# Insurance Payment Methods Explained
There's more than one way to pay an insurance premium, and the method you choose can affect your fees, your convenience, and your risk of an accidental lapse. This guide runs through the common ways to pay — bank draft, card, check, and on-site checkout — and helps you pick the one that fits your budget and habits. It's written for households and businesses across our seven-state footprint.
Who You're Actually Paying
First, an important point that trips people up. Because BNW Services (dba InsureToday24) is an independent agency, most of your policies are billed directly by the carrier once they're in force. You'll usually pay the insurance company — through its portal, app, phone line, or mail — not us.
A few products quoted on insuretoday24.com are different: renters coverage through our embedded ePremium app and life or annuity products through BackNine handle their own billing, and anything you pay directly on our site runs through Square checkout. We'll always tell you which path applies to your specific policy.
The Common Payment Methods
EFT / ACH bank draft. The premium is pulled directly from your checking or savings account. This is usually the cheapest option — carriers often reduce or waive installment fees for automatic bank drafts, and it's the least likely to fail if the account is funded. Great for autopay.
Debit or credit card. Convenient and fast, and you can earn card rewards. The trade-offs: some carriers add a card-processing fee, and an expired or replaced card can cause a failed payment. If you use a card for recurring payments, keep it current.
Check or money order (mail). Old-fashioned but still accepted by most carriers. The risk is timing — mail delays can push a payment past its due date, so send it early. Keep proof of mailing for important payments.
Online / phone one-time payments. Most carriers let you log in or call to make a single payment with a card or bank account. Useful for catching up quickly if a payment is due soon.
On-site Square checkout. For the products we bill directly on insuretoday24.com, payment runs securely through Square, which accepts major cards. This applies only to those specific embedded products, not to carrier-billed policies.
Matching the Method to Your Situation
- Want the lowest cost? Use EFT/ACH and consider paying in full.
- Want convenience and rewards? A card on autopay works — just keep it updated.
- Prefer control over each payment? Use online one-time payments and set your own reminders.
- Cash-flow tight? Monthly installments via bank draft smooth things out (with small installment fees).
There's no single "best" method — it depends on whether you're optimizing for cost, convenience, or control.
Avoiding Failed Payments
However you pay, the goal is the same: don't let a payment fail. A failed or returned payment can trigger fees and, if not cured, a lapse. Protect yourself:
- Keep the account funded or the card current.
- Confirm payments post, especially the first one after enrolling.
- Watch for renewal changes — the amount can rise, and a card set for the old amount still works, but a fixed-amount setup might not cover the new total.
- Set up autopay as a backstop against forgetfulness (see our autopay guide).
Our article on returned payments explains what to do if a draft or check bounces.
Security Notes
Pay through official carrier portals, our site's Square checkout, or by mail to the carrier's listed address. Be cautious of anyone demanding payment by unusual methods (gift cards, wire to a personal account, cryptocurrency) — that's a classic fraud signal. When in doubt, call us to confirm where a payment should go.
How BNW Helps
The most common billing question we get is simply *"where do I pay?"* Call or text Lucy, our AI receptionist, at (573) 594-5148, and we'll point you to the exact portal or method for each of your policies, help you set up the cheapest option, and make sure a payment never slips. Or reach us at insuretoday24.com.
References
1. Consumer Financial Protection Bureau — https://www.consumerfinance.gov
2. Insurance Information Institute — https://www.iii.org
3. National Association of Insurance Commissioners — https://www.naic.org
4. Investopedia: ACH vs. Card Payments — https://www.investopedia.com/terms/a/ach.asp
5. Missouri Department of Commerce & Insurance — https://insurance.mo.gov
Related
- How Insurance Billing Works: Premiums, Down Payments and Fees
- Insurance Payment Options: Pay-in-Full vs Monthly Plans
- Setting Up Autopay for Your Insurance Premium
- Returned or NSF Insurance Payments: What to Do
- Paying Your Premium with InsureToday24
Watch
- ACH vs credit card payments explained — Investopedia (youtube.com/@Investopedia); search: "ACH bank draft vs credit card payment difference explained"
- Best way to pay your insurance premium — NerdWallet (youtube.com/@NerdWallet); search: "best way to pay insurance premium save on fees"