A utility payment solution is a service that enables customers to make payments for utilities such as gas, water and electricity from their bank accounts or credit cards. The services provide convenience and control to end users while helping utility companies get paid on time and reduce their administrative costs.
Depending on the type of utility being offered, a digital platform may include features such as eStatements and text-to-pay functionality, and can be accessible through web, mobile or other data-enabled devices. By leveraging technology mediums that are popular with consumers, utility companies can reach more of their audience and increase payment conversion rates.
Another important feature of a utility payment solution is that it can be integrated with other customer service tools such as email, SMS and chatbots to enable more efficient communication. This improves customer satisfaction while reducing the cost of customer support.
A key feature of a utility billing system is the ability to track and process recurring ACH payments. This allows utility companies to collect their invoices faster, and avoid paying interest on late payments or collection fees.
To configure a product to process a particular type of utility payment, you need to specify the basic profile of the product in the UP Product Definition screen. This also needs to be associated with the corresponding account or GL’s to which the accounting entries need to be posted for any payment transaction for the specific product for a utility provider. utility payment solution