Paying utility bills is one of the banalest tasks early-stage founders and managers of large corporations have to deal with monthly. Utility bills such as electricity, internet, rent, and other recurring bill payments take up a lot of time.
These are important bills that must be paid on time without fail. So these can’t be delegated to a subordinate. However, what one can do is automate the payment of these recurring bills.
Having a payment system that automatically collects payments of utility bills remains a challenge for most of the businesses in India. There are many reasons why businesses have not been able to find a long-term solution for this.
But first, let’s understand the issues businesses have to face with utility bill payments.
Challenges businesses face with utility bill payments
- Complex bill management for multiple stores
Early-stage businesses that operate out of a single office might still manage their recurring utility bills. It is tougher for those that have more than one office, and still tougher for those that are present in multiple cities.
Let’s take an example of the McDonald’s food chain. The fast-food chain has multiple outlets across the country. Each unit has multiple bills to pay. Usually, each store manager will maintain the record of every month’s utility bills, and courier them physically to the central office.
On receiving the copies of the bills, the manager at the central office will verify each bill and finally clear the payment.
All of this can be simplified by automating the payment system.
Waiting for bills to arrive from various locations, verifying them, and maintaining a digital record of those physical bills, is a huge waste of time.
In addition to being time-consuming, it also creates a lag in reporting. These delays can cost the company in many ways. If the payment of the SaaS product a business uses is delayed, employees would not be able to use the tools that they so much rely on to carry out their tasks.
Manual handling of data also leads to errors. The manual process has its own limitations to gathering data points per bill. Missing out on such information can have a real impact on any resulting business decisions.
- Dealing with different billers
Businesses that have more than one office in a city might have to deal with different billers for one service.
Suppose you have three offices in Delhi located in such a way that you have to pay electricity bills to three separate electricity departments: BSES Rajdhani Power Limited, BSES Yamuna Power Limited, and Tata Power Delhi Distribution Limited.
Each biller’s payment cycle and mode of payment collection would be different. Some would accept only cheques from businesses, others would want payments only through a demand draft. Managing everything manually means additional expense on manpower.
It becomes very tedious to make timely payments if they are still glued to traditional methods. The chaos gets magnified when payments for different services such as water, phone, or internet have to be paid the same way.
Simplify utility bill payments with Paytm Payouts
We did thorough research of all the problems that businesses face and came up with a definitive solution.
Our answer to the utility bill payment woes, Paytm Payouts, can be utilised by businesses across sectors as every company has to pay utility bills on time. While conglomerates such as McDonald’s, Aditya Birla Group, Bajaj Capital trust Paytm Payouts to manage their recurring bills, the solution is agnostic to the size of the business.
Let’s see the benefits and solutions that Paytm Payouts provides:
- Complete visibility of all bills
Businesses can access all their utility bills directly from the Paytm dashboard. Paytm Payment Gateway has partnered with 95% of billers in India to provide businesses with an almost real-time view of pending bills and original bill copies.
Our powerful dashboard gives complete information on each and every utility bill, such as bill amount, dues date, billing period, etc.
Our dashboard can be used to track all the utility-related expenses. If businesses want to know how much they are spending on, say, the internet across all the offices, they can search it on the dashboard. Alternatively, they can also look for the expenses of, say electricity, by one specific office. These insights can come in handy if they want to reduce their expenses on utility bill payments.
- Automatic bill payment
With Paytm Payouts, businesses can set reminders to pay monthly bills, or even better just automate the payment process. The payment success rate is higher than the industry standard. Moreover, Paytm Payouts is proactive in tracking payment status and letting businesses know the status.
Since we have partnered with almost all the billers in the country, businesses get to access the bills automatically on the dashboard as soon as the bill is generated. This gives the opportunity to businesses to pay their bills before the cut-off date, which can unlock incentives for early bill payment.
- Bulk payments
Businesses have to pay about half a dozen bills every month. Utility expenses such as electricity, water, internet, phone, and mobile bills are just the basic recurring payouts that businesses do.
It is time-consuming for the manager to make so many payments every month. That is why we allow businesses to make multiple bill payments with just one click from the dashboard.
- Multi-user dashboard control
Paytm Payouts is customisable to the extent that it can be used by multiple users or teams. Just add different teams to the dashboard and if need be set their limitations with a set of permissible actions they can take on the dashboard.
The administrator can use the dashboard to assign a specific task such as approving the bill to an employee and payments of the bill to another employee. The dashboard takes care of the security of the primary account and the multiple sub-user accounts, so there is no breach of data security.
Adopt automatic utility bill payments
It’s time businesses get proactive in rooting out inefficiencies before they start causing problems. Paytm Payouts is one of the earliest and most trusted platforms for bill payments in India. Being the biggest recharge and bill payments company, Paytm serves as the largest ecosystem of billers across the country. Get Paytm Payouts today and change how you pay utility bills.