Payment Processing
Collecting payments has the potential to be a valuable service to Utilities companies. Setting up the proper infrastructure to support this service can be time-consuming and costly if not done properly.
Challenge
There are several components to implementing a successful collections capability with your business - identifying the proper payment gateway, payment processor, and charging the appropriate fees. These all take time and, in some cases, continued analysis. Getting this tweaked just right takes a lot of time and small mistakes can cost you money.
Omniware Approach
Dynamics Billing offers an integrated, complete payment facilitation solution that includes easy on-boarding, a combined gateway and processing solution that makes it easy to set up or switch to. The fees charged via this solution are simple to understand and comparable to, if not less than, other options available.
Benefits
-
Easy onboarding
-
Single point of control for billing and payment processing
-
Increased conversion of residents from Print and Mail to e-billing options when combined with Dynamics Billing’s e-billing capabilities
-
Reduced monthly credit card & ACH fees
Meter Management
TOU meters has resulted in an improvement for customers since they are billed for what they consume. However, meter maintenance can become troublesome for utilities, such as dead batteries, broken units, no RFID connectivity.
Challenge
As a utility, you have the responsibility of calculating accurate bills. TOU meters make this easy, but when a meter breaks it can create problems. Beyond managing an estimation process when a meter breaks, there is the added complexity of managing the broken meter itself. When and why did it break, when did it come back online and what are the implications to the reads being collected? Today, much of this is reactive for your staff - you deal with it after it breaks and then again after it is fixed.
Omniware Approach
Dynamics Billing provides a Meter Management solution that tracks and manages meters that are producing read issues. You can track the date estimation started, track the identified issue for the problem, and track when the meter is fixed. All of this information is easily accessible by your staff.
Benefits
-
Save time diagnosing and tracking meter failures
-
Provide a proactive benefit to your customers
-
Minimize billing inaccuracies
-
Save time during billing
E-bill Conversion
Getting bills to customers is important, but the method that these bills are delivered can have big implications on your bottom line. Paper and mail are costly and customers will most likely not ask to change. The status quo is comfortable and familiar, making electronic billing and payment an afterthought.
Challenge
Incentivizing electronic billing and payment adoption can be difficult. Without the right tools to encourage adoption, you won’t realize a high enough conversion rate for your efforts. Re-purposing critical staff towards an effort that may or may not result in the gains you’re expecting can be detrimental to your business.
Omniware Approach
Dynamics Billing offers a pre-packaged, easy-to-implement E-Billing adoption package. It combines an easy to use Customer Portal, a unique “Pay Now” option on the electronic invoice, targeted messaging to customers via email/invoicing, a pricing incentive that is offered for a period you control, and one that is automatically factored into a customer's bill if the customer selects the option. We work with you to define the package, kick off the program, and track the results in real time.
Benefits
-
Program kick off with minimal time investment (1 - 2 hours)
-
Automated program
-
Expected conversion rates between 10 - 25%
-
Reduced print/mail costs
Real-Time Consumption Management
With TOU meters, the availability of real-time meter reads presents an opportunity for utilities to identify real-time issues with consumption. Flagging this for customers is an invaluable tool.
Challenge
Dealing with "bill shock" consumes much of your time as a utility. This can create cash flow issues if customers decide to argue fees and refuse to pay. Your costs can increase in situations where costs associated with consumption, while accurate, are written off or administration fees are waived to provide some flexibility to the customer.
Omniware Approach
Where meter reads are available via meter software integration, Dynamics Billing allows for real-time monitoring to be set up. Variances in reads can trigger notifications to the utility which can then be presented to the customer. This can result in a reduction of over/under consumption to protect your customers and your utility's bottom line.
Benefits
-
Stop runaway bills before they happen
-
Improve the value of your service to customers
-
Prevent write offs
-
Conserve energy for customers
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
-
Offer flexibility to customers
-
Facilitate credit check process
-
Calculate interest and cash flow implications
-
Organize credit applications and approvals with each customer account
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
-
Offer flexibility to customers
-
Facilitate credit check process
-
Calculate interest and cash flow implications
-
Organize credit applications and approvals with each customer account
EV Charging for Residential and Commercial Multi-tenant Buildings
Electric Vehicle usage is skyrocketing. Users want charging stations available for use on every corner. Condo boards, property managers, residents, and commercial tenants want to have EV charging stations available at their residence, for their guests, and at the workplace.
Challenge
Multi-unit commercial and residential buildings face unique challenges to implement EV charging. EV utilization is growing every month - until there is a need for EV charging in each parking spot, EV charging stations will be shared for residents & tenants of the building.
Omniware Approach
Dynamics Billing is built to integrate with third-party EV Charging hardware. Dynamics Billing can identify the EV as a vehicle of a resident or guest and enable point-of-use billing and payment collection. If the EV is a resident’s vehicle, the billing item can be combined with the resident's utility consumption on a convergent invoice.
Benefits
Dynamics Billing enables property managers to offer and bill for EV Charging to their tenants, residents, and guests.
-
Convergent billing of EV charging with utility bills
-
Point of Use EV Charging for guests
-
Earn LEED points and other green building certifications and comply with any local EV regulations