Piedmont Pays » How it Works

OPTION #1: Electronic Funds Transfer (EFT) – Bank Draft/Credit Card/Debit Card Draft –Each month on a specific day, your bank account/credit card/ debit card is drafted for the amount of your premium. The major difference with Piedmont is that we draft on pay day, NOT once a month. This breaks down the premium payments in the same way they are payroll deducted, so even a bank draft feels like payroll deduction.

HOW IT WORKS

Traditional Bank Draft looks like this:

The carrier (We call ours Acme Insurance Company in this example) electronically draws your policy premium from your bank account once each month.

The Piedmont Bank Draft Method looks like this:

Piedmont (PPS) drafts your account on PAY DAY instead of once each month, allowing you to break the payments down to better fit your budget & pay schedule. Suppose you are paid twice each month. Piedmont (PPS) will draft your account on each pay day.

OPTION #2: Direct Deposit Method (DDP) –Piedmont’s Direct Deposit alternative to Payroll Deduction is our preferred process because it’s even easier than Bank Draft.

HOW IT WORKS

A typical Direct Deposit paycheck is deposited each pay day into an employee’s bank account(s), like this:

The Piedmont Direct Deposit Method looks like this:

There is no bill and no reconciliation. All of that is handled by Piedmont. The employer simply adds the account into the payroll system & each time payroll runs, the premium is automatically sent to the employee’s Piedmont Premium account.

Piedmont receives the bill, reconciles and pays it electronically on the due date. The employer never sees a bill & has no interaction with Acme except when they choose to.

NOTE: We’re often asked whether one can pretax these payments. Because a pretax solution requires a payroll deduction slot, nearly all Piedmont accounts are after-tax accounts. Employers who do not wish to payroll deduct premiums are forfeiting pretax savings by default. Thus, a standard Piedmont account is an “after-tax” account.

To start enrolling your accounts with Piedmont, simply register here. You’ll get access to all the resources you need, including Piedmont’s new electronic enrollment tool! Registering doesn’t require you to use Piedmont, so there’s no reason not to register, but if you’d like more information before using us, we’d love to chat. Just click here and shoot us a line.