A utility payment solution is software designed to help manage utility invoices, payments and meter data. It can record usage data, automatically calculate what is owed using billing rates and then generate invoices for each billing period. Typical solutions allow customers to make payments online via credit or debit cards and may also include features such as a customer service portal, meter reading interface and automated alerts for late payments. Some solutions are designed for large organizations or cities while others are targeted at smaller companies and utilities such as water, waste management or energy services.
Customers appreciate a digital payment experience when paying their utility bills. ACH credit payments are safe, fast and remove the risk of paper checks getting lost in transit, which can lead to late payment fees. Integrated with backend accounting systems, the best e-billing software for utility companies can automate internal workflows and reduce collection costs by up to 25%.
Another option is to use a multichannel e-billing and payment platform that allows customers to pay via credit or debit card, ACH, or cash. This can be especially useful if you have a large number of residential and commercial customers, or if you want to offer different payment options for each type of customer.
The utility billing software that you choose should be easy to integrate and set up for your business. The product should also have a user-friendly dashboard that makes it easy to see your latest payments and the status of outstanding amounts. Ensure that your customers can pay anytime, anywhere, even on mobile phones and tablets. You should also be able to store credit card information for future payments, which can reduce the time it takes for each transaction to be processed. utility payment solution