The ability to view and pay bills online has become a customer expectation. Not so long ago, just a few larger companies offered their customers the option to view and pay their bills on the web. Today, the availability of new and cost effective technology has conditioned customers to expect the businesses they use to present bills and take payments securely and easily online. As a result, it’s no longer an option for businesses to use electronic billing – it is a requirement.
Embarking on the journey to find an electronic billing solution can be a daunting one – the payments industry is vast and covers many different facets of business functions. However, narrowing the focus to electronic billing and building a basic understanding of the space will help make finding the right solution easier.
What is Electronic Billing?
There are many names and industry terms for these solutions: electronic bill presentment and payment (EBPP), digital billing, invoicing platforms, eBills, mobile payments, etc. Essentially, they all mean the same thing – producing bills for customers electronically and accepting payments online or through online and increasingly available mobile options.
Who Needs Electronic Billing?
The answer to this questions is simple – any business that provides a good or service to its customers and bills them on a regular basis is the perfect candidate for an electronic billing solution. This covers almost every business in the country – from the small businesses, all the way to the Fortune 100. Even charities, non-profits, and membership organizations can utilize electronic billing solutions to take donations and charge members their dues. Even companies that provide one time services can benefit from using electronic billing.
It’s hard to imagine a business that wouldn’t benefit from making their paper billing processes electronic!
Why Is Electronic Billing Important?
The value electronic billing encompasses both quantitative and qualitative elements of business functions. The benefits include savings on time / money / resources, and improving cash flow, as well as improving brand recognition, trust, and customer satisfaction.
Customers now expect to be able to do most things in their lives online or on their phones, so allowing them to view and pay bills online and on any device improves their experience and their overall relationship with the business. Additionally, since customers can access and pay bills anywhere at any time, businesses can get paid faster as opposed to waiting for the check to come in the mail.
Speaking of mail – paper processes are time and resource consuming and can be extremely costly. Between producing, printing, and distributing bills, waiting for the check to come in the mail, setting up lockboxes to accept checks, and cashing those checks – it can feel like forever before a business can get its money! Transforming the processes to electronic makes billing and payment easy and seamless, freeing up time and monetary resources that can be put back into growing the business.
There are many electronic billing products on the market today, and finding the right one can be an overwhelming task. But, understanding the who, what, and why aspects of is the first step in building a strong foundation to effectively access the options.