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Utilities Credit & Collections Symposium: Our Top Three Takeaways

 
Apart from the utility industry experts, this symposium presented a unique opportunity for industry vendors and solution providers to connect with and assist the utility community. Throughout the symposium, attendees had the opportunity to join thought-provoking panel discussions, connect with leaders in the industry, and overall learn more about the credit and collection industry.
 

Here are Sara and Amanda’s top three takeaways!

  • Industry-wide, three primary factors have caused a flood of lingering accounts receivable: The COVID-19 pandemic, moratoriums prohibiting disconnection, and funding. Many utility providers have arrearage pools higher than ever documented, as a result, and are seeking solutions.
  • Aside from accounting for the unpaid claims, the main goals to address nonpayment and avoid disconnect were identified as segmentation of arrears by risk scoring, educating customers about low-income programs, utilizing credit card payments via text, and providing strategic payment kiosks in the community. 
  • Finally, discussions turned to strategies being implemented, some of which are replacing automatic dialers and rolling out digital-only campaigns (emailing and texting customers who’ve opted in).
    • With new technology always comes new obstacles, including obtaining a source code, customers using caller ID to avoid calls, discerning between mobile and landline numbers, electronic communications being caught in spam filters, and a trend to simply not answer unknown calls/click on unknown links.

Our team is constantly monitoring these changes to the industry. If you would like to learn more about our consumer collections solutions, contact Sara and/or Amanda today!
 
These blogs are not a solicitation for business and are not intended to constitute legal advice on specific matters, create an attorney-client relationship, or be legally binding in any way.

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Sara M. Costanzo

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Amanda R. Yurechko

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