Editor’s note: Hello! 2021 is proving to be quite the year for a financial revolution – and now, in the middle of Q2, most companies are still in the process of adjusting to the new, post-COVID era. 78% of finance professionals predict that all future accounting methods will be automated, and we're seeing these changes happen sooner rather than later. This month, we're covering the rise of EIPP, a software that is moving the B2B payments industry forward. Subscribe now.
🖥️ What is EIPP?
33% percent of mid-sized businesses report that the time it takes to process payments is a significant issue. There is a clear need for a digital payment solution that can allow companies to work through the rising pressure of attaining financial stability while providing the right solutions for remote accounting teams to function efficiently.
Electronic Invoice Presentment and Payment (EIPP) is a type of accounting software that's used to send electronic invoices, provide customers with different payment methods, and process transactions – all things that enable digital and touch-less payments for businesses.
To put it simply, you can integrate EIPP software into an ERP or other AR automation tool to process digital payments. By doing so, you can provide a better payment experience for your customers, give your AR team a more efficient way to process payments, and promote a faster cash cycle.
The benefits of EIPP software are proving to be invaluable. Having an ERP system or other AR automation tool has become essential for remote work during 2020 and 2021. EIPP created a reliable place where businesses can transact without the need for paper payments that take an average of 6 days at the cost of $16 to $22 per invoice.
⛓️ EIPP blockchain solutions
Payment tools such as EIPP software are becoming more sophisticated to fit security standards and provide a reliable transaction platform for merchants and customers. Companies are leveraging cutting-edge technology applied in modern accounting software. For example, at Paystand, we use the Assurety Blockchain to keep transactions secure.
By implementing a blockchain record in every transaction, Paystand makes sure the registry can't be altered in any way. This ensures that transactions are valid and cannot be tampered with. It's a benefit Paystand customers have when they use our Banking Network.
This is a step forward in the evolution of commercial finance. Technology is becoming the enabler for a transparent and efficient transaction model for commercial payments. This model means saving hours, and, over the years, millions of dollars in paper payment processing. It's time for finance teams to step forward and embrace the new macro trends of B2B payments – that is, shifting away from paper-based payment methods.
Industry Articles 📚
- Retail Banking's "Blockbuster" Moment?: "Fintech and Big Tech are here... big time!" Traditional banks face more challenges than ever as people expect different digital experiences from their financial tools. The commercial payments realm is no exception, and Paystand is here to make that shift into digital banking happen.
- Banking-As-A-Service. Why It Makes Sense For Banks: Banks are starting to see the value of adopting a digital approach to the financial ecosystem. Are banks starting to realize they can't miss out on the digital banking revolution?
- How Tech Stacks Up in B2B: This study conducted by Andressen Horowitz tells us how industries are changing their operations by adding more technology tools to their everyday processes. From AI and ML to collaboration apps, check out how technology creates a new way to work.
Social Media💬
B2B payments and ERP:Successfully implementing an ERP can actually open your doors to more payment methods, quicker transactions, and increased control over your revenue. This is the true impact of cloud-based subscription models.
Accounting team resiliency:
EIPP software and AR automation tools help create resilient accounting teams that are able to handle the uncertainties of the post-COVID era. Flexibility, agility, and efficiency are the cornerstones for building the change in B2B commerce.
In case you missed it
Here's a link to a webinar we did with Ipsun Solar. Check it out to get a deeper look into how the company is using digital payments to improve their AR efficiency and overall profitability.
