Electronic Invoicing Presentment and Payment (EIPP)

What Is an EIPP?

EIPP stands for Electronic Invoicing Presentment and Payment and is a type of software used by finance teams for accounts receivable management. With an EIPP, companies can automate the process of emailing invoices and account statements in bulk to their customers when it’s time for them to pay their bill. (That’s the Electronic Invoicing Presentment part of EIPP.) EIPP software also includes an online payment portal that enables companies to accept payments on those invoices from their customers (hence, the Payment part of EIPP).

What Are the Benefits of an EIPP?

EIPP software can greatly improve a company’s efficiencies and optimize its invoicing and payment processes, as electronic invoicing (e-invoicing for short) can save both time and money for companies - as well as improve their customers' experience.

Think about it:

Time Savings – It takes a lot of time for someone to print invoices and mail them via the US Postal Service. It also takes a lot of time for someone to email monthly invoices to customers one by one. Nor is it sustainable to receive bank payments with disconnected remittances. Automating this process greatly reduces the time spent on manual work, allowing employees to focus on more important tasks. In addition, automated e-invoicing reduces the chance for human error (such as accidently notifying customers that don’t have an upcoming payment, notifying the branch office contact instead of the headquarters, or forgetting to attach the invoice). This also saves time that would be otherwise spent on corrections.

Money Savings – It’s also more expensive to print invoices and mail them via the US Postal Service and accept payments from fragmented channels. Automated e-invoicing reduces paper and postage costs and helps companies along their path to going paperless. Working to eliminate paper invoices, manual data entry, and fees from multiple payment channels can reduce costs for a company in the long run.

Improved Customer Experience – On the B2B payments side of an EIPP, online bill pay also improves the customers’ experience by making it easier to do business with their company. Their customers don’t have to tear remittances off the paper invoice, stuff them in envelopes, or mail checks at all. They simply click on the “pay now” link in an email – which can help them get paid faster. If customers have a question about their bill, they can message the vendor directly in the portal if they prefer e-communication over phone calls.

What to Consider When Choosing an EIPP

Many software providers offer an EIPP as part of their larger accounts receivable automation platform. When choosing an EIPP for your business, consider the following questions:

Is it Easy to Integrate?

ERP Integration - Enterprise Resource Planning (ERP) systems are a core system for accounts receivable teams, but they tend to offer limited automation. Therefore, the expanded functionality that an EIPP provides can be appealing. Of course, EIPPs were designed to integrate with ERPs and their add-on modules for accounts receivable management, but some integrations can be difficult. Therefore, it’s important that any middleware or bolt-on software such as an EIPP be easy to integrate and interconnect with multiple ERP systems to better achieve process efficiency and truly optimize its invoicing and payment processes.

A/P Portal Integration - An EIPP benefits not only accounts receivable teams, but accounts payable (A/P) teams as well. A/P portals are becoming a common method of how large enterprises choose to receive invoices. For companies that serve larger enterprises, A/R teams might need to do more than send an email and expect a prompt payment. Even though there are electronic data interchange (EDI) standards that most portals support, each vendor portal and implementation is unique and needs a configurable solution. A/R teams that spend additional time posting invoices to customers’ A/P portals, some of which specialized by industry (retail, for example), can greatly benefit from the automation that an EIPP provides.

Is it Customizable?

Companies also might want to consider some level of customization for their online payment portal so that the platform does (and looks) exactly like they need it to. Some vendors provide this as part of the platform, while others charge additional fees for any customization. A platform that allows you to easily add your company’s logo and other branding requirements is helpful in providing a consistent and authentic user experience for your customers. Configuration is also helpful in how your customers can use the platform. Can the user set up payment plans? Access historical statements? Track new orders? Communicate with you? A platform that has limited capabilities – such as only accepting credit card and ACH payments and current statements – may not have the flexibility that your company needs. You may need to support multiple standard banking formats such as ACH, SWIFT, and EFT.

Is it Secure?

Finally, security is top of mind for any B2B payments software implementation. Companies should search for a secure, end-to-end connection accessible for both small and large customers that provides straight-through processing between the customer’s and the supplier’s systems. When choosing an EIPP platform, consider if the vendor is PCI (Payment Card Industry) compliant or works with a third-party PCI compliant payment processer.

D&B Finance Analytics Receivables Intelligence

Dun & Bradstreet offers an EIPP as part of D&B Finance Analytics, its complete credit-to-cash platform. The EIPP is part of the Receivables Intelligence application and provides users with a unified, AI-driven e-invoicing and payments platform. Its Payment Portal is a powerful customer self-service portal that provides users with their up-to-date A/R data to pay online, track orders, and manage their profile. Payments are automatically applied to invoices with a real-time sync to your ERP. In addition, transmission and formats can be customized for each customer using its mapping engine and customizable APIs.

Would you like to learn more about Receivables Intelligence from D&B Finance Analytics? Contact us for a personalized demonstration today!

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