Payless Power is a retail electricity provider based out of Fort Worth, Texas. Established in 2005, the company’s primary goal is to help their community save money with cheap electricity by providing the best electricity service for both businesses and homes. All of Payless Power’s plans focus on meeting prepayment or post-payment budget and needs of Texans all over the state. For example, regardless of credit history, Payless Power allows bi-weekly, weekly, and more prepayment options.
Primarily a family owned business, three brothers, a management team and staff operate Payless Power. With a combined 50 years of prepaid retail industry experience, the company has significant expertise in areas including:
- Risk Management
- Wholesale Supply Acquisition
- Regulations (regarding electricity market)
One of the biggest differences between Payless Power and other retail electricity providers is that the company offers its customer’s cash flow flexibility. They achieve this by providing pay-as-you-go, no deposit electricity. This kind of electricity plan is similar to pre-paid calling cards.
For example, when you purchase a pre-paid calling card, you need to pay upfront for the number of talk minutes you want to use. Let’s say that you pay $50 for 200 local minutes. When you start using your calling card, you can use up that $50 and 200 minutes. If you want to top-up your balance, you can buy another calling card and pre-pay for more minutes.
Pay-as-you-go electricity works in the same way. You can sign-up with Payless Power for $40, which automatically sets you up to start consuming electricity. As you use electricity, your balance is updated in real-time. When you need to top-up your balance for more electricity, the plan allows you to do so quickly and easily from an online portal (or in alternative ways).
Real-Time Smart Meter Technology
The company monitors electricity consumption using smart meters. These smart meters help to determine the pre-paid amount from the customer’s account. Pre-paid electricity is just another term Payless Power uses for pay-as-you-go electricity.
Smart meters also let customers know exactly how much electricity they’ve used at any point during the billing month. This helps the customer to determine how much they use on a daily basis in order to reduce cost. This information is automatically sent to the customer via text or email. The information within these messages includes,
- Number of kWh used
- Date of usage
- Remaining balance
- Cost for kWh used
- Number of days prior to required payment
This service is not yet available, however Payless Power hopes to offer it to customers soon. Post-paid Electricity quite simply defines the way that most electricity providers offer electricity services. First the customer consumes the electricity, and then they are billed for their consumption at the end of the month.
For Payless Power customers post-paid service and plans include:
- Once a month billing
- Rates per kWh
- Low monthly rates
- Many payment options
- Free same day connection
- No deposit
- $0 money down (with approved credit)
Payless Power Customers
Payless Power is unique compared to other retail electricity providers because their customer’s aren’t required to provide very much information about themselves. In fact, customers get a few things when they signup with Payless Power, including:
- Automatic approval — no deposit required
- Customer service
- Average rate paid outline in end-of-month statement
- Same day connection without any extra charges
- Balance and usage notifications via email, text or both (daily)
Less information is required from a customer due to nature of pre-paid, pay-as-you-go electricity.
In addition to homes, Payless Power also offers electricity related services to businesses. Plans are similar to what is offered to residential customers, however differ in terms of rate and terms, as commercial consumers tend to need and use much more electricity.