Online Resources Corporation (Nasdaq: ORCC), a leading provider of online financial services, today announced that Indiana Farm Bureau Insurance, the largest farm insurance provider and the second largest personal insurance provider in Indiana, has signed a multi-year agreement for the company’s bill payment solutions. This agreement marks the 15 th that Online Resources has signed with insurance firms in the past year for new, additional or extended billing and payment services. In early 2012, Indiana Farm Bureau Insurance will implement Online Resources’ Payment Advantage solution, which will enable payments through the Web, live agent and IVR. The Bureau’s more than 765,000 auto, home, life, business and farm insurance policyholders will have the option to use any of these channels to make ACH, credit- and debit-card payments. The Bureau’s staff will be able to access real-time, on-demand reporting and tracking through Online Resources’ Web-based Client Console payment management tool. “Indiana Farm Bureau Insurance selected Online Resources based on its experience serving the complex needs of insurance carriers, its flexible project approach, and the demonstrated ease of use of their payment services,” said Cyndi Hendricks, Executive Director, Accounting & Operations Support for Indiana Farm Bureau Insurance. “We look forward to providing our customers an easier, more efficient way to remit payment to Indiana Farm Bureau Insurance.” “Indiana Farm Bureau Insurance views the online channel as another way to provide their customers top-notch service,” said Eric M. Labiak, chief sales officer for Online Resources. “We are very pleased to help the Bureau offer a breadth of payment options to their policyholders that are easy to administer internally and that can help them manage processing costs.” Payment Advantage is part of Online Resources’ eCom Advantage suite of solutions, which provides end-to-end electronic bill presentment, payment and collection solutions that drive consumer satisfaction, retention and cost savings.
Shares of Online Resources Corporation (Nasdaq:ORCC) were gapping down Wednesday morning with an open price 30.4% lower than Tuesday's closing price. The stock closed at $6.05 yesterday and opened today's trading at $4.21.