As more consumers become digitally literate, they expect their utility billing software to be equipped with multiple payment options. This means allowing customers to make payments by credit card or via ACH at the very least. It also means providing an integrated solution that allows for a fast, easy and secure way to manage their accounts.
When it comes to the latter, an efficient utility payment solution must include a secure and PCI-complaint online portal with SMS payment links that allow customers to pay their bills from any device at any time without the need for logins. In addition, the platform should include an intergrated voice response system that allows users to check their balances and other pertinent information.
Recurring payments are a must-have feature, as they ensure that clients pay their bills on time and decrease the chances of late fees. This can be achieved through automated recurring payment software, which links customer payment info with their business for more cost-effective and efficient ACH payments. For example, GoCardless has helped oxio, a UK start-up that provides domestic internet, TV and phone services, reduce its payment failure rates by taking payments directly from the client’s bank account.
To create a product for processing utility payments, you need to set up a basic profile in the Utility Payments Products Definition screen. During this process, you need to specify the details of accounts or GLs to which accounting entries need to be posted for any payment transaction in favor of each utility provider. This will also include the exchange rates and charges that the bank levies on the payments. utility payment solution