Easier payment of electricity bills is a hit

Let’s Pay is a fully digital payment solution, which sends a text message (SMS) to notify customers of an unpaid bill a few days after it has fallen due. This triggers a faster payment, either directly via the Let’s Pay payment link or through the customer’s online bank. In addition, it avoids a mere lapse in memory on the part of the customer, resulting in the commencement of formal debt collection proceedings.

A payment solution that meets customers’ needs

Just two months after our client Glitre Energi Strøm AS came to us with their idea, the solution was on the market. Our two companies joined forces to create a completely new payment solution for electricity customers late last year. The result was Let’s Pay.

Line Alm, head of collection and invoicing at Glitre Energi Strøm AS says:

“When electricity bills are high during the year, it generates a lot of attention. And we understand that it can cause problems for some people. When that happens, at least the payment solution should be as simple as possible. In other cases, the customer just needs a simple reminder to pay their bill. That’s why Kredinor’s solution is exactly what we wanted.

Heidi Hagen Stensrud, who heads Kredinor’s energy market activities, says: “The response has exceeded our expectations. Around 22 per cent of those who receive a payment link via Let’s Pay settle up there and then. If we look at the wider picture and include payment via online banking solutions, up to 40 per cent pay after receiving the Let’s Pay link. The fastest payer approved payment less than 44 seconds after we sent the link via Let’s Pay.

Simplicity – plug and play

Glitre Energi Strøm AS made it clear they wanted a solution that made it just as easy to pay a bill as the “Pay Now” solution used for debt collection. “We did it by sitting down and creating Let’s Pay,” says Kredinor’s Heidi Hagen Stensrud, a specialist with regard to the energy market. The solution is now practically plug and play. It takes from one day to a maximum of two weeks before our clients can start using Let’s Pay.

“I would like to applaud my innovative business development colleagues. They jumped on this straight away and saw the solution to the client’s needs and wants. I completely understand why we are right at the forefront of the digital revolution for payment follow-up and debt collection,” says Heidi Hagen Stensrud.

Faster payment and good customer service

The electricity company is clearly shown as the sender. The customer is offered the opportunity to pay the bill by clicking the Let’s Pay payment link. With one more click, the customer can choose to pay via Vipps, Mastercard or Visa. Then the customer approves payment. The credit balance is immediately updated, both for the customer and the electricity company. The whole process is simple, fast and customer friendly. If the customer should prove to be in difficulties, the payment solution can easily be combined with added advisory services. “We want to make it as easy as possible for the customer to pay, while those who need it can receive more follow-up and help,” says Line Alm.

Quickly entering new markets

At the time of writing, the solution has been adopted by more than 20 electricity providers, with a combined total of 150,000 customers, since its launch in January 2021. Kredinor is working constantly to further develop the product, and sees many opportunities to expand the solutions going forward. “This is a fantastic example of customer-driven service innovation, which has quickly made life easier for thousands of electricity consumers. We are working specifically with other business sectors now. Simpler payment is something the vast majority of businesses want,” concludes Kredinor’s Energy Market Manager Heidi Hagen Stensrud.