NEW YORK STATE INSURANCE FUND WAIVES CREDIT CARD
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 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 reduce the burden on small businesses, which fuel the state’s economy, and encouraging paperless transactions will promote climate resilience.”
Under the program, when a policyholder signs up for paperless billing, NYSIF will waive the 2.25% fee that normally applies to 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 considered in determining eligibility.
Policyholders already enrolled in online billing will also be eligible. NYSIF estimates that approximately 89,000 small business policyholders will benefit from the program, with customers saving more than $4 million in the first year alone.
NYSIF policyholders can subscribe to dematerialization by logging into their online account. NYSIF policyholders can also make credit card payments free of charge at nysif.com/billpay.
With nearly 200,000 policyholders, $1.9 billion in annual premiums, and more than $20 billion in invested assets, NYSIF is the largest workers’ compensation insurer in New York State and among the top 10 nationally. NYSIF’s mission is to ensure 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 companies to ensure a fair market while serving as a source of guaranteed coverage for employers who cannot obtain coverage elsewhere. NYSIF strives to achieve the best health outcomes for injured workers and to be an industry leader in price, quality and service for New York employers. For more information, visit nysif.com.