Utility billing systems handle a variety of transactions from customers who consume energy, water and other services. They also pay for gas, waste management and, probably the most important of all – electricity. Without it, people cannot work, live and play – we need it for lighting, appliances, heating & cooling, and much more.
As with other business processes, many of these transactions are manual and require human intervention. The complexities of handling paper invoices can lead to errors and lengthy processing times that result in costly late fees for consumers, businesses, and utilities themselves. In addition, these processes are not scalable to meet the growing volume of customer demand, and they lack interoperability with other systems to enable real-time information flow.
Most utility companies are considering new payment capabilities in response to pain points — whether to improve the customer experience or reduce late fees. They are looking for a more efficient way to manage the complexity of their billing and payments operations, which often results in a siloed approach that does not allow them to optimize multiple business capabilities at once.
A more integrated and seamless solution can be achieved through utility billing and payment integration. The key is enabling a single point of integration that provides for a single view of all transaction activity, and supports the ability to provide real-time alerts and notifications that enable better cash collection, improved operational performance and streamlined business processes. This is a critical component of any modern CIS solution. utility payment system