Utility Bills Providers – Offer Cashback for early payment of your Bills

 

This is a #FinFiction Post

Just provide a cashback of 1% to your consumers and see the monies flow early into your accounts.

Consumers are willing to pay the bill within 3-4 days of the bill generated date if the respective utility companies offer a reasonable cashback.

Example 01) My Airtel Landline Account

Latest Bill Date is 12/09/2020

Due Date is 01/10/2020

Bill Amount is INR1532.00

I have opted for Kotak Mahindra Bank’s Automatic Bill Pay Module and my bank will debit my Bank Account on 27/09/2020 to remit the bill amount to Airtel.

If I am offered a cashback of say 1% i.e INR15/- for payment within 17^th September, I will pay my bill withing 17^th September, instead of waiting till 27^th September.

Like me there will be lakhs of Airtel consumers are willing to take the early payment offer.

So, will Airtel roll out this offer and make itself happy.

 

Example 02) My BESCOM (Electricity Bill) Account

Latest Bill Date is 12^th September, 2020

Bill due date is 1^st October, 2020

Bill amount is INR1729.00

 I have opted for Kotak Mahindra Bank’s Automatic Bill Pay Module and my bank will debit my Bank Account on 22/09/2020 to remit the bill amount to Airtel.

If I am offered a cashback of say 1% i.e INR175/- for payment within 17^th September, I will pay my bill withing 17^th September, instead of waiting till 22^nd September.

Like me, there will be lakhs of BESCOM consumers willing to take the early payment offer.

So, will BESCOM roll out this offer and make itself happy.

 

The cashback offer can be dynamic integrated with BBPS at the time of Fetch and Pay option.

Basing on the Fetch and Pay Date, the cashback amount can be calculated and displayed to the customer.

 

OR

The cashback offer can be static, i.e Bill Date 12/09/2020, pay before 17/09/2020 and get a cashback of % in your next bill.