As far as electronic invoice presentment and payment (EIPP) is concerned, an integrated yet configurable platform approach is the optimal solution.
Customer billing and payments are as much an opportunity to provide excellent customer service as they are a core operational and accounting function. Leading companies leverage their billing and payments process to achieve far more than just the collections of payments; they use techniques to forge stronger customer relationships and gain greater insight into customer wants and needs.
For many years, the number one question asked by many of my customers has been: “from your experience, what percentage of customers are “opting in” to electronic delivery”? Everyone holds their breath in anticipation that their company may fall well below the national average. For the moment, let’s hold that magic number in suspense.
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.