Managing utility payments can be one of the most time consuming and complex parts of an organizations accounts payable management. Typically these kinds of accounts are managed outside of the normal accounts payable department as they are considered non-core activities and many businesses have opted to outsource such activities. Outsourcing is a commonly recognized, cost effective and successful way of reducing management workloads. However, it can be difficult for organizations to outsource their utility billing & payment needs as most providers do not offer a fully integrated solution.
Providing your customers with a simple and easy to use utility payment system is a great way to increase customer satisfaction, loyalty, and brand reputation. Whether this is through a web portal or mobile app, your customers can make payment quickly and securely. Integrated voice response also allows them to inquire about their bill, when it is due, how much they are owed and more.
Balanced, or levelized, billing helps you avoid bills that are too high in one season and too low in another, and helps you manage your energy costs throughout the year. In order to be eligible for balanced billing, you must agree to monthly installments that are equal to or less than the greater of half your average monthly bill or 10% of what you owe.
A product is a specific service, facility, scheme or utility that you offer to your customers through your bank. For example, a product could be a transaction that your bank processes in favour of a utility provider institution. When you define a product, you can specify all the accounting details, applicable charges and rates that would be used for processing transactions involving the product. These specifications are then applied whenever a transaction is entered against the product. utility payment system