In the fast-paced life, everyone wants to perform their tasks at their ease and convenience. Technology has taken over most of the manual tasks like grocery shopping and its payment can now be done sitting at the comfort of your home. Also, no matter how small or big your business is, it is essential to offer multiple online payment options allowing your customer to make fast and secure payments.
Electronic Bill Presentment and Payment (EBPP) is a process that companies and businesses have adapted to collect payments electronically through the internet. EBPP allows businesses to provide applicable bills/invoices to their customers. Bills are created, delivered, and paid via the internet on computers or mobile devices in EBPP.
1. Here are some of the major benefits of electronically completing your transactions using different devices:
- Businesses that want to streamline their operations and switch the manual payment methods to online can undertake the various applications of electronic bill payment and presentment.
- EBPP technology has become more common in business-to-business transactions. EBPP features secure email delivery for electronic invoices.
- The online payment system for the E-commerce industry has been experiencing exponential growth because of the convenience and time saving associated with the electronic bill payment and presentment.
- It enables the customers with self-service and the businesses with online provisioning, marketing, and issuing bills which in turn has helped the businesses to expand their market.
- Electronic bill presentment and payment is a reliable, secure, and quick way of payment and customers can maintain complete control over their financial activities.
- Electronic Bill payment and presentment’s analytical capabilities allow customers to view critical information and statement details of their transactions.
- Customers can choose from the various payment methods and schedule their transactions online anytime anywhere.
- Customers are provided with interactive, intuitive and intelligent bill payment solutions. Collecting payments electronically reduces the processing, and distribution costs while enhancing service quality.
Electronic payment of bills has brought a revolution in business processing by decreasing paperwork, cost of transaction, and labor cost.
2. Customers can perform electronic transactions through:
- Credit Card
- Debit Card
- Electronic Fund Transfer(EFT)
In the above mentioned payment options, the amount gets automatically deducted from your bank accounts immediately. There should be sufficient balance in your bank account to perform successful transactions whereas in credit cards there is no such compulsion. Once, the amount is transferred to the other account, the customer is notified about the same by the bank.
People these days are more comfortable with online payment solutions, making donations, registering for an event, booking a seat at the theatre, etc as it speeds up the process. Online payments are preferred over manual payments since you don’t have to wait for the check to arrive or for it to clear.
It is a matter of seconds from submitting an online payment to updating your bank account as a result of which immediate confirmations of the transactions are received. It helps the organizations as well as the customers to know about the successful completion of a transaction. Also, EBPP allows the organization to know if the right person is transferring funds as well as that the person has sufficient funds to cover the transaction.
The introduction of electronic bill payment and presentation in the era of digitization is critical and important to globalization of the financial industry. The mediation service of electronic bill payment and presentation provides a transparent and automatic service without having to compromise the confidential information about the account details, etc. This approach has proved to mediate the heterogeneities prevailing between different financial organizations.