What is the primary function of EIPP (Electronic Invoice Presentment and Payment)?

The primary function of Electronic Invoice Presentment and Payment (EIPP) is to facilitate the process of presenting and paying invoices electronically in business-to-business (B2B) contexts. EIPP streamlines workflows by allowing businesses to create, send, and receive invoices electronically, which can significantly reduce the time and resources spent on traditional postal mail methods. This electronic method promotes faster payments, improves cash flow, enhances accuracy by decreasing manual entry errors, and provides secure and efficient tracking of transactions.

EIPP systems typically offer features such as electronic delivery of invoices to customers, online payment options, and real-time tracking of payment status, which further enhances the B2B relationship through improved communication and transparency. By focusing specifically on the electronic presentation and payment aspect, EIPP modernizes and optimizes the invoicing process between businesses, making it an essential tool in today’s commerce environment.