Utility companies are increasingly choosing to work with a billing software provider that can handle the entire service lifecycle, from connection and meter reading to bill generation and payment collection.
The rise of digitally literate consumers and advanced utility infrastructure means software developers in utility billing need to expand their offerings to stay relevant. However, one overlooked area of focus during product development is payment processing.
With the shift to digital payments and more time spent online, utility solutions can leverage integrated payment processing to meet consumer expectations on payment transactions and get utility companies paid faster.
Collecting Utility Payments Faster
It’s a given that businesses want to get paid on-time, and integrated payment solutions can solve the age-old problem of late payments. One way is by reaching customers where they are by leveraging technology mediums that they frequently use.
Email and text messaging are prime examples. By offering functionality such as eStatements and text-to-pay, utility companies have the opportunity to get their bills in front of their customers’ eyes in a shorter timeframe instead of mailing paper statements. Taking it one step further, they can even send out automated statement reminders for unpaid balances.
Even better, if they can include secure browser links that allow customers to enter card payment details without logins or passwords needed, they are well on their way to better cash flow and happier customers.
Allow Flexibility With Payment Options
Utility billing software should offer traditional payment options such as credit or debit cards, in addition to recurring payments via ACH at the minimum. However, times are changing, and more digital payment methods may become requested by consumers who are starting to embrace these newer options.
When working with a partner like Global Payments Integrated, it is possible to offer digital wallet payment options such as Apple Pay®, Google PayTM, and Samsung Pay®. There is also the option to provide installment plans through our alternative financing functionality, allowing you to appeal to customers who need additional flexibility with their finances.
Our APIs and development style provide a future-proof solution for developers who are wary of lengthy development cycles for the latest payment trends. Global Payments Integrated makes it easily attainable to continue to evolve your integration by adding new features to your software solution all through our one simple API.
Keep Utility Accounts Trustworthy and Secure
There have been high-profile cyberattacks on the utility sector in the past, making security breaches a continued possibility regardless of company size.
Utility companies cannot risk using software that processes payments but is not PCI compliant. As the services they provide are non-discretionary expenses for customers, it is natural for customers to expect that their online payment data is safe in exchange for reliable electric, gas, and water services.
However, software companies whose primary focus isn’t payments come across the challenge of being PCI compliant. While it’s possible to research, develop, and maintain a payment solution in-house, that would mean taking time and resources away from their core focus.
A partnership with Global Payments Integrated solves this problem. Our development teams help ISVs access feature-rich, secure payment solutions for agnostic programming environments, all with our simple API integration. In turn, ISVs and utility companies can remain out of PCI DSS scope and be confident that payment data will always be encrypted or tokenized.
Improve Utility Billing, Provide A Better Customer Experience
The best part about optimizing payment processing is seeing the fruits of that labor in the form of a better customer experience - for utility companies and their customers.
By integrating with our commerce enablement solutions, utility billing software can take payments to the next level. For example, our Analytics and Reputation Management tool can use payment data to gather insights into a customer base, allowing companies to make more informed business decisions.
It also allows utility companies to embed payment options throughout all parts of the customer journey. When utility companies make it easier for people to pay their utility bills, it reduces the number of past-due statements and unhappy calls to customer service.
Grow Your Business With Payment Processing
If your software company wants to include payment processing as a value-added service, our team is ready to help! A partnership with us involves revenue-sharing opportunities that allow you to monetize your payments in new ways and promote your software as an all-in-one solution for utility companies. Contact us to get started.
Apple Pay® is a trademark of Apple, Inc. All trademarks contained herein are the sole and exclusive property of their respective owners.
Google PayTM is a trademark of Google, Inc. All trademarks contained herein are the sole and exclusive property of their respective owners. Any such use of those marks without the express written permission of their owner is prohibited.
Samsung Pay® is a registered trademark of Samsung Electronics Co., Ltd.