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NEW YORK STATE INSURANCE FUND WAIVES CREDIT CARD TRANSACTION FEE FOR SMALL BUSINESS POLICYHOLDERS

·2 min read

Qualifying Customers Expected to Save More Than $4 Million in First Year

New York, Sept. 13, 2022 (GLOBE NEWSWIRE) -- The New York State Insurance Fund (NYSIF), the state’s largest workers’ compensation insurer, is waiving credit card transaction fees for eligible small business policyholders who enroll in, or currently use, paperless billing. The initiative is part of Governor Kathy Hochul’s efforts to provide relief and cost savings to New York’s small businesses as they continue to recover from the COVID-19 pandemic, and to promote environmental sustainability.

“I want to thank Governor Hochul for her enduring commitment to New York employers and the environment,” NYSIF Executive Director and CEO Gaurav Vasisht said. “Eliminating credit card transaction fees will lessen the burden on small businesses, which fuel the state’s economy, and encouraging paperless transactions will promote climate resiliency.”

Under the program, when a policyholder enrolls in paperless billing NYSIF will waive the 2.25% fee that normally applies on credit card premium payments. Any policyholder in good financial standing and whose annual workers’ compensation premium is $10,000 or less, or whose annual disability premium is $1,000 or less, will be eligible. Paid family leave premiums will not be counted toward determining eligibility.

Policyholders already enrolled in online billing will also qualify. NYSIF estimates approximately 89,000 small business policyholders will benefit from the program, with customers saving more than an estimated $4 million in the first year alone.

NYSIF policyholders can sign up for paperless by logging in to their online account. NYSIF policyholders can also make no-fee credit card payments at nysif.com/billpay.

 

About NYSIF

With nearly 200,000 policyholders, $1.9 billion in annual premiums, and over $20 billion in invested assets, NYSIF is the largest workers' compensation insurer in New York State and among the 10 largest nationwide. NYSIF's mission is to guarantee the availability of workers' compensation, disability insurance and paid family leave at the lowest possible cost to New York employers while maintaining a solvent fund. Since its inception in 1914, NYSIF has fulfilled this mission by competing with other insurance carriers to ensure a fair marketplace while serving as a guaranteed source of coverage for employers who cannot secure coverage elsewhere. NYSIF strives to achieve the best health outcomes for injured workers and be an industry leader in price, quality, and service for New York employers. For more information, visit nysif.com.

CONTACT: David Jacobson NYSIF 212-587-6565 djacobso@nysif.com