Electronic Invoice Presentment and Payment (EIPP) is a process that improves B2B invoicing, payments, and collections capabilities - from enhanced print and mail functionality to a comprehensive print, electronic and web portal suite of capabilities. An EIPP solution/strategy provides a bi‐directional bridge between a supplier’s Accounts Receivable Systems and their customers’ Account Payable Processes – giving both the information and data necessary to accurately process and manage all the elements involved in revenue and expense reconciliation.
There are very few independent research studies on Enterprise-level Electronic Invoice Presentment and Payment (EIPP) that focus on North America. For that reason, CEDAR has sponsored an independent research study to uncover best practices for improved customer experience and communication throughout the invoice lifecycle. After the completion of the study and extensive analysis of the results, it was clear that there is significant room for improvement in the way enterprises communicate with their customers.
A few weeks ago, I went to my local grocery store on a mission for cake. As I was browsing around the case, I noticed a table off to the side where they had individually packaged pieces. Enticing, I thought, but I needed enough cake for 8 people and buying a whole cake was not only easier but actually more cost effective. I made my selection and headed towards the checkout counter.
It is no surprise that technology has transformed the invoicing and billing transaction process between you and your customers over the past decade. Many large corporations have acquired smaller businesses over the years and as a result a system is put in place to communicate between the newly acquired company, the parent company, and the customers. These systems are at times rushed and the complexity of the system limits the customers’ ability to perform any type of self service.