For many consumers, utilities are non-discretionary expenses that are required to maintain essential services like water and electricity. Providing customers with multiple, convenient payment options and efficient management of billing processes is a key to success for utility companies.
Managing the billing process manually is expensive, time-consuming and prone to errors. Handling paper invoices also requires a lot of human effort and resources, which can be better spent on more critical areas such as customer service or improving business operations.
A centralized, robust, and flexible utility payment solution can be the difference between a highly efficient and an overly complicated payment process. With a utility payment gateway, you can simplify the payment experience for your customers by reducing the amount of information they need to enter and allowing them to make payments around the clock.
How to Set Up a Utility Payment Product
A product is a specific service, facility or scheme that you offer to your customers. A utility payment product can be used to process all types of utility payments made by your customers in favor of a specific utility provider institution. To create a utility payments product, you need to specify certain basic details in the ‘UP Product Definition’ screen.
You can also define a set of accounts or GLs that are applicable to all utility payment transactions processed against the product. These are maintained in the ‘Accounts and Charges Maintenance (ARC)’ screen. You can also use the ‘FIELDs’ and ‘MIS’ buttons to specify any user-defined fields that are to be captured during entry of transactions that involve the product. utility payment solution