Utility Payment System – Streamlined Utility Bill Processing, Payment and Management
With the increasing volume of utility payments, it has become very critical to provide a smooth, seamless experience for customers. In this regard, integrated payment solutions help to reduce manual processes, error-prone activities and improve the overall accuracy of invoice data. They also enable utility companies to reach out to customers on time by leveraging technology mediums such as email and text messaging. This helps to reduce the amount of late payment cases and improve customer retention and loyalty.
Defining products for processing utility payments helps in creating a unique set of accounting details, applicable charges and rates that can be mapped to the product. It also enables you to specify user-defined fields that can be used during entry of transactions involving this product, as well as the Management Reporting (MIS) details that would be available for the product. You can define these attributes in the ‘UP Product Definition’ screen, by clicking the appropriate icons.
You can enter utility payment transactions against a product that you have defined for processing payments made by customers for a specific service provided by a utility provider institution. The product definition that you create consists of the account details and charges defined in the ARC Maintenance screen for this product and a specific utility provider institution, as well as any other applicable parameters and specifications that you have specified in the ‘Utility Payment Product Attributes’ screen. utility payment system