Providing electricity, water, gas and other essential services to customers, utility companies can help their clients to save money and energy through innovative payment solutions. Integrated payment solutions like eStatements and text-to-pay can make the billing process easier for both parties. With recurring payments, consumers can automatically pay their bills and utility companies can reallocate staff resources to other matters, such as customer grievances.
With a utility payment solution, companies can provide a better customer experience that is built with efficiency in mind. Whether they want to offer their customers online or in-store options, they can do so using Orbipay EBPP. This multi-channel electronic bill presentment and payment (EBPP) platform lets users manage their account in a fast, convenient way, allowing them to pay by credit card, direct debit or ACH.
In Oracle FLEXCUBE, each transaction that a bank processes for a utility payments product is entered against the utility provider ID of the utility provider to which the customer made the payment. This enables banks to identify the accounting details, rates and charges levied by each utility provider in a given country or currency for a specific type of payment.
In addition to ACH and online payment options, utility companies can also accept payments via SMS, IVR or mobile apps. With the ubiquity of these technology mediums, utility companies can reach their customers and encourage them to use these payment channels, particularly with SMS payments which are secure and cost-effective. This is especially beneficial for older audiences who may not be comfortable with online payments. GoCardless is another option for utility customers, offering a user-friendly and simple payment experience that is well suited to collecting recurring payments. It helps to reduce payment failure rates, while lowering the cost of processing compared to a card transaction. utility payment solution