Today’s payment processing solutions must enable a business to run smoothly by making online transactions with a credit or debit card easy, efficient, and safe. Of course, behind the scenes it’s a complex, automated, and highly integrated process involving not just merchants but also banks, acquirers, payment processors and potentially a host of other players. For utilities & Municipalities, the integration of efficient billing systems with payment processing solutions must work together flawlessly to ensure accurate and maximized collections.
As businesses and consumers have adopted new technologies such as smartphones and digital wallets, big and small utility providers have had to adapt to demands by individuals to accept card payments. Consequently, these systems must be capable of providing robust fraud management and data privacy as part of a comprehensive IT security framework that must span the Internet, mobile devices, social networks, and cloud services.
Compliance costs can escalate as the scope of regulation increases and technology certifications (such as PCI HSM) are mandated. Failure to understand exactly where and how sensitive account data is stored and transmitted can prevent organizations from clearly defining and implementing data protection solutions.
Payment processing solutions for utilities must be capable of interfacing with utility billing systems that in turn integrate with SMART automatic meter reading solutions whether they are in-house or third-party meter reading systems. While these systems must work together flawlessly to provide accurate accounting of usage for billing purposes, the important link will be in terms of client and end-user account access for secure, efficient intuitive and flexible online payment.
A robust utility billing systems will require an intuitive online payment portal for customers so that they can log-on using a password and pay their bills instantly. This level of convenience ensures that payments are received as soon as possible. These and other payment processing solutions are integral to the needs of small utilities with just a few dozen customers or a large utility with thousands of customers.
To learn how BillingTree’s Payrazr Platform can help you integrate payment processing solutions into your industry that are simple, reliable and effective, contact us today!