The utility payment system allows customers to pay for different types of utilities, such as electricity charges, water charges and gas charges. These payments are made through the bank to institutions or utility providers against bills issued by them. The transaction between the customer, the bank and the institution is recorded as a bill payment transaction.
Having more ways for your customers to pay their utility bill increases convenience, reduces costs and improves the likelihood of on-time payments. Adding card and recurring payment options like ACH gives your customers the flexibility to choose how they want to pay. It also lowers your billing, collection and check-handling expenses.
Transparency is no longer a ‘nice to have’ for consumers, as shown by the popularity of person-to-person money transfer apps like Venmo, which make it easy to share and track transactions. So it’s important that you make your customer’s billing and payment processes as transparent as possible to increase their trust in your company.
Provide more visibility into utility consumption by allowing tenants to access and analyze their historical data online. This way they can understand what they’re paying for and when it’s due, which will help them avoid late fees. And it’s easier for them to answer questions about their bills through a comprehensive FAQ section or automated voice response. In addition, you can offer multiple ways for them to pay their bills through your utility payment system, including walk-in payments at over 40,000 locations with PV Walk-in and online with PV Mobile and Pay by Text. utility payment system