Electronic invoice presentment and payment is well known across the world of business – sometimes more commonly as EIPP. If you have purchased goods from an online retailer you will undoubtedly have encountered electronic invoice presentation and payment yourself. EIPP involves the online provision of a customer with their digitised service invoice, followed by a link for them to make immediate payment to a company via that company’s website.
How will EIPP affect the Post Office?
Electronic invoice presentment and payment is without a doubt affecting the volumes of post sent by companies, as more and more of them pioneer EIPP. As the payment of their invoice can also be made using electronic invoice presentment and payment, the customers no longer need to post any sort of return form back to the company who is billing them. This takes business away from the post office in terms of invoice sending and customer response.
Will Electronic Invoice Presentment and Payment put the Post Office out of business?
With the bulk of a company’s invoices being sent by EIPP, the future of the post office in business life may appear bleak. However, in the short term, the post office will not be put completely out of business. Electronic invoice presentment and payment is not an appropriate way for all business clients in the UK to receive their invoices. For a multitude of reasons, certain people prefer their invoice documents to be sent by post.
Similarly, some companies prefer their invoices to be sent using the postal service instead of EIPP. Electronic invoice presentment and payment lacks something which is of great importance to some businesses: a personal touch. An online invoice doesn’t say ‘I care’ in the same way that a printed and embossed paper invoice does. EIPP also may fail to grasp customers on the readability front – a paper document is simply easier and more grasping to read through than a typed document on a computer screen, where the user needs to scroll to read the whole thing.
How Outsourcing EIPP is helping the Postal Service
A major factor in a company wholly moving to electronic invoice presentment and payment as opposed to paper invoices is the fact that a mixed client base would cause complications to arise. A company who is used to outsource the paper and electronic invoice presentment and payment for another company will have little difficulty achieving this. Thus, companies such as Netsend enable other companies to continue offering paper invoices and keep the postal service alive.