As our world becomes increasingly digital, more companies than ever are making the transition from paper-based B2B billing to electronic invoicing presentment and payment (EIPP). That’s because compared to paper invoicing, EIPP is more efficient for employees and customers — saving businesses time, labor, and resources.
The benefits of EIPP are reduced errors, decreased costs, and improvements to your bottom line. However, changing the way you do business can be a difficult decision. Not sure if electronic invoicing is right for your company? The following advantages demonstrate how EIPP can change your business’ invoicing processes for the better.
More Timely Payments
EIPP makes paying bills easier for your customers, meaning they’ll be more likely to pay regularly and on time. This is especially true of EIPP systems that offer an easy-to-use, self-service online portal that is compatible with all devices. The right EIPP system makes paying bills in a timely manner more convenient than ever for your customers, thereby reducing overhead for account receivables.
Electronic invoicing is more than just convenient for customers — it also makes your business more efficient, saving you time, money, and resources. Using an EIPP system streamlines tasks and work processes, automating many tasks that were previously manual. For that reason, managing invoices electronically not only minimizes the risk of human error, but also reduces DSO (days sales outstanding).
Managing your invoices electronically eliminates digging through files and paperwork, making it easy to keep track of current invoices as well as store and search for past invoices. Furthermore, EIPP allows you to track payments across all channels, schedule recurring payments, view account histories, and generate custom reports.
Overhauling your invoicing processes may seem daunting, but choosing an adaptable EIPP system will help ease the transition. Some EIPP systems, such as Paymetric’s BillPay, integrate with your existing ERP or invoice systems so that switching to e-invoicing is smooth and seamless.
Secure Cloud-Based Processing
Many EIPP systems are cloud-based, meaning that invoices are processed on a secure, third-party server. Using a cloud-based invoicing program not only provides the benefit of real-time information, it also saves your company the cost of purchasing and maintaining an in-house server.
Interested in Electronic Invoicing?
If you’re ready to start reducing costs and streamlining your invoices, consider Paymetric BillPay. BillPay is a cloud-based electronic invoicing presentment and payment solution that is designed to securely process B2B invoices. To learn more about BillPay, and Paymetric’s security services, contact a representative today.