Utility payment solution is a software system that enables utilities to collect payments from customers and apply them to their accounts. This allows for streamlined and automated operations, which reduces manual processes and improves accuracy. It also provides customers with the ability to make payments online. It also provides customer service functionality that helps to increase engagement and lower costs.
Integrated with smart meters, utility billing solutions can provide customers with real-time access to consumption data. This information can be used to identify cost and usage trends. It can also be used to determine if there are any service issues that require action. Additionally, a utility billing system can be used to automate meter readings, which eliminates the need for manual meter readings.
A good utility payment processing solution includes a configurable and flexible billing cycle. It can be set for a day, week, month, quarter, half year, or a custom recurring cycle. It also enables real-time rating based on consumption with set rates or a combination of rates and services. It can also include advanced features like advance discounting, resource sharing, and discounted meter pricing.
Utility billing systems can be configured to support the monetization of products and services for any market. They also enable centralized billing to combine multiple bills into one invoice for a single location or a group of locations. They can be configured to allow 24/7 payments, store credit card information for future payments, and automate recurring payments. They can also configure ASC 606 and IFRS15 compliance and support AR-to-GL accounting, collections, dunning, and reports. utility payment solution