Beyond the basic automation of invoices and payments there is a necessity for a more specific technology that aids in streamlining the order-to-cash process. Originally, associated technologies usually served a supplemental purpose next to larger eInvoice and ePayment applications, but now, their importance is growing to a point of mainstream use. Electronic Invoice Presentment and Payment (EIPP) solutions are one of technologies that are coming to the foreground in relevance and necessity due to the ways they maximize the use eInvoicing and ePayments to streamline the company’s workflow and the way they offer tremendous potential for users to better manage their financial supply chain and cash flow.

In PayStream Advisor’s most recent report, “Supplier-Initiated EIPP: Impacting the Entire Invoicing and Payment Lifecycle”, research has revealed that software developers have adopted a much broader perspective that encompasses the entire billing and payment continuum, increasing the importance of an integrated EIPP solution. By providing an in-depth overview of market trends and movements, this report identifies appropriate EIPP strategies and solutions that incorporate a holistic approach to supplier initiated invoicing and payments automaton—and it shows what they do to benefit those processes.

The report features results a from a collection of surveys focused on AP and AR automation, revealing trends and barriers in eInvoicing, ePayments, and EIPP solutions. Among the results, from price differences to common AP and AR goals, it is clear that many frequent processing issues could be aided by an effective EIPP solution. However, buyer adoption is a critical factor to the success of an EIPP Initiative, and marketplace acceptance is deterred by a lack of understanding and skepticism regarding its benefits.

The report shows that the benefits of technologies that bridge process gaps are especially beneficial for suppliers. These suppliers are best served by solutions that support all types of invoice delivery and remittance capture, not just EIPP. EIPP solutions are needed to provide automated remittance processing capabilities that address all sources of remittance advice, and in order to leverage captured transaction intelligence, suppliers need EIPP solutions that contain embedded workflows for dunning, dispute resolution, and other tasks. Suppliers also need a variety of distribution channels for invoice delivery.

There are multiple billing and payment channels for today’s B2B transactions, and EIPP solutions serve as an effective way to provide easy access to these channels and streamline their use. While most organizations send invoices in emails, this method does not address the reciprocal payment from the customer associated with the invoice, causing organizations to miss an opportunity to leverage greater process efficiency. EIPP solutions fix this problem, helping to coordinate and incorporate the entire lifecycle of the invoice.

The market for supplier initiated and holistic EIPP is growing and will continue to gain momentum due to the demands of AP organizations and the need for greater AR efficiency and Days Sales Outstanding (DSO) reduction. In effect, today’s providers often offer more than just a solitary EIPP solution, and as a result, there has been growth in the market for both EIPP and related billing and payment functionality. The report maps out the key features that providers often offer as part of their products and services.

In all, this report shows that EIPP solutions are not only vital for creating integrated processes, but integrated departments as well. While AP can transform itself into a profit center by expanding the credit card payments that generate rebates, AR can also reduce costs with the use of EIPP through increased productivity. More AP departments have launched supplier facing invoice portals than AR organizations have instituted EIPP solutions, but a synchronized implementation effort would have lasting effects on AP and AR interaction. Supplier initiated EIPP is one of the most proactive steps towards that connectivity, and PayStream Advisors believe this report is a vital tool for AR and AP professionals alike. Download a free copy here.