Utility bills aren’t the kind of expenses that people like to spend their money on. But they represent the costs of living, and can add up pretty quickly. According to Nerdwallet, a typical utility bill might include charges for electricity, water, waste, gas, and even phone or TV services. The key to making these bills manageable is a robust EBPP solution that offers a variety of payment methods and channels.
For example, a recurring payments option lets customers pay their utility charges with their preferred method of payment. With this, they can align their payments with their paycheck cycles and avoid the risk of having insufficient funds to cover their bills. It also ensures continuity of service, and can reduce operational costs by eliminating the need for manual processes and costly physical checks.
Another feature of the solution is a predesigned customer portal, email and SMS invoices, and an API that allows for easy integration. This makes the process of sending invoices fast, and enables customers to view their account balances in real-time.
To configure a product, you have to define the details of each of its attributes in the UP Product Definition screen. This includes the account or GL that accounting entries will be posted to for any transaction involving the product, along with any applicable charges and rates for the utility provider institution. You can also specify any MIS details that would be applicable to management reporting for transactions involving the product. utility payment solution