Electronic Invoice Presentment and Payment (EIPP) Solutions
We streamline your invoicing and payment processes. You save time and money.
Corcentric EIPP: the ultimate invoicing and payments solution
Accurately and efficiently deliver invoices to your customers, the way they want to receive them. Beyond saving time and cost, electronic invoice presentment and payment solutions provide a risk-free and seamless shift to electronic invoicing and online payments.
Eradicate order-to-cash invoicing errors and ensure that invoices reach your customers, even if they are working remotely. Combine paper and electronic delivery through one automated, highly nuanced, invoicing process with real-time electronic billing visibility from end-to-end. Finance and accounting professionals count on our online invoice payment processing solutions to streamline their operations, enhancing their internal processes to become more efficient and effective while remaining compliant with their country’s e-invoicing regulations.
Corcentric emphasizes the importance of aligning your goals and strategies. More than ever, companies are finding themselves conducting global trade on a larger scale. Although this is contributing to the growth of your company, the complications of global business are following. Remaining compliant across international borders is not only challenging, but also time-consuming.
With Corcentric’s EIPP, you can let go of your compliance worries with one partner, one point of integration, and one solution.
Streamline accounts receivable (AR)
Automate AR and improve invoicing accuracy to optimize AR productivity. Combine paper and electronic delivery and achieve better visibility with everything on one EIPP system.
Accelerate payments
Get immediate invoice delivery with lower dispute levels, backed up by an integrated payment process and automated follow-up to help payments come in on-time, every time.
Future-proof invoicing
Meet emerging EDI and e-delivery requirements, in a network-agnostic way. Ensure remote access and high availability for unbroken invoicing and payment processing.
Reduce costs
Remove postage costs, paper consumption, manual preparation time, and the cost of equipment used in the printing and posting process by sending invoices electronically. Automate manual tasks, reduce human error and streamline AR. Corcentric EIPP is an outsourced process, priced on delivery volume, presenting ongoing cost savings without the need for high upfront investment.
Compliance and ease of auditing
Corcentric EIPP ensures tax and other regulatory compliance through EIPP services covering electronic delivery, digital signatures and online record keeping. The admin console simplifies searching and analyzing e-invoice files, making auditing far easier. You now have total flexibility and peace of mind to meet the range of EDI, XML, and electronic invoicing requirements across the globe.
Ensure business resilience
Ensure invoices reach your customers immediately, wherever they are, with electronic delivery. Corcentric EIPP centralizes your invoicing workflow through one high availability, remotely accessible, EIPP software platform for maximum business resilience.
Streamline workflow
Automate repetitive manual invoicing processes, including uploads to supplier portals, freeing up your accounts receivable teams to focus on more profitable activities. Go beyond the limitations of delivering invoices directly from an ERP system and streamline invoicing status reporting and auditing to just a few clicks.
More control over credit collection
Gain real-time insight into invoicing status – including delivery, read, and payment notifications. Support credit controllers in reducing late payments, exceptions, and disputes. Corcentric EIPP integrates with credit collection software to achieve seamless and secure access to sensitive documents, expedite credit collection and improve cash flow.
Support paper invoices
Not everyone is keen to accept electronic invoices yet. Electronic Invoice Presentment and Payment enables you to manage a wide range of electronic delivery formats alongside traditional paper invoices, through one platform. Leverage the Corcentric network of localized print hubs to drive down print and postage costs.
Enhance customer experience
Invoices are possibly the most touched documents in business, so they need to represent your brand well. Slick electronic invoice delivery, coupled with easy online payments, makes it a pleasure to do business with you. Ease of access to previous invoices and statements, as well as access to amend contact details and preferences, reduces help desk calls and improves customer retention.
Solving your complex billing needs
Did you know?
80%
is the average percentage of electronic format invoices for Corcentric EIPP customers.
52
is the number of countries where Corcentric EIPP is deployed.
20M
transactions
per annum
Learn how we can help you develop an e-Invoicing/EIPP strategy to break down stakeholder barriers
Electronic Invoicing Presentment and Payment (EIPP) FAQs
EIPP stands for Electronic Invoicing Presentment and Payment. Electronic invoicing, or e-invoicing, is well known for being more efficient and secure than traditional paper invoicing. However, it is the presentment and payment aspects of EIPP which really accelerate this efficiency and security.
An EIPP system works as an integral component in the receivables process, facilitating business transactions by combining the invoicing process with online payment options through a web portal.
EIPP works through delivering invoices electronically via a secure online platform, typically connected to an ERP system, which also facilitates payment. The steps are:
- Invoice is generated from ERP or other financial system data.
- Invoice is delivered electronically (sometimes directly to an AP system or government portal, via EDI or XML).
- An email or other notification is sent to the buyer, providing a link to a secure portal which provides a human-readable version of the invoice.
- Recipient can log in to the EIPP platform and view the invoice, as well their other invoices and associated documents.
- Payment is either automated via direct connection with the buyer’s AP system, which releases payment after validating the invoice against a PO and other data (see 3-way matching), or manually paid through the EIPP platform’s online payment handling – accepting credit cards, faster payments, ACH and other payment methods.
- EIPP platform records invoice settlement in the AR ledger through connection to ERP or other financial systems.
Electronic invoicing is just one element of EIPP, it concerns the generation and sending of invoices electronically. Electronic invoices are any invoice sent in an electronic format – whether this is a PDF, content of an email or by machine-to-machine communication, such as EDI or XML data transfer.
EIPP is a platform that facilitates e-invoicing, but also provides secure access to invoices and related documents, including records of payment and previous invoices, and the self-service portal allows users to pay invoices securely online.
If you send invoices electronically without a dedicated EIPP platform, you may find that you have challenges with formatting, data types and even delivering these directly to all your customers’ AP platforms. EIPP also provides the seller with real-time insight into who has received, acknowledge or paid invoices.
EIPP protects you and your customers by holding all invoices and payment functionality on a secure platform. Emailing a link to log in to access, and pay, an invoice via an EIPP platform removes the risk of invoice redirection fraud, such as phishing email attempts to divert payments into hackers’ accounts.
EIPP takes time to set up and configure for optimal use, so there is often a set up cost. However, the initial investment is offset by the savings in longer-term efficiency (particularly if moving away from paper invoicing) and reduction in invoicing fraud risk.
It can be more cost-efficient to invest in EIPP as a managed service (such as Corcentric EIPP), where no initial outlay is required; the deployment and any future refinements are included in the volume-based pricing for invoices sent.
Evaluate the EIPP solution provider’s success in delivering EIPP for other customers, through testimonials and case studies. Have they delivered solutions for customers with similar needs to yours?
Platform and process security should be carefully understood to minimize risk of your customers experiencing invoicing fraud, as well as hackers being able to access customer information or funds.
Weigh up the best way to pay for EIPP, should this be an initial investment or a volume-based managed service cost.
Understand how flexible the EIPP solutions are to integrate with both internal solutions and customer AP requirements. How quickly can it be deployed and how much IT involvement is required? How difficult will it be to add new functionality, integrate with future systems and accept new customer requirements in the future?
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