As we've learned over the past two decades, the most disruptive change to happen in our day to day lives is our ability to communicate with one another. We are able to connect with people—and businesses— instantaneously at many different levels at a very low cost. So failure to take advantage of technologies to manage or enhance all aspects of the customer relationship is to disregard the powerful influence of the web and its distinct advantages in cost, speed and interaction over “snail mail” and paper invoices that require manual handling throughout the invoicing process.
Each touch in the invoicing process increases the chance of error and time is added to the cycle, delaying payment and affecting cash flow. At the same time, paper invoices are inaccessible to customer service representatives attempting to answer questions from unhappy customers, which has a negative impact on revenue.
Enter Electronic Invoice Presentment and Payment (EIPP).
EIPP automates and streamlines the business process through self-service, shortening the time it takes to collect on invoices. Reducing Days Sales Outstanding (DSO) improves cash flow as well as the customer experience and cuts the cost of customer support. EIPP allows businesses to:
- Significantly reduce costs associated with traditional print and mail
- Speed up payment processing which lowers DSO
- Provide targeted messages and promotions to your customers
Aside from the huge reduction in printing costs for hard-copy invoices and postage costs, companies who use EIPP offer their customers choices that encourage loyalty and extend relationships. In CEDAR’s experience, customer retention is one of the biggest drivers of overall business impact, no matter the type of process improvement. Implementing EIPP to meet customer expectations of convenience, speed, and easy management of their business transactions can therefore be a key factor in preventing customers from taking their business to another company that does offer the customer experience they want.
To learn more about EIPP and how it can help different departments across your organization, read our latest white paper EIPP: Insights for the C-Suite.