The Account Receivables world is moving towards electronic payments. This not just improves the presentment of invoices and paying process for your customers, it also helps in improving the process of cash application and dispute resolutions.
Just like the B2C world, payments are moving to self-service in the B2B world as well. Just like you and I log in to utility portals to pay our utility bills, your customers should be able to see invoices and make payments using a self-service portal. They should also be able to dispute invoices if they want to.
The challenge in the B2B world is that eﬀective customer management and payment collection across a large array of customers require an eﬃcient system that enables self-service across the full cycle from communication of invoices to reviewing account status and invoices, to making payments using the payment method the customer prefers. A lack of self-service options to customers leads to the cost of managing and handling customers being absorbed by the organization, lowering performance and increasing DSO.
In my career as a solution principal and sales professional, one common reason for corporates not to use such a portal is the cost associated with it. Most of the corporations think that this is a very costly affair and is done by only big corporates. I would like to introduce you to a solution which will pay for itself in a few months.
HighRadius Electronic Invoice Presentment and Payment (EIPP) Cloud solution enables enterprises to deploy a self-service portal for their customers to review and pay bills online. Self-service enabling customers and eliminating paper invoices has a proven track record of reducing operating expenses by at least 30%. Additionally, enabling customers to pay via credit card, ACH or eCheck online can reduce Days Sales Outstanding (DSO) by 10%. A cloud-based solution available as Software-as-a-Service, EIPP Cloud is easy and cost-eﬀective to deploy and maintain.
Now the next question in your mind would be how it pays for itself and at what time. Below are the steps that help you calculate the same:
*Y – one-time setup fee
HighRadius Electronic Invoice Presentment and Payment (EIPP) Software provides tools that automate and speed up invoice communication and facilitate a faster collection of payments, enabling a closer and more convenient relationship with customers. It automates the invoice transmission and payment collection process providing a configurable solution that supports multiple invoice formats and different modes of transmission (fax, email, portal, etc.) depending on the targeted customer, its integration with ERP systems and a rich search capability enables efficient storage and retrieval of past invoices, backup attachments to minimize disputes and short pays. Apart from that it also has some key features that you would not want to miss out: level-III interchange and surcharge; self-service customer portal; invoicing across email, customer portals, post, and fax; advanced deduction management; and lightning e-payments. The result is faster invoicing and payment collection, better customer service, and improved profitability and cash flow.