Utility companies struggle to keep up with customer bill-pay inquiries and mail-in checks in 2020 and 2021, largely due to the COVID-19 pandemic. Effects of the pandemic have caused nearly all consumers to want online billing as their main method of payment. According to a 2020 report by yStats GmbH & Co. KG “Nearly 50% of global shoppers were using digital payments more than before the pandemic, and the majority plan continues doing so after the virus is contained”. This shift to online payment may have been pushed forward by the pandemic, but it’s not stopping anytime soon.
Although we’re into 2021, many companies struggle to adapt to this overnight digital evolution and feel overwhelmed because the Independent Software Company (ISV) they chose to manage their industry related data metrics does not offer the technology they need to service their customers in one platform easily, much less provide payment solutions to avoid hacker fraud, prevent returned check fees, or deliver quicker funding. Antiquated technology sufficed before the pandemic, websites that forced the customer to login to see their account usage in one system but pay by logging in to another that supports online payment, or even worse, mailing in or going into the office with a paper check. Software vendors bringing products to the industries like utility companies, municipalities, medical offices, and more will benefit their clients’ customer base offering cutting edge financial tools that integrate seamlessly with their API to offer bill payment using credit card and ACH methods within the same internet based platform.
These utility businesses need options from their independent software vendors to help them offer their customers more ways to pay their bills, check account transactions or balances, and process their payments through other avenues such as within the online hosted payment portal, on mobile, with IVR, or through invoices paid by SMS and email.
Every ISV must embrace the digital trends coming in 2021 and beyond to help their utility, medical, and municipality customers thrive in the coming years.
Some ISV’s offer online payments, but they don’t offer many of the modern payment options that give their partners the ability to pass on an easy, seamless experience to their utility customers. Offering credit card only to pay online limits the customer’s options to pay and their clients’ ability to save on merchant fees. With the ICG collaboration, an ISV can find a payment gateway partner to integrate into their current offerings for clients that includes billing tools such as:
The Voice of the Company that Takes Payment and Answers Questions
With the IVR, beyond simply offering bill pay options, ISV’s can give their clients a varied package of options that are sure to be helpful for their customers by lessening their staff time on the phone.
It is worth mentioning, with the types of industries that need staff helping people doing more than answering billing questions, adding the revolutionary IVR payment solution will not 9nky collect the payment, but provide the data within the virtual terminal in one seamlessly secure integrated platform. With the very nature of using organized efficient financial technology within their office, the labor burden lessens in the billing and invoicing departments as customers can utilize the ACH or credit card payment method on file to pay using any of these solutions offered by ICG.
By utilizing this added value payment solution, the system can also manage a multitude of other FAQs customized by the ISV customer, including, but not limited to help the caller:
Verify, Verify, Verify
Quite possibly the biggest innovation ISVs can offer utilities, medical offices, and municipalities is the security of a strong preventative evaluation of the payments at the time of the transaction. As a Preferred Partner with Nacha, iCheckGateway.com proves the strength year after year of their ACH solutions that merchants confidently can offer as a lower cost and more efficient option for making bill payment.
The ICG Check verification services stand out for the municipality organizations, medical offices, and utility companies, due to the account validation, bank account verification, and real time bank account balance verification. Merchants process payments with less anxieties over the extra effort to chase down NSF (non-sufficient funds) attempts or have to follow up days later when recognizing that the customer made innocent typing errors that lead to a failed payment status. The check verification solution that ICG offers and the bank account balance and real-time check account status we utilize from our Plaid partnership helps guard against these otherwise considered fraudulent activities. These valued solutions immediately let the customer know they cannot use that payment data entered to complete the transaction at the point of entry.
Your Tech Partnered with Our Tech
Looking for revenue building benefits to working with ICG over other payment gateways as an ISV, ISO, or other reselling partner, our relationships see how we can help them gain new business by leading with tech, instead of simply focusing on cost. We’re able to provide seamless technological hooks into the merchants’ needs, giving them the highest quality tech that they can pass on to their customers.
Our APIs and plugins allow seamless integration with your current customer management systems to give more control over your business. Plus, we offer efficient and secure methods for accepting ACH and credit card payments, helping to improve and streamline utility payment services. We accomplish this while reducing your PCI scope by redirecting sensitive data through our secure gateway with our hosted payment portal and virtual terminal. Furthermore, with built-in security features such as tokenization and end-to-end encryption, your customer data is always safe. Learn more here
Let’s face it; customers have to pay their bill, we might as well make it as easy as possible. When their customers can use their phone, their computer, their internet mobile connected device to take care of their payment needs, they can pay more efficiently.
Not only is it easy for the utility customers to pay their bills, but it’s also easier for the utility companies to process transactions faster and verify checks without chasing down NSF attempts.
The biggest reasons why every ISV needs to offer this to all their utility and municipality customers
The positive feedback, additional service offerings, and competitive rates of these services will allow most ISV’s to build long-term loyal customers. In addition, the low costs from us, as the provider of the technology, allows our ISV software vendors to keep their revenue positive, all the while building strong relationships with their own customers. Most importantly, we arm our partners with the ability to not have to say no to a prospect because we offer an all in one solution approach they can incorporate into their software application to serve their industry.
Not only do we offer our partners extremely competitive rates, but we offer more than just a simple online payment platform.
As a company, we make it very clear that you bundle our technology with your existing services & product offerings. We seek to enhance what you’re already selling to give you better technological capabilities and the opportunity to generate more profit. We ensure the secure transfer of financial data and protects both consumers and merchants with front-end account authentication. ISV’s that partner with iCheckGateway.com will have the ability to offer a far more broad range of technology to their customers, which means less customer service calls and a more loyal, happy customer.