Electronic invoice presentation and payment is the system by which a customer can electronically receive an invoice from you, and pay it electronically.
EIPP works using an online link, or gateway, to their invoice which they will be sent in an email. Once the EIPP system has asked the customer to verify their identity they will be able to access their present invoice and any past ones they may have. Electronic invoice presentation and payment then allows the customer to pay their invoice using online banking – or pay the money directly to you through a debiting link on the EIPP system. This results in a money transfer in real time, meaning EIPP saves you time and money!
How does electronic invoice presentation and payment contribute to a paperless office?
EIPP eradicates the need to print and send invoices to clients and customers. A company who uses EIPP to present all customer invoices would have little need for a printer in their office. The payment part of electronic invoice presentation and payment is another area where much paperwork is saved. As a company, your receipts of payment will be presented to customers as they make their payment using EIPP. The decision to print that receipt lies with them, and if they decide not to it is available when they log on to their EIPP system. With these documents available online there is far less need to print them, and so electronic invoice presentation and payment saves money for you, your customers and your customers’ banks.
What if my customers do not want Invoices via EIPP?
It is understandable to an extent that some customers may not appreciate electronic invoice presentation and payment. Some do not understand the internet or that EIPP is actually more secure than the postal service. As a company aiming to achieve a paperless office it is your job to help dispel myths about EIPP and its security. When sending their invoices in paper form in envelopes it might be a good idea to include advertisements for electronic invoice presentation and payment.
There are some customers who are likely to not acknowledge your message about EIPP; these may include the elderly or those who are unable to use a computer for other reasons. In these cases a paperless office may not be achievable completely. The best you can do is to ensure your communication with those customer choosing to avoid electronic invoice presentation and payment is as paper efficient as possible.
Communications should be on recycled, thin paper, and kept to a minimum number of pages. Alternatively you may wish to contract this job to a company like Corcentric, who can also take control of your electronic invoice presentation and payment system.
If you like to learn more about how Corcentric can help optimize your full Source-to-Pay, Order-to-Cash, and AP Automation processes, please contact us.