A utility payment solution is a solution that allows customers to pay bills and other charges to their electricity, gas or water utilities, by using the bank account that they have with the company. The solution also allows a customer to make recurring payments that help reduce their risk of late fees.
To enable a utility payment solution, your bank needs to define a product that is used by the entity in whose favor a customer makes utility payments, and on whose behalf the bank processes such customer payments. For example, you need to define a BPAT or BPCH product for processing electricity charges payments, with the accounting details, rates and charges that are relevant for each specific utility provider. In addition, you need to specify MIS (Management Information System) details for any transaction that uses this product.
A utility payment solution should also provide a wide variety of e-invoicing options to facilitate bill collection and improve payment conversion. This can include SMS or e-mail with a link to the secure e-invoicing portal, as well as IVR and web payment. Additionally, the solution should enable buying add-ons or activating discounts, bonuses, vouchers and loyalty points. Lastly, the solution should be integrated with smart meters so that cost distribution between units can be determined by usage data from the meter. This helps improve the quality of your customer experience and accelerates revenue generation. A trusted billing solutions provider can simplify the process by delivering an integrated platform with advanced features, including diversified payment methods and a low-risk, no-fee direct debit solution that significantly reduces late charges. utility payment solution