Automate your manual process with the Installments Module

Utility companies often need to set up payment plans for customers.  A customer is behind on their utility payments, has a high account balance due to a leak, or there are Utility Tap fees which can often be substantial. Having the ability to set up installment payments can be beneficial to your utility.  It offers financial flexibility, can improve customer relations and in many jurisdictions, utility companies are required to offer payment plans as part of their regulatory obligations.

The Installment Billing module provides an option within each customer’s account to transfer an account balance or portion of a balance to an Installment Plan, “Payment Arrangement”. Transfer the balance to an installment plan, specify how many billing periods/months the balance will be paid over, and the system will calculate the installment payment amount.  The installment amount is automatically added to each bill as a separate line item, or it can be specified that the installment amount is billed separately.  The entire process is automated and maintained by the CUBIC system. Reporting includes installments aging, total outstanding installment balance for each customer, and installment balance totals.

Overall, installment payment plans serve as a beneficial tool for both utility companies and customers, facilitating financial stability, customer satisfaction, and regulatory compliance.

If you would like to learn more about the Installment Billing module or request a quote for the cost to add the Installment Billing module to your CUBIC system, reach out to us at sales@freymunicipalsoftware.com, by phone at 859.441.6566, or click the button 👇