At Prestige Metering Services, ensuring a smooth experience for both our clients and ourselves is essential. Here’s what you need to know about our security deposit requirements:
Mandatory Deposit:
Before connecting services, a security deposit is mandatory for all applications as stipulated in the city council by-laws. The deposit amount may vary, depending on the average consumption at specific premises.
Our Financial Model:
Prestige Metering Services carries the financial responsibility for the majority of complexes and estates within our portfolio. We settle the monthly accounts of the prevailing municipal authority and subsequently act as the direct supplier to the consumers in our portfolio.
Why the Deposit:
We gather meter readings monthly and then issue invoices which are due approximately a month later. There's also an additional grace period before disconnection due to non-payment. This sequence potentially exposes Prestige Metering Services to two months of unpaid consumption. As a result, we require a security deposit equivalent to two months' estimated usage to mitigate this risk.
Refund Policy:
Upon vacating the premises and once the final bill is settled, deposits are refunded. If there remains an outstanding balance, the consumer is obliged to clear it with Prestige Metering Services.
