Utility payments are a core part of most people’s budget. Whether it’s for electricity, water or gas, paying these balances on time is essential to keep households running and prevent inconvenient service interruptions. This is why many customers rely on solutions that let them pay their bills in any channel they prefer. These include IVR, walk-in payment retailers, mobile apps and bank lockboxes.
But it’s not enough to offer convenience: your customers are looking for a safe and secure payment solution that helps them avoid late fees. Recurring payments are key – they allow your customers to align their utility payment dates with their paycheck cycle and ensure that they don’t have a risk of missing their bill payments or risking service interruptions.
With integrated payment processing, you can allow your customers to make utility payments around the clock – even when your contact center is closed. You can also give them the option of storing their credit card details with your system so that they don’t have to enter the information each time, accelerating the process and helping you get paid faster.
When a customer makes a payment transaction in favor of a utility provider, the transaction is entered into Oracle FLEXCUBE against a product that you have created for the purpose of processing these types of transactions. The product defines the accounting details, applicable charges and rates, as well as management reporting (MIS) details, for any transactions involving this specific type of utility payment. utility payment solution