Merchants provides a variety of payment plans depending on your needs and type of policy, including a one-time payment or a variety of payment options spread throughout the year.
Merchants offers a variety of payment plans depending on the type of policy you have such as:
One payment, paid in full at the time of policy inception.
Two Pay Plan - 60% deposit
60% deposit. The 40% balance is due 60 days from the policy effective date.
Three Pay Plan - 40% deposit
40% deposit. The second payment of 30% is due 90 days from the policy effective date and the final payment of 30% is due 90 days after that.
Quarterly Pay Plan – 25% deposit
25% deposit. The balance is divided into three equal installments billed at 90 day intervals.
Ten Pay Plan – 20% deposit
20% deposit. The balance is divided into nine equal installments.
Twelve Pay Plan – 8.33% deposit
8.33% deposit. The balance is divided into eleven equal installments. This payment plan is only available for policies enrolled in our Electronic Funds Delivery (EFT) payment option.