Utility payments are an essential part of modern life, and most people rely on their local utilities for services like gas, electricity, and water. But these services can be expensive and often require timely payment to avoid late charges, deferred payment fees, and other penalties. However, many people are not able to keep up with their utility bills and may face a vicious cycle of debt and disconnection notices.
Many utilities are rethinking their billing systems in an effort to improve multiple business capabilities. These changes are largely motivated by increased customer expectations and a desire for improved operational efficiency.
A new utility bill payment system can streamline meter-to-cash processes and reduce bad debt, which can be difficult for utilities to manage. It also helps reduce the number of calls and emails from customers seeking assistance with their accounts, allowing customer service representatives to spend more time providing valuable services.
When a person’s financial situation makes it difficult for them to pay their utility bills, their local utility can offer them a payment agreement. The agreement must be based on the person’s ability to pay what they owe, and it cannot be more than half of the average monthly bill or 10% of what they owe, whichever is lower.
A utility payment product is defined in the ‘UP Product Definition’ screen, and is used to process specific kinds of utility payments. It can include accounting details and rates, as well as a list of the accounts or GLs to which accounting entries need to be posted for any payment transaction. utility payment system