Electronic invoice presentment and payment is a process by which you can receive invoices using the internet. Also known as EIPP, electronic invoice presentment and payment is fast becoming a popular way for companies to distribute invoices online.
What do you know about Electronic Invoice Presentment and Payment?
You may find that some more modern companies you use are already offering or enforcing the use of EIPP. Virgin Media, for example, now automatically sends customers their monthly invoices using electronic invoice presentment and payment. The invoices you receive can be stored in a folder on your e-mail account, and also downloaded and stored on your computer. This shows the convenience of EIPP when compared with postal invoices which need to be stored in some form of filling cabinet, which leaves them at risk of damage (in a fire, for example).
If you are unfamiliar with electronic invoice presentment and payment, here is a summary of its key points:
- Electronic invoice presentment and payment sends you invoice or a link to your invoice directly to your e-mail account. This is secure because your invoice goes straight from your company’s hands into yours.
- Once you receive your invoice, the payment aspect of EIPP comes into play. Your e-mail or invoice will contain a link, directing you to a payment page on your invoicing company’s website, which is strictly secure.
- As invoices are sent electronically, EIPP is beneficial to the environment. Postal invoicing uses vast amounts of paper every year in the form of paper documents and paperwork which must be associated with those documents. Equally, energy is saved during electronic invoice presentment and payment because printers and folder inserter machines are not used.
- By letting you pay your invoice more quickly, EIPP gives you the advantage of better financial management. Paying an online invoice usually involves a direct debit made from your online bank account to that of the company billing you. This debit will be made in real time so you do not need to wait 2 days for payment to be acknowledged.
If companies who send you invoices do not offer EIPP then it is time they started! You can help to encourage this by writing a letter or e-mail to the company manager. You may wish to recommend a company to whom they could outsource their EIPP needs, and this website recommends Netsend.