Insights for transparency in financial flows: Riverty creates clarity for energy providers and customers
Today's economic challenges require innovative debt collection solutions. Riverty offers energy providers user-friendly portals and customized strategies to make payment flows transparent and maintain good customer relations.
An inflation rate of 2.2%, price increases of 0.2% for food or 2.2% for net rent compared to the previous year: these figures sound small. But they are causing financial difficulties for many of people in Germany. Many are unable to pay their electricity and gas bills, or have to pay them late. For energy providers, this means that they have to collect their receivables while also taking into account the needs of consumers. After all, someone who is strapped for cash today could be one of your most solvent customers tomorrow. A debt collection partner with many years of experience and customized solutions for outstanding utility bills can help with this.
With user-friendly portals, Riverty helps energy providers to keep their finances flowing – transparently, comprehensibly and in comliance with reporting requirements. With the end customer portal, Riverty takes care of its customers. The client portal provides utility companies with detailed analysis and reporting on their receivables, including an overview of recoveries, collection performance and the processing status of individual collection files.
Innovative debt collection processes put people first
The current environment presents unprecedented challenges to energy providers. Capital-intensive investments, the energy transition, increased awareness of sustainability in society and politics, high volatility in commodity prices and the rising cost of living: these factors can have a significant, negative impact on cash flow and dramatically increase the cost of receivables management. To secure the necessary liquidity in these challenging times, while maintaining a good relationship with customers, energy providers need to think beyond traditional methods.
One solution may be an innovative debt collection process that aims to achieve a higher recovery rate. Processes that rely on an optimized customer approach and clever receivables management and place the specific situations and needs of customers in the center of their activities, help to effectively collect outstanding receivables without damaging the customer relationship. This approach not only helps to improve cash flow, but also promotes a positive corporate image and stronger customer loyalty in difficult economic times.
New challenges for energy providers
Further challenges for energy providers arise from the extended reporting obligations that affect all companies across Europe. Collection activities must also be carefully documented and reflected in the financial reports to provide a realistic picture of the company's financial health and liquidity position. This also includes the presentation of the effectiveness of debt collection procedures, the recovery rate of outstanding receivables and the costs associated with debt collection.
Misjudgments or inadequate reporting in this area can lead to an overestimation of available funds and jeopardize the financial stability of the company. For audit-proof reporting, however, the underlying data must be collected and presented transparently. User-friendly portals such as those offered by Riverty can help here.
Individual strategies in receivables management
Consumer-friendly payment options, flexible payment products and smart accounting in user-friendly final customer and client portals create the necessary transparency to track payment flows. And because everyone is different, individualized strategies are needed in the debt collection process. Intelligent algorithms and understanding omni-channel communication with a view to the customer's needs enable prompt solutions and faster payments in the event of a debt collection case.
Digitalization is the key to success here: payments and instalment plans that can be adapted to individual needs via a self-service portal or an app give customers financial freedom. Real-time payment notifications create transparency and trust. Energy providers receive detailed analyses and reports on their receivables via a client portal with a personalized dashboard, web-based portals for reporting and client self-service.
The Riverty customer portal enables real-time access to all case files and quick retrieval of receivables through parameter-based filing. Digital access remains protected at all times, from the management summary to the receivables and data level. As a result, companies have visibility into collections, collection performance, and the processing status of individual collection files, as well as account balances and initiated actions. Our web-based tool for performance and process monitoring provides analytical insights - transparent and audit-proof.
Transparency creates good customer relationships
What's more, if the needs of consumers are taken into account in receivables management just as much as the needs of energy providers, fair and sustainable financial growth becomes possible for everyone. Flexible payment options not only offer companies transparency and guidance. They also help consumers to keep track of their finances. Recurring payments for flexible and transparent subscription processes with predictable payment flows are an example that benefits customers and energy providers alike. The companies have the income from the subscriptions directly at their disposal - regardless of when the subscribers pay.
Whether invoicing, dunning or debt collection: end customers have an overview of their transfers at every payment-related touchpoint. If an invoice is not paid, they receive a reminder with a link for immediate payment - without reminders and increased fees that put a strain on the customer relationship. Here, too, the “digital- first” approach puts people at the center: the ability to pay and communicate anywhere and at any time via app enables a peer-to-peer customer experience between energy provider and consumer. This makes debt collection a fair process.
As soon as the necessary data is connected to the Riverty technologies and tools, it can be transferred quickly and securely. The Riverty system can be integrated into all common ERP systems such as SAP IS-U, SAP CRM or SAP PT. In addition, it is possible to customize digital solutions and build products and features that exactly fit the company's needs. The tools from Riverty thus create clarity and financial security for energy providers and consumers.
Our solutions for energy suppliers
Whether automatic dunning, collection or receivables purchase: you can count on digital and fair receivables management from Riverty. We address the challenges of the energy industry – full of energy. For a successful future.
