Three Questions Every Utility Company Should Ask Themselves

1. How can I use my billing process to promote my customer relationship? By providing a reliable bill delivery and payment solution that is secure and provides functionality that enhances the customer’s bill payment experience, a utility company can improve customer loyalty and their brand in the marketplace. In a survey conducted by Fiserv in 2008, 27 percent of online billing consumers reported an improved relationship with their utility company due to the online billing experience, and 30% said that it decreased their likelihood to change providers.

Studies show that nearly 50% of customer service inquiries are related to billing and payment. The customer’s ability to drill down into their bill with the click of a button and to receive automatic bill analysis reports gives the customer the control at their fingertips to answer their billing questions without having to contact customer service. This provides the customer with a more user-friendly billing option, while providing the billing company with a cost savings opportunity in their customer service operational expense.

2. How can I provide my customers with billing options while maintaining control of my billing systems? Since billing is really not the number one concern for most utility companies, it is important that any billing software be easy for the utility company as well as for the end user. The main priority will be to find a good balance by providing their customers with top-notch payment options without having to surrender control over their payment system, without having to sacrifice the ease of their bill processing by partnering with a provider that they can trust to handle all of the details of their billing and payment system for them.

3. What channels do I need to support to provide the best online payment options for my customers? Customers want options. And it is no different will bill payment. Customers want to have options as to how they can pay their bill so they can choose the option that best fits their needs. Understanding your customers and their processes would be the best way to know what options to provide. But, without that information, the best thing to do is to provide several different options. Some examples include online bill payment, mobile phone bill payment, traditional walk-in and US mail bill payment, etc. Your customers will appreciate the options and are more likely to pay their bills efficiently if they are given the option that works best for their business.

Utility companies will benefit from adding an eBilling system because their customer loyalty will increase due to the increase in options provided to them in paying their bill. While many utility companies are concerned with their ability to provide a robust eBilling solution while still maintaining their internal billing efficiency, the best way to achieve a win-win for everyone is to partner with a trusted provider who can maintain their eBilling system for the utility company. This will allow the utility company to provide options to their customers without sacrificing any operational efficiency.