Traditional power utilities are under mounting financial pressure. Deregulation continues to expand in the US, increasing competition where there once was none. Improving solar power generation combined with improving battery technology allows some traditional power customers to generate their own electricity, eliminating them as future utility customers. Increased competition and fewer customers in the future are not positive developments for the financial health of power utilities.
Utilities must constantly seek to improve internal cost efficiencies. Most utilities outsource the acceptance of customer payments, allowing customers to directly pay the utility’s payment processor when customers pay the utility using debit and credit cards. This practice saves utilities a substantial amount of money.
Another payment processing strategy not only reduces payment processing costs, it generates new revenues for utilities. Technological improvements in making payments allows utilities to eliminate the costs associated with refunding money to customers and to eliminate the costs of disbursing funds to suppliers. Outsourcing disbursements eliminates the cost of making payments by check and ACH to customers and suppliers. It also generates a new source of revenue for utilities.
Cape Payment Experts educates utilities on how to outsource their disbursements the same way they outsource the acceptance of customer payments. Utilities can achieve even greater bottom line results by outsourcing disbursements than they receive by outsourcing customer payments made to utilities using debit and credit cards.
Please contact us to learn how easy it is to reduce payment costs and generate new revenues by outsourcing your disbursement of funds to customers and suppliers.