There are still some people who worry about online security in relation to electronic invoicing. As people learn more about the level of security possible with e-invoicing, this becomes less and less of a concern. Most of us know -- and the rest will soon learn -- that e-billing is far safer than paper invoicing.
Not only is EIPP (Electronic Invoice Presentment and Payment) far safer from the point of view of security,it's also safer from human error.
As long as people are involved in business, there'll be room for human error. We're not suggesting that it's impossible to type the wrong information into your SmartPay forms, or that no one will ever push the wrong button at the wrong moment again.
But just think of all the opportunities for error in a typical paper invoicing transaction!
You make a note -- or a verbal request -- for your accountant to bill a client. Your accountant prepares the invoice, probably using accounting software. A clerk prints, copies, folds, and prepares the invoice for mailing. He or she probably also files that invoice, but someone else may actually mail it. It goes through numerous hands in the mail between you and the recipient.
Someone collects the mail on the other end, and delivers it to the accounts payable division, where someone opens it and routes it to the accountant. The accountant processes it, perhaps sending it out for approval or confirmation at some point. Someone cuts a check, folds it, mails it, perhaps files it, and gets it in the mail to you. More hands touch that paper.
Just as every one of those points of contact has the potential for theft of information or even of the check, each of those points of contact is also a chance to make an error.
A lost invoice, a lost check. A small error that someone else catches and -- probably acting without full information -- magnifies along the way. A slip of the pen when writing the address, or one department's failure to pass along the word that your address has changed.
One recent estimate claimed that each little human error in the course of billing can cost $100 before it's straightened out. We can't track down the raw data on that, but we've seen plenty of small errors snowball into big problems.
Electronic invoicing with SmartPay requires far fewer steps, and is more direct. Fewer people are involved. Recurring invoices can be set up to go automatically, without the opportunity to amass any errors along the way.
Electronic invoices don't get lost. Neither do electronic payments.
Reduce stress in your life, as well as costs in your office, with SmartPay electronic billing solutions.