Electronic Invoice Presentment and Payment
Electronic invoice presentment and payment is a system which can be extremely useful to a company with a growing client base. Often abbreviated to EIPP, electronic invoice presentment and payment uses document management to send a client their invoice automatically to their e-mail inbox; or via a link sent to that inbox. This ensures swift invoice arrival and can therefore make swift invoice payment possible. Such payment is also made using EIPP, which directs the customer to a secure URL where payment can be made. This is convenient for you and the customer as it enables finances to be kept up to date.
Electronic Invoice Presentment and Payment with many customers
EIPP actually makes the process of invoicing many customers easier than any other available method. Electronic invoice presentment and payment interacts with a live database which tells the system when an invoice needs to be sent. This database also receives information concerning invoice payments which are made, and so is able to send dunning letters where necessary. By doing this automatically, the EIPP system makes the task of managing a large client base easier, and also cheaper as fewer staff are needed to run the system.
The electronic invoice presentment and payment system also holds the advantage of fast, consistent invoice delivery. This means invoices are sent using a professional layout which is consistent with the one you use for sending paper post. This is advantageous as it makes the move from postal to electronic invoicing systems less confusing for your customers. Also, if the customer chooses to print their invoice it will appear the same as one which you could have sent by post. This aspect to EIPP is achieved by mail merging customer details into an invoice template.
What do you gain from using EIPP?
Some advantages to electronic invoice presentment and payment have already been discussed on this page. Other, less obvious ones include the environmental side to EIPP. The amount of paper that electronic invoice presentment and payment saves is phenomenal when compared with the option of posting them.
If you choose to outsource your electronic invoice presentment and payment system, a company like Corcentric can be employed to manage your document distribution needs. This could assist the running of your company immensely, as you can focus your efforts on other aspects to your business. Document distribution can become detrimental to the running of a company if it is not managed effectively.