The exemplary electronic bill presentation and payment (EBPP) solution reduces costs, eliminates manual processing, and delivers a faster turnaround for invoices and payments. This can increase adoption, engender customer loyalty, and improve cash flow metrics.
EBPP is when an accounts receivable department sends invoices to customers and facilitates their payments over the Internet. It includes subscription renewals and payment reminders.
Convenience
With a self-service option, customers can interact with their information and make payments quickly and conveniently. This eliminates the need for costly and time-consuming customer support calls while reducing the cost of service.
An e-billing system allows your agency to present bills/invoices and enable online payment in a digital platform accessible via desktop computers and mobile devices. The e-billing system also stores invoices and statements online, eliminating the need for physical storage, which can be costly.
Customers can access their documents online anytime—a convenience leading to higher adoption and retention rates. In addition, a robust ePresentment solution can include timely and selective messages that inform or entice action. These messages can be tracked for performance and effectiveness. EBPP systems can be biller-direct or bank-aggregator-based. The bank-aggregator model provides a central hub for consumers to pay multiple bills/invoices without individual logins. This can lead to fewer missed or late payments for the billing company/agency.
Security
Electronic billing presentment and payment is a service that allows billers to present their online invoices for customers/ users to view and pay through the Internet. It reduces the cost of paper, postage, and time for the Biller and the customer/ user.
E-billing stores your statements or dunning letters in a secure portal only you can access. This means that they can be found like letters can. E-billing also protects them from damage while in your possession, as they are unlikely to be ruined by fire, water, or being thrown in the bin.
Whether using a biller-direct eBilling platform or a hosted solution, PS-EBPP allows seamless integration with your existing financial systems to provide consistent data. This makes it easy for agencies to share bills and payments with other platforms and streamline processes. You can also access robust reporting to help you better manage your receivables and track real-time prices.
Time Savings
The time savings from the automated processing of electronic billing presentment and payment benefits both the Biller and payer. The Biller saves on document preparation and delivery costs, while the payer avoids the time and hassle of paying bills through paper.
EBPP allows citizens to pay their bills 24/7 via the internet or mobile devices. This means fewer missed or late payments and reduced call volume for the Biller.
Businesses can also benefit from EBPP by using a consolidator website to simultaneously process payments for all their vendors. This can significantly reduce days sales outstanding (DSO) and reduce the expense associated with producing and mailing paper invoices. Additionally, recurring electronic payments can make it much easier for accounts payable teams to manage the payment process without manual input and record keeping. This can eliminate the costly errors that often result from a manual process.
Environmentally Friendly
EBPP allows businesses to present their bills/invoices online to their customers/ users. This also enables the customer/ user to make payments online through different payment methods such as credit card charging, fund transfer through net banking against their utility or telecommunications services purchases, etc.
E-billing can improve and automate all processes within the accounts receivable department. This can free up working capital and enhance cash flow forecasting, allowing the business to invest in its growth.
Today’s consumers are tech-savvy and demand the latest in products, services, and ways to pay. Providing an electronic billing solution means your company is ahead of the curve and can efficiently serve your clients. It can help reduce inaccuracies and disputes and speed up the finalization process. And, of course, it will save paper and the environment.
