Utility bill payments are a vital component of the daily lives of many people. These include services such as electricity, water and gas. Often, these payments are required on a recurring basis and must be processed quickly to avoid late fees or service interruptions. Whether these payments are made online, over the phone or by mail, payment processing systems must be able to meet consumer expectations in order to get them paid on time.
A utility product allows you to define a specific set of accounting details, charges and rates that will be used to process payment transactions relating to a particular utility provider for whom you want to accept customer payments. Once defined, these specifications can be used for future payments without having to specify them afresh.
This is particularly useful for customers who have a number of different utility providers for whom they pay. It also provides a convenient way for customers to view all the services they pay for in a single place.
Integrated payment processing solutions are an ideal solution to help solve the challenges associated with getting utility companies paid on time. By offering a variety of payment options that include eStatements and text-to-pay, these systems help customers manage their bills more effectively. They also provide an opportunity to reduce the cost of paper billing, improve customer satisfaction and eliminate the risk of lost or misplaced statements. They are also a great way to encourage recurring payments and increase timely payment collections. utility payment solution