Utility payment system is the collection of a fixed amount on a recurring basis from a customer to pay for utilities. Most often this system is used for water, gas and electricity services, but can be expanded to cover other utilities as well. This solution also allows for the tracking of usage over time and the ability to collect late fees, if applicable. This type of solution typically offers a range of payment options for customers to pay their bill from, including online payments and direct debit. It can also manage other aspects of the business, such as account management and meter reading systems. For example, it may be integrated with third-party meter reading systems and can enable historical tracking of use over time for billing purposes. The system can also enable a tiered pricing structure for different types of customers. This can be beneficial for organizations that have a mix of residential and commercial customers paying varying rates for the same service. It can help to avoid the problem of a small number of people being charged a lot more than others for the same service, which can happen when bills are paid infrequently. Typically, the system will offer a way for customers to pay their bill by text message or via their smart phone app. It can also allow for a variety of other payment methods, such as cash or electronic checks. The system can even automate the payment initiation process by using the customer’s bank account information to automatically withdraw payments on a predetermined schedule, like every month. This can significantly improve the payment conversion rate of invoices, and reduce the risk of bad debt and non-payment by customers. For many property managers, managing utility bills can be challenging. The process of distributing, collecting, and reporting on these payments can consume a lot of time and resources. This is especially true for larger properties that manage multiple sites with several hundred or thousands of utility accounts. This can lead to a lack of focus on other critical areas of the business, such as tenant retention and building operations. It can be easy for tenants to miss payments, particularly if they are billed for different services at various times of the day or year. It is therefore important to make the system as user-friendly as possible. For instance, the system should be able to handle different billing cycles for the same tenant, and allow users to easily track past bills and outstanding amounts. It should also have the option to email notifications to tenants when their new bill is available, as well as provide a link to view their online bill and advanced features. In addition, the system should be able to track move-in and move-out information, and include real-time data flows between disparate systems. This can allow for better communication with tenants, and the ability to forecast incoming payments more accurately. This can reduce days sales outstanding and help to improve overall organizational performance.
