Electronic billing is a great feature of electronic post.
Also called e-billing, electronic billing is a system whereby business customers are sent bills, invoices, statements and follow-up letters (dunning letters) electronically. E-billing is beneficial to both you, and the company sending your invoices because it is faster and cheaper than sending these in the post.
How you receive your electronic bills
E-billing automates the process of sending of your invoices or statements when you are due to receive them. Depending on the nature of the document being sent, you will either receive your invoice in an e-mail or receive notification of your invoice in an e-mail.
For the latter, the electronic billing system will send you an e-mail containing a link which you must follow to your invoice, statement or dunning letter. To view the document you will be asked security questions which you have pre-chosen, and also asked to enter some of your account details for that company.
Why electronic billing is better than postal billing
A postal document is relatively easy to breach during transit from your billing company to your front door. A document sent to you by electronic billing systems passes through no hands on its way to your e-mail inbox – except possibly that of an e-billing specialist such as Corcentric, to whom your billing company may have outsourced their e-billing. In order to access your invoice or statement you are required to answer security questions that only you know the answer to, making it difficult for a hacker to access your personal information.
As e-billing automates the billing process once you have used a service from a company, you are able to pay off a bill sooner than if it had been sent to you via the post. This efficiency in electronic billing is valuable as it allows you, and the company sending your bill, greater financial management.
By sending your invoice (or notification of you invoice) to your e-mail inbox e-billing makes it harder for you to mislay or accidentally bin your document. Letters can easily get lost in the post, or accidentally thrown away, whereas an e-mail sent to you is harder to miss.
4. Document Safety
E-billing stores your statements or dunning letters online in a secure portal which only you can access. This acts as a safeguard against those documents being ruined while in your possession – by fire, for example.