Utility payments are typically made on a recurring basis – for example, each month. These payments can be fixed, or they may vary in amount within a specified range. When a variation in payment is requested, the company should let you know at least 10 days before the planned date of the scheduled payment.
A utility payment system can enable you to offer a variety of self-service options for customers to pay their bills. You can give customers access to a web portal, or they can make one-time or recurring payments using a mobile app, instant bank account transfer (ACH) or debit card. Other self-service options include eStatements and text-to-pay, both of which can reduce costs by reducing the need to mail paper statements.
In the ‘Utility Bill Instruction Capture’ screen, you maintain a list of instructions for processing payment transactions for utility charges in favour of different utility providers. You can also record information related to the types of payments, such as the accounts to which the payments are credited, or the charges and rates that apply. You can define a product for each of these types of payments, so that when you process a payment transaction against the defined product, all the specifications and attributes made for the product are automatically applied.
When you use an integrated payment solution, you can automate utility billing to reduce costs and improve customer satisfaction. You can also support rules-driven collection processes, so that customers receive automated messages to remind them to pay their bill, thereby reducing bad debt and improving payments conversion for e-invoices. utility payment system