Tackling the Impact of Late Payments
In 2023, nearly 20 million U.S. households were behind on utility bills.1 While financial constraints are a common reason for late payments, other factors are just as significant. Research found that 60% of consumers admitted to paying a bill late,2 but most did so for non-monetary reasons. Many simply forgot to pay, were away without access to bills, didn’t receive their bill, or experienced other minor, avoidable issues.
Why Reduce Late Payments?
- Cash Flow Management: Ensures funds for operational expenses
- Cost Reduction: Minimizes costs of collecting late payments
- Customer Relationships: Prevents penalties and shutoffs, maintaining positive relationships
- Credit Risk Management: Reduces the risk of bad debts and defaults
- Investment and Growth: Frees up capital for business improvements and initiatives
To support utilities, KUBRA has crafted an all-star playbook packed with defensive plays to prevent late payments and offensive maneuvers to swiftly collect overdue amounts.