When bills need to get paid, companies have a couple of options for collecting. They can go the old school route and send bills via mail or online and receive electronic payments. Or, there is another option called electronic bill payment and presentment (EBPP), and it allows companies to collect payments through the internet on computers and mobile devices.
Many financial institutions use EBPP, and it is becoming more popular in the telecommunications, utilities, and insurance industries. Read on to learn more about what EBPP is and how it can help your business.
What is EBPP Used For?
EBPP can be used by various companies looking for a way to streamline their invoice and payment processes. There are two main EBPP types: biller-direct and bank-aggregator. Biller-direct is electronic billing offered directly by a company like a retailer or a utility. The company might send customers emails when payment is due. Customers can then pay bills directly on the company’s website by logging in, reviewing the bill, and entering the payment amount.
Bank-aggregator is when the bank is in charge of the electronic bill payment and presentment services as a part of its online banking system. Online banking allows users to execute financial transactions via the internet, including deposits, withdrawals, transfers, and online bill payments, such as EBPP.
Benefits of EBPP
Companies can benefit from electronic bill presentment in the following ways:
- Convenience. Transactions can occur 24/7, so a customer can pay their bill at their convenience. They don’t have to wait to send their bill in the mail.
- Faster bill payment. When customers receive electronic bills, they are more likely to pay quickly, which improves cash flow. This also means fewer late or missed payments.
- Money savings. Companies no longer have to send out hard copy bills in the mail, which saves time and money. Instead, they can send invoices via email or text.
- More payment options. In the past, customers could only pay their bills via check. With electronic billing presentment and payment, customers can use other forms of payment, such as bank accounts, debit cards, and credit cards.
Many types of EBPP include newer features such as autopay, secure email delivery, and stored payment data. These features provide customer convenience while helping companies get paid quickly. There’s less hassle for everyone involved since there is no paperwork to deal with. Everything is done online, allowing for quick and easy payment.
Contact Us Today
Electronic billing presentment and payment allows your company to use web-based applications for invoices and payments. It’s a great way to streamline your business operations while saving time and money. Contact CORE today to learn more about EBPP and our other business solutions!