Check How Payment Collection is Getting Quicker and Safer for the Utility Industry

  • tilli
  • August 12, 2022
  • No Comments

It’s challenging! There is no exaggeration in admitting that bill collection is a daunting process for the utility business. You need to keep up with so many things amid the changing client base and new regulations rolling out every now and then. Timely bill collection while maintaining relationships with the decade old clients definitely sound a bit challenging and at times, the utility business can feel overwhelming.

Here we are, understanding your tiring experience. We know how it goes being overworked and under-resourced in an on-going utility business with no space for delays and errors. Going through it requires a lot of coordination, perseverance, and alertness.

No matter what utility business you are into, getting ready with a robust payment system and ensuring its smooth functionality should be your priority. You might be dealing with water, gas or electricity, but running close to your customer base with an intact payment processing system will keep your things on a roll and rhythm. However, the bad news is that, your customers might not find it easy to pay you anytime they wish and would find it hard to trust you with their crucial data.

So, what is it that the consumers want? How meeting their choices would help you ease your payment processing experience?

  • Consumers are more demanding than ever! Be it ordering the food online or paying for the bills, they expect convenience and ease of use when it comes to consumer experience.
  • Customers expect dealing with brands and businesses to be a simple and user-friendly experience with things available at fingertips.

Utility businesses need to understand these customer expectations and transform their customer experience to the next level. Utilizing some latest payment solutions like automated billing and payments along with online account management can really speed up their payment processing system while providing the best experience to their customers.


Adopt the Change in the Utility Industry with Automated Payments

Utility business has been frequently associated with longer waiting times, unfriendly payment options, and poor communication methods. However, utility companies have being doing their best to adopt to new developments and provider their customers with safe and simple ways to make their payments.

There is more to payment with a special need to develop engaging ways of communication with the customers that can not only provide ease and convenience of payment, but also scalability to deal with growing number of consumer base in the future.

Nowadays, a lot of businesses have “chatbots” on their websites that guide you through a series of interactive questionnaire and diverting towards a payment option. The days of calling a company over the phone, waiting 20 minutes while being transferred twice through the IVR, and then eventually interacting with a representative who assisted you in making your payment, are long gone. Now, making a payment only requires a few clicks on your system or smartphone screen.

Many utility firms have now upgraded their communication techniques. You can now access your account using online portals, adjust your billing options, and request that all future bills be sent to you via email, saving you the time and hassle of waiting by your mailbox for a bill that may never arrive. Important documents will be carefully saved in one location where they can be conveniently retrieved whenever needed. Finally you get freedom from the fear of losing or misplacing them.

These are undoubtedly the most fundamental shifts in a world that has already become digital. Unfortunately, the majority of these cases involve sluggish web sites with poor user experiences.

Monay Payment Solutions Helping Utility Businesses

At Monay, we have built some experiences with our clients!

The scenario:

When entering address updates or signing up consumers over the phone, customer care representatives from one of our main utility providers had to use a slow and cumbersome user interface. As a result, the customers were encountering some difficulties like, frequent inability to access necessary and useful information on the business’ website and contact channels. Another result was an increased call centre traffic.

The utility provider approached Monay Payment Gateway to enhance their customer communication experience through the use of more agile channels like SMS, push notifications, WhatsApp, IVR and other channels. This would not only reduce the burden on their customer service team, but would also reduce their cost. On top of that, they were willing to cater to their huge customer base of 1.2 million, on digital platforms.

The Solution:

We designed an advanced technology platform for our client offering them a consistent communication experience across different web and mobile channels. We worked on enhancing the provider’s current communication system to make their customers perform simple and actionable tasks like paperless enrolments, instalment plan enrollments, and one-click payments, more securely and safely.

Additionally, we streamlined payment tokenization, digital signing, and payment collection for customer commitment letters, as well as digitally signed attestations for COVID Relief Funds. In order to give customer service advocates the tools they need to develop and carry out customised, practical campaigns that have measurable effects, have a look at the below highlights. These campaigns have real-time, full integration with the S4HANA backend systems of SAP, enabling a single source of truth.

The Results

The adoption of our plan brought some revolutionary results for our client. They witnessed a surge in customer engagement who started taking control of their accounts as a result of actionable activities and campaigns designed as per customer’s behaviour and preferences.

Our system gave customer support representatives access to an online editor for managing personalised communication that allowed them to plan, develop, and customise their nudges. The users managed and adjusted their accounts with their utility provider in order to become accustomed to the new communication and convenience ways. Let’s have a look at the results in numbers.

Some exciting numbers we achieved through our digital payment system:

  • A 200% increase in digital payments
  • A 200% increase in the digital adoption rate
  • 3,500,000 “nudges” handled per month
  • $60,249,453 payment processing total

The success of our solution is an example of the quickly evolving business environment across any industry of any size that deals with customers on a day-to-day basis. MONAY offer a tailor-made solution for every business which wants to effectively communicate with their customers and deploy simplified payment system. If you are also working on redefining your customer communication and payment experience, our experts can help you.

Get in touch with us NOW!