Power of PAYBOX®
Making the Case for Electronic Invoicing Solutions
It's a well-known fact that paper invoicing solutions take too long to process, hurt DSO and drive production costs through the roof.
It's also a fact that electronic invoicing and ePayment solutions can mitigate these problems, streamlining AR departments' collection processes. Companies with a large client base that send out monthly invoices need a solution that reduces the need for manual labor and speeds up invoice presentment. The result? Accelerated DSO and a steady, measurable improvement in AR collections.
The Push for Electronic Invoicing Solutions
It's no secret that many corporate AR departments rely on paper-based invoicing methods. But the truth is that this antiquated system only hurts companies - invoice presentment and operational costs can go through the roof, and the entire collection process is slowed down.
What other problems can arise with manual invoicing?
- Incorrect information is submitted as a result of keying errors.
- Documents are easily lost, stolen or at risk of being viewed by an unauthorized third-party.
Electronic invoicing solutions are a practical, easy-to-implement alternative to antiquated paper practices. E-invoicing can help companies:
- Reduce Billing Inefficiencies - Automated invoicing processes increase AR departments' efficiency by reducing the time employees have to spend processing, printing and mailing invoices.
- Remain Cost-Efficient - Paper invoices can average about $7 per invoice. E-invoicing lowers the overall cost of presentment by more than 50 percent. And without the need for manually printing statements, companies can cut down on annual labor costs, too.
- Improve Payment Cycle Times - When electronic invoices are made available to customers, users can log-in to a secure portal, view and pay their invoices immediately - companies aren't left waiting on a paper check to arrive in the mail. Electronic payments can be processed faster, improving payment cycle times and enabling AR departments to settle invoices more quickly.
- Enhance Customer Satisfaction - The benefits of e-invoicing extend beyond corporations - customers have 24/7 access to current and past statements. Even more, customers can choose their preferred payment method, or setup a direct withdrawal from personal bank accounts. The convenience and easy-to-use system increases overall customer satisfaction and ultimately, customer loyalty.
Manual, paper-based invoicing is a thing of the past for corporate AR departments. E-invoicing increases departmental efficiency and streamlines otherwise time-consuming, arduous processes.
Easy Electronic Invoicing Solutions with Direct Insite
At Direct Insite, our innovative e-payment technology makes electronic invoice presentment a simple, hassle-free process. Our PAYBOX® solutions for corporations and banks combine e-invoicing, online payments and easy integration with existing AR technology to create an optimized invoicing solution.