Utility payment systems help businesses of all sizes manage utility bills and payments by streamlining billing, invoice processing and management. This enables utility companies to focus their energy and resources on core business operations while also providing an easy-to-use solution for customers who pay their utility bills.
Mobile payments are on the rise, and many consumers are shifting their billing and payments activity to digital channels. As a result, many companies are rethinking their utility payment system and exploring ways to better meet customer expectations for self-service.
Whether it’s an app or a text message, consumers are looking for ways to pay their utility bills quickly and securely. By offering multiple methods of online and mobile bill paying, utility companies can give their customers more options to pay their utilities and reduce the risk of late payments.
Payments made by customers of your bank towards the institutions or utility providers against the bills issued by them are called bill payment transactions. These are processed through your banking system using products that you define for each type of service. For example, the product defined for processing electricity charges payments will have accounting details and rates defined specifically for that service.
You can maintain the different types of utility provider institutions for which you want to process payment instructions using the ‘Utility Provider Type Maintenance’ screen. The system automatically generates a unique identifier for each instruction when you save the record. utility payment system