Electronic invoice presentment and payment (EIPP) is emerging as the cornerstone of business accounts receivable efforts, adding efficiencies, security and cost savings not generally available with traditional processes. Aside from the inherent benefits of EIPP software, larger trends in commerce are driving businesses to implement these types of solutions. Here’s a look at three catalysts for the growth of EIPP in business-to-business transactions.

1. The consumerization of B2B activities

The acceleration of digital and payment technology has driven consumer demand for faster payments and more options in paying for goods and services online, in app and in person. This has carried over to the B2B space with businesses considering how they can move beyond traditional accounts receivable processes and incorporate many of the payments features they use as consumers. This includes offering greater choice in payment type, convenient online payment portals and email and text notifications about billing and payment activity.

Another factor in the consumerization of B2B payments is the influx of digital natives. Younger generations expect the same speed, security and flexibility in B2B payments they are accustomed to as consumers. Businesses are being called to digitize their payments activity and offer customers the ability to pay anytime, by any method and via a full or partial payment.

2. The globalization of business

The proliferation of cross-border commerce is also influencing EIPP adoption. New innovations in communications technology and public policy changes are making it possible for companies to expand their global reach more easily. But to do so effectively, they need to be able to transact in different currencies, payment types and languages in a way that’s compliant with local and regional regulations and mandates.

A lot of nuances are involved in cross-border payments including everything from what constitutes a billing invoice to how the invoice must be delivered and paid, all of which vary by country. Businesses that want to participate in the global marketplace must be able to respond to these nuances and scale into other countries with a variety of payment services such as surcharging, disputes and real-time payments.

3. The digitization of manual processes

The third catalyst for growth in EIPP adoption is the need to digitize business operations. Manual processes associated with traditional order to cash activities are inefficient, prone to errors and require significant administrative time to handle disputes and reconciliation. Paper invoices add delays in delivery and tracking and increase time spent on collections. Suppliers want real-time visibility into the status of payments, which facilitates more timely remittance and can help simplify dispute resolution.

Businesses also face the challenge of managing multiple billing, payment and financial reporting solutions across the organization. These leads to siloed activity, errors and miscommunications which can damage the customer experience. Rather than managing several different point solutions, businesses need one seamless solution that digitizes the entire accounts receivable process.

Now’s the time to implement EIPP

As traditional invoice presentment and payment methods become increasingly time consuming, costly and restrictive to growth, businesses are implementing digital solutions to automate activities like e-communications, surcharging, discounting and past-due notifications. Driving efficiency in accounts receivable operations through digitization frees businesses to allocate more time and resources to higher value areas such as sales and customer relations.

By using EIPP in the invoicing workflow, businesses can improve invoice processing speed and accuracy through digitization. Through reducing their dependence on paper processes and replacing manual data entry with automated workflows, businesses can offer frictionless billing and payments, simplified dispute resolution and streamlined processing and reconciliation – all which improve the customer experience and meet demand for the consumerization of B2B payments. EIPP can also simplify and streamline cross-border billing and remittance with guidance and best practices to aid in business’ globalization efforts.

FIS® EIPP 360 is an electronic invoice presentment and payment solution that is changing how businesses approach accounts receivable by streamlining and automating the order to cash process. FIS EIPP 360 offers full flexibility, from integration through a range of available omnichannel delivery methods and invoice payment options.

To learn more about how your business can benefit from FIS EIPP 360, contact your FIS representative.