Improving cash management and process efficiency
Utilities
We help utility companies significantly improve internal resources, cash management and customer satisfaction.
A range of services to manage utility payment and communication processing from receipt of invoice/remittance to payment allocation, delivering improved cashflow, customer satisfaction and compliance.
Don’t let inefficiencies or misallocation affect cashflow and debt collection
Having helped many utility companies over the last 20 years significantly improve their efficiency and capabilities, we understand the key pressures they face in this highly legislative market.
The current economic and political climate has only increased a pressurised market, where debt management, cashflow and customer service dominate. Inaccuracies and misallocation of payments, if not dealt with, can create significant suspense accounts, affect credit ratings and trigger unwarranted debt collection.
The consequence is not only restricted cashflow but damaging customer experience. In a highly competitive market with new market entrants and ever more demanding customer needs, this can be critical.
High volumes of communication and stricter requirements from legislative bodies makes it essential to find an effective and efficient way of resolving these issues quickly.
The challenges of cash management and communication processing for utility companies
Debt management
Debts are rising. Misallocated payments significantly increase debt recovery and cost.
Legislation
Inefficient processes make it easier to breach ever tougher regulation.
Customer service
Competitors are eager to take customers from you that have experienced bad service or slow processing.
Inefficiencies
Manual processing is inefficient and prone to mistakes.
Cashflow
Failure to match invoices to payments increases suspense accounts and restricts cashflow.
Our capabilities
Drive down your suspense account and customer complaints
From better payment allocation to improving customer service and communication. Our solutions can transform your ability to compete.
We can create efficiencies and unlock cash for you that can be used to help lower cost-to-serve and make your organisation more competitive in a crowded and tough marketplace.
In the face of bad debt we could help you increase your cashflow. With better payment allocation, utilising an automated process to match and reconcile payments, we have helped some of our clients reduce their suspense accounts by up to 50%.
In doing so, errors were significantly reduced, radically improving customer experience and negating the need for unnecessary debt collection and further cost.
We can also simplify and speed up the high volumes of customer communications, whether that be by paper, electronic or voice. Our highly automated Digital Mailroom can accurately extract, digitise and segment communication, for far quicker resolution and easy retrieval.
Whatever your specific need, we have the solutions and protocols to integrate seamlessly with your systems, and the agility to provide real value, quickly.
Digital Mailroom
Mailroom management and digitisation of all inbound customer communication for onward distribution, upload to online portals or relevant processing duties.
Credit Management
Full credit management services including invoice production, voice contact, query investigation and resolution to industry leading KPIs.
Cash Allocation
Multiple payment channels allocated to appropriate customer accounts through automated or manual activities.
Secure Print
Secure print bureau services provides a ready solution for remediation payments particularly for service outages.
BACS end-to-end
Full BACS payment instruction and processing, along with enhanced validation for multiple customers.
The benefits
Benefits of outsourcing cash management and communication processing for utility companies
Cost & Efficiency
Time and money
Significant savings versus in-house costs, with faster results.
Speed
95% Same day allocation
With levels of over 90% automation, payments are allocated the same day.
99.9% Accuracy
Right first time
Our technology increases accuracy but our exceptions protocol near guarantees it.
Retention
Better communication
Less mistakes, unwarranted payment chasing and quicker resolution makes happier customers.
Cashflow
Reduced suspense account
Substantially reduce your suspense account by up to 50%.
Compliance
Assured
Less errors, faster communication and resolution with strict protocols and SLAs.
Client testimonial
A very agile professional partner...
Featured news & resources
Water Plus: How enhanced payment allocation and processing improved customer journeys
48% Suspense account reduction 1.4m Items processed 95% Payments allocated on day 1 840K BACS payment Background Water Plus were looking for a new partner …
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Talk to one of our utilities team today
Want to find out more? We would be happy to discuss your organisation’s challenges and how Parseq’s solutions could quickly provide you with real value.
