Utilities
Competitive utility companies must be able to take payments from multiple payment channels such as the Internet, telephone, recurring automated debits, and check conversion. These payments travel a variety of payment networks including the ACH, Credit card, Check21, and PayPal. Each of these payment mechanisms has their own set of standards and rules for processing, as such, most payment companies provide service that focuses on a single payment type like pay by phone or payments over the Internet forcing companies that wish to offer robust and flexible payment options to rely on multiple vendors and systems to manage their cash collection process.
Ventanex created a processing engine using proprietary and highly advanced technology. At the core of this product suite is a sophisticated engine that allows users to manage their transactions on a case by case basis and track them throughout the entire “Life-Cycle” automating both the origination and returns processes. Our clients enjoy a comprehensive single system that enables them to manage electronic cash collection from their lockbox, agent assisted, IVR systems, Internet and within their own customer servicing applications. Aside from significant efficiency gain, our clients enjoy significantly reduced payment processing fees, reduced return items, automated cash posting, and automated returns management.