A utility payment solution is an electronic system that allows you to collect payments from your customers for utilities like water, electricity, gas and more. It also provides an option for your customers to pay their invoices online in a secure and PCI compliant manner. It can be a critical part of your utility business as it helps you improve customer retention and timely payment collection.
With the increasing adoption of e-billing and digital payment solutions, it is becoming important for utility companies to make sure that they have a robust payment processing system in place to offer their clients. Credit card payments for utilities increase customer adoption and improve payment conversion by motivating customers to pay their bills faster. A good utility payment processing solution will also have a virtual terminal that can help you accept credit cards from your clients.
It is important for a utility billing company to have a payment processing system that is capable of handling high volumes of transactions in a short timeframe. It should be able to process multiple types of payments such as online, automated bank transfers and ACH payments. It should also be able to provide a wide range of reporting capabilities that will enable you to analyze your payment data.
Lastly, it is essential that any utility bill payment processing solution you consider is PCI compliant. Recent high profile cyberattacks have made it more important than ever to ensure that your payment systems are secure. A solution that is not PCI compliant could result in fines and penalties that can be devastating to a utility company. utility payment solution