Open Banking secure payment – better debt collection for energy companies - Ordopay

2. Open Banking secure payment – better debt collection for energy companies - Ordopay

3. Open Banking is changing the way the utility company handles debt collection. And if energy companies want to stay on the right side of the regulator and truly do their best by their customers, they’re going to want to adopt Open Banking. By allowing for real-time payment, Open Banking can help streamline the debt collection process and improve the overall customer experience and the experience for the utility company. In this blog we’ll cover: The problem with traditional debt collection for energy companies The benefits of open banking for debt collection The impact of open banking on energy companies 1. The problem with traditional debt collection for energy companies Energy companies have traditionally relied on a variety of methods to collect overdue bills from customers. These methods typically involve sending letters or making phone calls to the customer requesting payment. If the customer fails to pay, the utility company may take legal action or cut off their service.

4. However, these methods often lead to frustration for both the utility company and the customer. The traditional debt collection process can be time-consuming and costly for energy companies, requiring dedicated staff and resources to manage the process. For customers, the process can be intimidating and stressful, potentially damaging the customer experience. And none of this results many payments, whether it is secure payment, real-time payment or otherwise. Moreover, traditional debt collection methods often rely on paper-based billing systems and payment solutions, which can lead to errors and delays in processing payments. This can exacerbate the problem for both the utility company and the customer, as late fees and interest charges accumulate. The need for better payment solutions is clear. Energy companies must find a more efficient and effective way to manage debt collection that minimises costs, improves payment processing, and enhances the customer experience. This is where Open Banking comes in. Open Banking payment solutions offer secure instant payments and real-time payment processing, providing a more streamlined and secure way to manage debt collection for energy companies. With Open Banking, the utility company can provide customers with a better payments experience, reducing the likelihood of overdue bills and improving customer experience.

5. 2. The benefits of open banking for debt collection Open Banking offers a range of benefits for debt collection for energy companies: Real-time payment: Open Banking payment solutions offer secure instant payments and real-time payment processing, providing a more streamlined and secure way to manage debt collection for energy companies. This can help reduce the time it takes to receive payments and improve cash flow for the utility company. Improved payments processing: Open Banking payment solutions use digital payment channels, which can reduce the likelihood of errors and delays in payments processing. This can help to reduce the cost of managing debt collection for energy companies, as well as improving the customer experience. Better customer experience: Open Banking payment solutions provide customers with a more convenient and user-friendly way to manage payments. This can help to reduce the likelihood of overdue bills and improve overall customer satisfaction. Enhanced security: Open Banking payment solutions use strong security measures, such as two-factor authentication, to protect customer data and prevent fraud. This can help to improve the security and integrity of payments processes, providing peace of mind for both the utility company and the customer.

6. For more information visit: https://ordopay.com/open-banking-secure-payment-better-debt-collection-for-energy-companies/