Payments for essential services are the most common interactions people have with their local governments and utilities. Organizations everywhere have realized that centralizing payments by implementing modern payment technology yields huge benefits for everyone.
So, how does centralized payment technology help residents and staff? But what specific benefits do these upgrades provide? Here are five ways benefits of modern payments processing.
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Equitable Access for All
Customers live very busy lives, and as a result, often struggle to make payments during set business hours. Meanwhile, underbanked and unbanked customers suffer from an additional hurdle; these customers are constrained by the need to pay bills by cash. If they can’t make it to a payment center during business hours, these customers are forced to utilize a 3rd party service that adds a convenience fee on top of the payment. In other instances, customers resort to leaving cash payments in an under-secure dropbox. Both options add unnecessary risk to payment processing and cause delays in payments posting to accounts.
The solution is clear: leverage technology to provide highly secure, 24/7 payment options. Offering flexible payment channels to both online customers and in-person customers mitigates risk and provides a fully equitable solution.
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Centralized Multi-Agency Payments
Every customer has a list of obligations they pay for on a regular basis. Running to multiple locations or logging into multiple portals is a hassle and a security risk. Customers and staff alike struggle with slower service and higher security risk. Having to reconcile payments across multiple departments while navigating variable processes adds extra work for staff and wastes valuable time and energy.
The solution to these challenges is simple: centralize payments city-wide. Centralization maximizes convenience for residents by allowing them to handle all obligations in one transaction. Residents can then pay for a parking ticket and a utility bill, for example, in a single visit to one place. Meanwhile, staff benefit from a unified platform that streamlines management and reconciliation across all agencies in real time.
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Instant Access to Account and Transaction Information
Every customer fears making a payment for an important bill that doesn’t post to their account immediately. A delayed payment can have serious consequences: customers can be assessed late fees and penalties, or worse, experience the shutoff of a vital service, like electricity or gas. No one should have to worry about that. Further, sending technicians out to turn services on and off wastes valuable resources that could be allocated toward more important things.
Modern, cloud-based payment platforms directly integrate to multiple source systems, allowing transactions to post to customer accounts and the general ledger instantly. This also eliminates manual reconciliation and allows governments to reallocate resources to solve more complex matters.
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Comprehensive Revenue Management
Oftentimes, city staff maintain multiple logins to process and reconcile a variety of payment types. Logging into a different portal for each customer, going through authentication each time, and then servicing customers delays resolutions. Even more concerning is utilizing multiple backend solutions, leading to an inconsistent security infrastructure, leaving the city and its customers more vulnerable to breaches.
Centralized data access, enabled by a robust revenue management tool, streamlines back-office processes and ensures consistent security measures protect sensitive transaction information. A great revenue management tool allows staff to view reporting for all transactions across all agencies, channels, and tender types. Additionally, this tool should enable staff to issue refunds, void transactions, and confirm postings instantly.
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Automated Recurring Payments
People have so much to remember every day. Chores to complete, family events to organize, work to finish. That’s why customers welcome opportunities to automate recurring things in their lives.
Government organizations have taken note and are embracing modern payment technology with features that support more convenience, like the ability to set up a digital wallet and automatic payments for recurring obligations. The added convenience benefits everyone. For customers, it eases stress by ensuring on-time payments so that they don’t incur late fees or experience service shutoffs. For organizations, these features promote steadier revenue collection, allowing them to make more accurate projections and invest more into expanded offerings for customers and staff.
Access to Modern Payment Technology is Expected
The luxuries of the past are now the requirements of the present. Customers expect modern payment technology that delivers greater flexibility, efficiency, and security, and staff demand stronger support to keep up with evolving customer needs. The advancements in payment technology magnify the benefits for all, leading to improved customer satisfaction and more reliable revenue collection.
Learn how your agency achieve these benefits with Euna Payments
