“It can be confusing for consumers because it is presented as a discount but in effect it is marketing speak for a late payment penalty. Contact Energy, second-biggest by market share, stopped offering prompt payment plans to new residential customers in May 2019. Prompt payment discounts have traditionally been a standard part of NZ Power Bills – usually a discount of up to 15-20% for power customers who pay their bill on time. So that so-called prompt payment rate, everyone should be getting that,” she said. The lowest average since 2015. “Some changes seem perverse and poorly thought through, such as removing prompt payment discounts while retaining late payment fees. It … Trustpower has removed the discounts from all new plans, and the company is in the process of removing them from existing customers’ plans. Via a secret source, Contact energy is offering 12% prompt payment discounts, up from 10%. The main reason people did not switch power companies was because they did not find a price good enough to make them change, she said. Depending on the plan, Contact Energy now offer discounts to all customers. I just had an email from Contact Energy. The details of a PPD can vary depending on the industry, but generally it means that the supplier will provide a discount if the consumer meets certain conditions as specified in their contract. At Contact, chief customer officer Vena Crawley said it was removing its prompt payment discount, of anything from 10 and 24 per cent, for new … Note from 23 August we’ve updated our Credit Card Payment terms and conditions. Contact us; Broadband Compare helps you compare your broadband provider and plan to make a fully informed choice. Whether you're moving home or just want to switch power companies, we've got a great energy solution to suit your needs. Energy bill payment options We know you’ve got better things to do, so we make paying your power bill easy as. The company cut its discount to 10 per cent from 12 per cent to accurately reflect what it cost to recover a late payment, the spokesperson said. Do you rely on a prompt payment discount to keep your power bill down? The Basic Plan, is Contact Energy’s simplest plan. Most power companies have ditched the prompt payment discount but some of the biggest still offer them. said it wanted to see major changes to them. Advising Contact Energy in relation to settling breaches of the Fair Trading Act regarding Contact Energy's Dual Energy and Prompt Payment Discounts. It’s a back to basics, hassle-free plan. Some power companies offer their customers a discount for paying their bill on time, which they call a prompt payment discount. Is your power bill the lowest since 2015? Connecting with our customers and you get brownie points to buy stuff (don;t ask me what but its free), and i am getting a daily charge rebate off the gas of .45c . A PPD is a conditional discount offered by some retailers. $150 (incl. Energy Online. Get unlimited broadband from $64.99/mth with no fixed term and no break fees. A good prompt payment discount has often been a key deciding factor for people who are choosing a new power plan. And, customers can choose Contact Energy plans with additional rewards, for example 15c to 30c / litre off their fuels, or competitive rates when they bundle their broadband. “These discounts can … View them here. You may also be charged by your bank or building society if you pay your energy bill by cash. Contact is one of New Zealand's leading energy generators and retailers, supplying electricity, natural gas and LPG to over 500,000 customers nationwide. It had not increased prices over the winter, and had no plans to in the near future, a spokeswoman said. Some companies, like Contact Energy and Meridian have already followed the government recommendation to remove prompt payment discounts. PPDs are widespread in the New Zealand electricity sector. ...Contact is an awesome power provider...Contact Customer service team are friendly, kind, prompt and very helpful. Please note, we only show power reviews with comments. The Basic Plan, is Contact Energy’s simplest plan. Conversely, there had been no sign of major price drops in the electricity sector either. 1/10 – Net 30. you get electrickery and gas from the one place, and you get a prompt payment discount (you might not get this by the sounds of it- ha ha). They were offered so widely that it was claimed that the price of power minus the prompt payment discount was the real power price. Those of you who have struggled to pay your bill on time, and would prefer power prices were lower for everyone in the first place. We can see this through reduced customer ‘churn’, improvement of credit performance, low disconnections, and anecdotal feedback,” said a spokesperson. Contact Energy Prompt Payment discount - Page 4 The latest offer from Contact offers up to $25 off the standard monthly cost of broadband when you bundle with energy on the Broadband Bundle plan. Discounts include 18% prompt payment discount when you pay on time, 2% discount if you are a DualEnergy customer, and a further 4% if you add broadband, get bills by email and pay by direct debit. Contact Energy Remove Prompt Payment Discounts and ... $150 off (2 days ago) Contact Energy are introducing a new Everyday Bonus Fixed Plan which will include a $150 off your first bill, 2% discount on energy bills, plus the certainty of fixed energy rates. Here at Power Compare we help you compare power companies to find the best power company and the best new power customer deals. COUPON (2 days ago) An early payment discount (also called a prompt payment or cash discount) is a reduction in an invoice balance when it’s paid before the due date. “Anything above 0 per cent is too much for power companies to offer, as the discounting comes at the expense of financially challenged customers,” he said. “In our view, it was not the major problem with pricing in the market,” Wilson said. The Basic Plan, is Contact Energy’s simplest plan. As long-standing Contact Energy customers over many years, Mr and Mrs Thomson pay their bills on time through the Post Shop by preference, receiving a 10 per cent discount. Subscribe to our newsletter to get Important news and amazing offers: A review of over 378,000 residential customers that switched power provider last year has revealed some interesting trends in the provider of choice for... Wishing you a happy holiday season and a great start to 2021! For customers who regularly meet their payment deadlines, a prompt payment discount can help save hundreds of dollars each year. Cheers! Electricity is an essential service, says Consumer NZ, and many people struggle with their bills. A common discount is 2/10 – net 30, which means buyers can earn a 2% discount by paying in 10 days. The review made several key recommendations intended to ensure that we pay a fair price for our power, and to make power more affordable for everyone. Understanding Early Payment Discounts on Invoices. In this game that’s a huge discount. This means the customer receives a 1% invoice discount if the payment is submitted within 10 days. If you’re going to miss your prompt payment discounts – make the most of them now – and make sure you compare power plans to get the best deal and rewards in the future! It’s a great way to track your power usage and manage your budget. ... Meridian Energy is a New Zealand power company that generates electricity through 100% renewable sources – wind, water and sun. A late payment fee of $25 may apply if you don’t pay your bill on time. For FY19 this equated to 39 cents per share, compared to the 32 cents per share declared for FY18. The discount applies to your electricity and/or reticulated gas unit charges or LPG bottle delivery. Apparently my prompt payment discount is to increase from 12% to 22% wef 1 August 2011. That’s a good thing, isn’t it? Electricity rates are the same as they normally are and you’ll always get your prompt payment discount. Depending on the plan, Contact Energy now offer discounts to all customers. “If a customer pays late and there are grounds to charge a late payment fee, that should reflect the actual costs that the company may incur, sending a reminder notice for example.”. For individual Contact Energy reviews, scroll below. READ MORE: * Mercury offered customer $320 credit to cancel switch on March 31 * Here's what should happen if you lose your power prompt payment discount * Electricity firms given six months to change payment rules before Government steps in. A percentage-based charge for late payment was not justified when it was a fixed recovery cost, Wilson said. Lower prices overall for everyone was a much fairer approach, he said. The government has given Power Companies 6 months to get rid of prompt payment discounts under threat of regulation. You should switch to Genesis. There is no prompt payment discount available on this Plan. The 2% discount is not a prompt payment discount, it will always be applied. Compare over 100 NZ internet service providers quickly, efficiently and for free. Standard acceptance criteria apply. Plus, you’ll get a 2% energy discount every month and the certainty of fixed energy rates. 6 months to get rid of prompt payment discounts, Power Compare Christmas Opening Hours 2020. While many homeowners benefited from the discounts, it effectively rewarded wealthier customers at the expense of those whose income did not cover monthly expenses, said Chris Walsh, founder of price comparison site Moneyhub.co.nz. About half its residential customers – about 185,000 – were on plans without the discount. Why use Contact Energy? Am I a Standard User or a Low user for Power? CODES (2 days ago) The most common prompt payment discount terms are 1/10 – net 30, 1/15 – net 30, 2/10 – net 30, and 2/15 – net 30. Meridian Energy, New Zealand’s fourth-biggest power retailer by market share, replaced prompt payment discounts in October 2018, moving to lower “flat” rates, a move the company said cost it about $5 million a year which was not recovered elsewhere in customers’ bills such as a late payment fee. Discounts and rewards with Energy Plus Join Genesis and get up to $200 credit plus great discounts and rewards on an Energy Plus Plan. Consumer NZ head of research Jessica Wilson said the organisation asked companies a few months ago what they were doing and at that time most of the big power companies were using prompt payment discounts in some form. Cheers! The Electricity Price Review last year estimated that consumers would be $45 million a year better off if power companies normalised pricing at the discounted level and only charged late-payers “reasonable fees” for the costs of chasing late payments. What is a prompt payment discount? The Friends Extra Discount is a 5% discount on the unit charges of your Trustpower energy services, which you can opt into for a fixed term of 1, 3 or 5 years. The Government estimated that consumers would be $45 million a year better off if power companies normalised pricing at the discounted level and only charged late-payers "reasonable fees" for the costs of chasing late payments. They generate around 25% of New Zealand's electricity, and are one of the country's largest wholesalers and retailers of natural gas; with around 47% of the LPG market in New Zealand. Contact Energy is one of New Zealand’s leading energy generators and retailers, providing electricity, natural gas and LPG to about 562,000 customers nationwide. Consumer NZ had not seen any examples of companies removing the discount and then inflating their prices, and “if anyone has got any suspicions we would be really keen to look at the data on it”. The 2% discount is not a prompt payment discount, it will always be applied. The report instead recommended banning prompt payment discounts and passing a standard discount on to everyone. Contact Energy are introducing a new Everyday Bonus Fixed Plan which will include a $150 off your first bill, 2% discount on energy bills, plus the certainty of fixed energy rates. ... so they are able to offer you a discount. New Zealand’s third-largest power retailer by market share, Mercury, still offers the prompt payment discount to customers who choose it or … Prompt payment discounts were introduced with good intentions, the company said, but they had come to disproportionately impact those who struggled to pay their bill from time to time. Meridian Energy is a new Zealand electricity sector either so that so-called prompt payment discount had happened 59... The best power deals here at power compare be the first to learn about power... 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