Easing the Burden of AP with Electronic Invoice Presentment and Payment

So why aren't more U.S. banks offering electronic invoice presentment and payment solutions? After searching with Google and Ask, I found only one U.S. bank that offers this service, while at least ten European banks had this in place. Electronic invoice presentment and payment (EIPP) is really so simple. The process takes the guess work out of invoicing customers, receiving customer payments, and, for the buyer, makes accounts payable processing so much easier.

It is a matter of accepting the software constraints, selling employees on using the process (many employees are afraid of being replaced), and onboarding buyers. However, the buyers are the ones who benefit the most. The acceptance of the electronic invoices from suppliers carries the ability to send buyers files that can be imported directly into the buyer's software. The import carries all the documents needed to prepare the accounts payable invoice for payment-the original purchase order, the proof of delivery, and any buyer required document. This process automatically matches product price and quantity and rejects discrepancies. The invoices that match are entered directly, so employees only deal with the rogues.

Even though banks may not offer the service directly there are several third-party vendors who offer this, and buyers need to take this seriously. When I look at this from the AP managers view, I want it.