What is electronic billing?
Electronic billing is a one-stop solution for sending bills and collecting payment via electronic mode. This includes a lot of systems integrated together to form one robust and dynamic system. Electronic billing involves billing system, banking system, billing system of customer’s bank, and an online interface for billing them in one common platform.
Essentially, an E-billing system allows doing multiple activities where money transfer and payment collection is required.
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Generally, electronic billing is useful when there are repetitive payments that need to be collected from customers or clients on a cyclic basis. This saves the hassle of having to go through cash and other modes of physical payment like cheques.
The entire transaction is done through the wire from the system to the bank and vice-versa.
Let us look at some of the benefits of having electronic billing as a preferred mode of transaction:
1. Simple and Easy Organization of payments
Let us agree that keeping all payments the old-fashioned way would have been really tough and you would soon lose focus of all your payments. Once the bills are paid, they go into the pile of old newspapers and trash. If ever you need to go back on the payments you made, it would be difficult. If ever there is a discrepancy, it is a whole lot of hassle trying to manage the payments made.
Luckily, in an electronic billing system, you will be able to keep all your bills consolidated in one place. You can always make reference to the payments made and the payments that are due. All your records are intact in the E-billing software and you can find all your information in one place. Organizing makes work simpler.
2. Easy consolidation of Finances
Online electronic billing software essentially allows you to declutter all the financial mess. If you are used to the traditional methods or simply you are technologically challenged, an electronic billing system makes life simpler. It may sound easier to sign a cheque and send off the payments. But it is always good to upgrade with changing times. The setting up of the E-billing software – be it standalone or SaaS-based – might take sometime, but once it is set up, you are ready to go.
You can simply stop worrying about losing your payment dates. They E-billing software will automatically ping you a reminder. Also, you stop risking losing payments and all your payments are organized in a place. Where payments might come at different times of the month, there are chances that you might forget in the huge pile. Electronic Billing software helps with the consolidation of all bills in one place.
You get emails and notifications of any due payments. So basically, you can stop being jumpy about losing your payment. eInvoices are generated and a copy is mailed to you and retained in the system. Ever you need to know if a particular bill amount is different or there is confusion, you always have a written record saved in your system. Some of the electronic billing systems might be paid ones but that is a small amount to pay for a whole lot of saving exhaustion. There is electronic invoicing for small businesses that put all invoices and finances in a proper place and consolidated under one umbrella for easy future reference.
3. It is Eco-friendly
Yes, you are doing your bit for the environment by going totally paperless. Bills, envelopes, invoices – everything that comes in paper form, can be taken to the electronic billing system. Everything is auto-generated in the electronic billing system and you get a notification via email and in your device. You can get rid of all the huge files and folders that you need to maintain to keep your bills, cheques, and invoices in one place.
Also, you are going to save a lot on the stationery – be it letterheads, envelopes or simple bill-books to keep a copy of all the invoices ever raised. That’s a whole lot you save on when you get an electronic billing system incorporated with your work. When your e-Billing and ebcs electronic billing goes paperless, naturally everything becomes more streamlined. Many environmentalists and technology-experts have shaken their hands together to come to a solution where paperless banking and financial handling of work preserves the sanctity of having to generate more waste via paper.
One of the classical examples that you get to see is how the Automatic Teller Machines [ATMs] insist on not going for the generation of paper invoices. Electronic invoicing and automatic accounting for small businesses is making these businesses expand and grow because their entire transaction is going online, and they are focusing more on other aspects of the business.
4. Allowing Credit Cards
One of the existing electronic bill payment and presentation (ebpp system) method is acquiring payment via credit cards. Ever since businesses have expanded and money collections have started via the internet or electronic wiring, credit cards came to the rescue of many customers. You can use a credit limit based upon your card capacity and you can do so by over-drafting on your bank account. If you are facing short in funds, the credit card will help you.
The easiest way to be on top of paying up your bills is to go through the website of the bank. It is one of the most secure ways of paying via electronic bill payment and presentation also known as the EBPP system. However, if you have gone to a website and there are an e-Billing and ebcs electronic billing – more commonly known as payment merchants – integrated with the website, then that too is a secure way of handling your payments. Though a word of caution – don’t overspend on your credit limit. Banks have a way of keeping an eye on that too.
With Electronic invoicing for small businesses system in place, credit cards and merchant payment gateways are seeing sunnier days.
5. Fast, Easy and Safe
You cannot deny that the e-Billing and ebcs electronic billing is fast and safe. One of the primary reasons is that you do not get a chance of human error in this. Also, you don’t have to depend on other people to ensure that your payments get cleared or that you receive your payments on time. All payments are not only done fast and easily, but they are secure also. Security is one of the most important aspects of electronic bill payment and presentation systems (EBPP system).
The entire world is doing their transactions via the e-Billing or theebcs electronic billing system and making sure details like card information, personal information and IP addresses are all safe and under many layers of security. It is simple to schedule a cyclic payment via your bank system. Every month when the date comes, the money gets automatically deducted. You don’t have to worry about payments. Electronic invoicing for small businesses is safer and reliable as their transaction is always on the record and can be retrieved easily.
These days the electronic bill payment and presentation systems (EBPP system) are so fast that you can instantly send money across multiple platforms. Life has become simpler ever since we left behind the traditional methods of managing finances.