Bills, Bills, and More Bills

We all know the monthly, if not weekly, stress of paying the bills. Electronic billing removes the stress of filling out checks and invoices, licking envelopes, and buying stamps, not to mention the worry over whether the payment will get there in time. Although there is no standardized system of electronic billing pay yet, there are two main categories to consider: Customer service providers and bank aggregators. Both involve getting invoices and/or bills to clients and receiving payment.

Getting It There

E. billing has two primary sources: EIPP and EBPP. Electronic invoice presentment and payment is used mostly in business to business relationships, and as the name suggests, it is a way for a business to send an invoice to and receive payment from its clients, usually another business. Electronic bill presentment and payment is used by a business to send bills and receive payments from its consumers, using three primary methods: Consolidation, biller direct and direct email delivery. Consolidation allows a consumer to pay all their bills by going to one convenient website, usually the person’s bank. Biller direct allows the customer to pay directly through the business’s website, or a business can bill the consumer through direct email delivery. Each has advantages and disadvantages.

Getting It Done

Monthly bills are no hassle at all with an electronic billing system in place. A large majority of businesses as well as consumers prefer the simplicity and security of e. billing; some companies even offer incentives for paying bills online. Most utilities companies and even telecommunications companies have systems in place to allow the consumer to set up their monthly payments through an automatic withdrawal from their bank account or an automatic charge to their credit card. Almost every retail store now has a website where customers can go to place their orders and pay directly through that company’s website or receive an electronic invoice to be paid later.

Getting It Greener

And not only is electronic billing more secure, it is safer for the environment. Statistics show that if just 20% of the American public converted completely to electronic bill options, we could save almost 151 million pounds of paper and over 1.8 million trees. We could also avoid 2 million tons of greenhouse gas emissions and 100 million gallons of gas used in transporting bills and payments. Saving time, money, and energy is at the top of every American’s list of priorities, and electronic billing goes a long way in helping us achieve these goals.