation Requirements
Premium Accounting provides one insurance-native structure for managing this activity. This allows MGAs to expand payment operations without creating a separate spreadsheet or manual workflow for every new program or carrier relationship.
Generic Payment Processing vs. MGA Payment Software
| Generic Payment Processor | Premium Accounting |
|---|---|
| Records payment only | Connects payments to invoices, policies, agencies, producers, and programs |
| Limited insurance context | Complete policy-level insurance accounting |
| Processor status only | Full payment lifecycle tracking from initiation through reconciliation |
| Manual payment allocation | Automatic connection to the correct insurance transaction |
| Fees reported separately | Premium, taxes, fees, and processing charges tracked independently |
| Refunds managed outside accounting | Refunds remain connected to the original payment and policy |
| ACH returns require manual investigation | ACH returns linked directly to the original transaction |
| No commission relationship | Payment activity supports commission accounting |
| No carrier settlement visibility | Payment activity contributes directly to carrier settlements |
| Separate accounting updates | Connected insurance accounting and reporting |
Premium Accounting adds the insurance accounting layer that payment processors do not provide. Every payment becomes part of the complete insurance financial lifecycle by connecting billing, premium accounting, trust accounting, commissions, carrier obligations, settlements, reconciliation, and reporting.
MGA Payment Software at a Glance
Premium Accounting helps Managing General Agents collect insurance premiums through secure ACH and credit card payment workflows while connecting every payment to the correct invoice, policy, producer, agency, carrier, and insurance program. The platform manages payment links, installments, refunds, failed payments, ACH returns, reconciliation, and policy-level accounting from one insurance-native financial platform.
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Modernize Premium Payments for Your MGA
Connect premium collection with billing, policy-level accounting, payment tracking, refunds, trust accounting, commissions, carrier payables, and reconciliation through one insurance-native platform.