Collect is a Cloud based Bill Collection service offered usually by Banks to their Current A/c customers. Collect enables utilities, enterprises and local government billers to collect their bills on the Bill Cloud platform using various online and offline channels.
How does it work?
As a Biller you go through a few easy steps to set up online and offline bill collection on Collect
- You set up your organization profile (departments and administrative units) on the Collect platform.
- You then configure departmental revenue heads as well as heads for discounts and penalties.
- Next you define your Bills (in case of demand-based revenue) or Payment Advices/Challans (in the case of cash based collection) with the relevant revenue heads for each type of Bill or Challan.
- Finally you define penalties and interest for late payments as well as discounts, if any.
This process takes a few hours to configure and test, and before you know it the system is ready to go live.
Collection channels like banks, private bill collection agencies and payment networks, online payment gateways, NEFT/RTGS receipts, IMPS based mobile applications come preconfigured for this service and your own counters can now start using the Collect Receipt web interface for collection of bills and payment advices from any department at a single window.
All this comes to you at a small per transaction cost and there is no expensive hardware or software to purchase and implement. If your enterprise already has some billing software then it can be integrated easily with Collect and thus the capabilities of your existing software can be extended to include Online Payments, Mobile Payments, and Payments through Recharge Networks.
If your enterprise does not have any back-end software, then Collect can be used to enter or import manual bills. This facility enables even the least IT enabled organizations to quickly offer the latest payment methods to their customers.
With a proliferation of payment and electronic funds transfer technologies, even sophisticated utilities with high IT budgets find it difficult to keep track of their receipts. Often there are gaps in the amount of credit shown in books versus the amount of money actually received in the Bank. Dishonored cheques, contested or incomplete online transactions, pending credits due to outstation cheques etc. create a myriad of reconciliation issues on a day-to-day basis. Collect brings together all receipt transactions and helps you manage exceptions on a daily basis.
You will find yourself in full control of all the payment channels through which money is being received.