Bill payment is an obligation that is incumbent on everyone using public and private utilities. This applies to people across the world, and Nigeria is not an exception. These utilities include electricity bills, cable tv subscriptions, airtime and data purchase, water bills, waste disposal bills, etc. Therefore, there is always one bill payment or the other that people, who are consumers, make to the respective providers of these utilities to enable access to the services.
In the past, bill payments were made to the service providers by walking some miles to their offices or banks. This was characterized by stress and inconvenience as people may have to join a queue for hours to make payments while others may get tired and defer the payment for another time. There could also be the case of the unavailability of these service providers in their offices to receive customers – may be because of a holiday or weekends. These, and many challenges are what people faced in making their bill payments.
However, the narrative has changed today. The paradigm shift to digitization has given rise to the proliferation of many digital payment platforms that are in the business of making digital transactions seamless for people. This has become popular with digital banks, fintechs, traditional banks using electronic banking channels, and other financial institutions.
The digitization of utility payments has ushered in a good level of convenience as people can pay their bills on their mobile devices whilst using any digital payment platform. The platform spells a seamless transaction that can be achieved at any time and from anywhere – as long as there is access to the internet to use the platforms.
Therefore, it is noteworthy that this is a great business outlook for financial companies (small, medium, and large) that seek to have a digital payment platform that enables their users to make bill payments to their respective service providers. This has many opportunities that it offers these companies as they expand their products and services. But as a new company on the block that seeks to have a utility payment page on your platform, you can easily achieve this through the Fincra utility API.
Fincra offers a state-of-the-art utility API that can be integrated into the portals of digital payment platforms to enable company customers to start making their bill payments on the platform. Fincra provides utility payment services as business-to-customers (B2C) and business-to-business (B2B). So while people can make their bill payments directly on Fincra, which is B2C, businesses can also request the integration of the utility API into their platform, which is B2B.
Broadly, Fincra tends to make bill payments simple, safe, and swift for its class array of customers.
Features Of Fincra Utility API Integration
Fincra provides digital payment innovations for businesses that seek to expand their service coverage in the area of utility payment. Therefore, these are the reasons that businesses may want to integrate the Fincra utility API:
1. Single Bill Payment Portal
Businesses can integrate the Fincra utility API to eliminate the monotonous way of making bill payments. The API provides businesses with a one-stop portal on which customers can simply navigate to choose their preferred service provider without logging out of the page or entering other login details.
In essence, utilities like electricity bills, cable tv subscriptions, data, airtime purchases, and others are available at a single tap on the platform with a user-friendly interface that can be easily navigated to make fast payments.
2. Personalized Wallet
The Fincra utility API also comes with a personalized wallet feature when it is integrated into platforms. This is a wallet that your business customers own to send, store, and receive funds. This provides your business customers the opportunity to make their bill payments directly on their wallets. It eliminates the stress of looking around for the bank account details of the respective service provider.
Moreover, your business customers can fund their personalized wallets on your platform via bank transfers or card payments. This would also enable them to track their transaction history to have an overview of their spending behavior over a given period.
Benefits Of Fincra Utility API Integration To Businesses
1. Increase In Revenue Generation
The integration of the Fincra utility API, which in turn connects businesses to the respective service providers like telecommunications companies, electricity distribution companies, cable tv firms, etc. enables the business to decide its best pricing for all the products of these service providers. This would be another funnel of revenue generation for the business as it takes up utility bill payments on its platform.
2. Money Transfer Services
Fincra utility API adds money transfer operation to the class array of services that the business provides its customers. This is owed to the personalized wallet feature that comes with the API integration – which enables your business customers to send, store, and receive funds from their respective wallets on your platform.
This would also bolster the confidence of your business customers in your service offerings, and by extension, your platform. Therefore, your customers can make local transfers to friends and family, and make bill payments at-a-go when you integrate the Fincra utility API.
The growth of every business is the goal of Fincra, and that is why it is innovative in its disposition of providing a sophisticated tool that enables the sustainable productivity of businesses. The Fincra API integration helps this cause by expanding your user coverage while you grow your profit margin of the business. This portends a win-win situation for both the business and its customers.
Therefore, you can create a Fincra account now to get started requesting a Fincra utility API integration with your business.