Did you know 2.4 billion people use the Internet daily? That’s over a third of the world’s population. With the convenience and flexibility of social media, online shopping, instant messaging and a constant, 24/7 access to information, consumers have more control and access to businesses and brands than ever before.
As a result, this kind of interaction has crossed over into business-to-business territory. Because the demand for an individualized experience and transaction is high, many consumers and businesses today are looking for automated solutions to boost the user experience, particularly surrounding billing and payment issues.
Although this is incredibly demanding for IT departments and teams, adopting Electronic Invoice Presentment and Payment (EIPP) provides numerous benefits for businesses. The world of EIPP includes self-service portals, web-based technologies, and e-invoicing services and solutions.
What is EIPP?
EIPP is a web-based technology that automates and streamlines business processes and transactions through self-service portals, which have proven to shorten invoice collections. Not only does EIPP improve cash flow and the customer experience, it also cuts costs surrounding customer support.
On top of that, EIPP allows businesses to manage vendor and customer relationships more efficiently while also providing faster access to information.
Why Do Businesses Need EIPP?
In today’s digitally-driven era, businesses who want to remain ahead of the competition must adopt and implement self-service portals in order to enhance the customer experience, maintain existing relationships, and even cut costs. Here are some of the most beneficial aspects of EIPP and why it is important for businesses.
Reduce Accounting Costs
Companies are now leveraging EIPP self-service technology and platforms in order to retain customers and suppliers while also reducing the overall costs of accounting operations. Implementing EIPP is important, but you have to make sure you properly manage the execution and implementation of EIPP tools and technology to make sure your business has a smooth and efficient transition.
Printing and mailing paper invoices and employing call centers for customer support can cost upwards of 50 times more than the cost of implementing a self-service system and electronic invoicing. Although adopting new tools and technology may seem ominous and costly, it can save businesses exponentially over the long run.
Capitalize on Internet Technologies
Businesses that choose not to capitalize on or leverage various Internet tools and technologies will likely find it more difficult to manage customer and supplier relationships. Internet tools and technologies, particularly EIPP self-service tools provide incredible advantages in terms of speed, costs, and interactions more than the handling of paper invoices or “snail mail”.
On top of that, EIPP also decreases the time spent on payment cycles, the number of delayed payments, cash flow interruptions and decreased efficiency. All these factors could negatively impact your revenue as well as compromise your customers’ loyalty.
Enhance Customer Retention
As you know, customer retention is one of the biggest parts of growing your business, which makes implementing EIPP that much more important. Using EIPP to meet customer expectations of convenience, speed, and easy management of their business transactions is key in preventing them going to a competitor that might offer them a more convenient experience.
Although the benefits and value of EIPP are plentiful, not every business – or its customer base – is willing to shift to an EIPP or electronic payment/ invoicing system. There are a number of concerns surrounding security, shoestring budgets for the required technology, or simply resistance to alter procedures. However, necessary steps can be taken to encourage customer and supplier participation that will provide more long-term benefits to the business as a whole as well its relationships with stakeholders.
EIPP self-service payment and invoicing solutions provide a great deal of flexibility in creating and sending invoices, streamlining accounting operations, and driving down overall operational costs. Finally, numerous surveys and studies conducted have shown that EIPP benefits and capabilities have helped businesses become more organized and streamline their accounting and approval processes.
Is EIPP Right For Your Business?
Finally, if you are considering the adoption of an EIPP or self-service system in your business, it is important to first consider how your customers will react to this particular change. Will this type of change cause a level of confusion or hesitation or will it be welcomed? Taking the time to consider customers’ needs and manage their expectations of a new process will ensure successful implementation.
All in all, adapting an EIPP system in any business to address and solve customer preferences, concerns, and the desires for an enhanced experience has proven to greatly improve interactions as well as adoption rates.