Streamline utility payment processing and management for customers with a single, secure platform. It’s a win-win for everyone. Customers benefit from a quick and easy process for their bills, and utilities are able to improve their cash flow without the need to wait for checks to clear or credit card charges to be processed.
Customers can also make ACH payments, or electronic funds transfers, from their bank accounts directly into the company’s account. This is a more secure method than traditional card payments, as the customer’s account information remains private and only the bank knows about the transaction.
The ability to offer additional digital payment methods like mobile wallets, QR codes, and POS terminal integration is becoming increasingly important. Providing these options can increase your customer base and help you grow revenue. Moreover, instant payments can provide real-time information flows that allow you to communicate with customers, alert them to insufficient balances and offer financing options.
To manage the processing of payments made by customers for utility services, you must define a product. A product represents a kind of payment processing service that you provide to your customers, in favor of a specific institution (such as a utility provider). It contains accounting details such as GL’s for which entry is posted and rates and charges that your bank levies on such payments. When you create a product, you specify the utility provider ID for which it is used and attach this against the corresponding transaction type maintained in ARC Maintenance. utility payment system