Payment Arrangements
Customers sometimes need flexibility in payment obligations to Utilities. These needs are especially required during times of personal economic stress, which are exacerbated by pandemics or recessions. Utilities can offer payment arrangements with flexible software.
Challenge
Offering Payment arrangements to customers requires a Utility having appropriate credit risk checks in place. Moreover, the finance group will need easy to use interest and cash flow calculations to understand the implications of deferred payments.
Omniware Approach
Different options of payment plans are available, including a fixed monthly, user defined future payments of specific amounts on set dates and the ability to set parameters for payment plans, such as months to pay off debt, and set dollar amounts to pay off debt.
Moreover, Dynamics Billing facilitates a Utilities credit check process by allowing credit applications to be issued directly to customers from within the system and credit approval stored with the customer account.
Benefits
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Offer flexibility to customers
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Facilitate credit check process
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Calculate interest and cash flow implications
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Organize credit applications and approvals with each customer account
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