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In the increasingly competitive utilities industry, addressing customer churn and driving profitability continues to be a priority.
Experian offers payments solutions to assist with the challenges facing the utilities industry. To improve profitability at a time where customer movement in some sectors has been as high as 30 per cent a year, it is crucial not only to win new customers, but to retain the loyalty of existing ones.
Improving profitability through accurate payment details
Utilities providers are investing heavily in the technology and marketing to drive more customers online. In order to complete the online (unmanned) customer acquisition process however, it is critical that:
- internal processes are fast and secure
- applicant payment details are accurate
- applicant payment details can be processed
- rejected payments are minimised (as they may cause drop-off in the acquisition process)
Through market leading validation on Direct Debits, Faster Payments and Direct Credit (UK and international cross border), Experian can significantly improve Straight-Through-Processing rates, directly impacting your customer service, reliability and security.
Electronic payment submission for utilities
Experian have completed the consolidation of enterprise payments channels in the largest utilities providers delivering:
- significant cost savings
- improved service
- lower risk of catastrophic events (i.e. failure to collect)
Used for the delivery and receipt of electronic payments, Experian solutions:
- reduce error rates and payment repair costs
- improve STP rates by up-to 2.5% delivering higher sales conversion rates and increasing customer lifetime value
- consolidate multiple costly and open to risk back end payments processes onto an enterprise platform
Find out more about our solutions
Experian customers include the largest Utilities providers including Pan-European operations. Our solutions cover international and domestic payments for payment validation and transmission.