Transformations’ Electronic Invoice Presentment and Payment service (EIPP) enables a company to really make a substantial impact on administrative costs while improving service and improving cash flow.
TransPay’s secure online presentment and payment services can reduce invoice delivery cost as much as 80% and reduce DSO by as much as five days.
- TransPay’s hosted service approach
- Automates a cumbersome and costly process
- Improves cash flow
- Drastic reduces the cost of creating bills and receiving payment
- Faster response to customer services calls
- It’s a “green” solution that saves money and resources
With TransPay there is
- No major upfront capital expenditure
- No software to buy
- No staff to add
- No internal IT resources required
What is EIPP?
- Electronic invoice presentment and payment is a paperless, Web-based version of the bill-and-pay transaction common to every business
- The biller presents an invoice online
- The payer is notified by e-mail that the invoice is available
- The payer reviews the invoice and pays online
- Funds are delivered directly to the biller’s bank account and the biller receives an electronic A/R file that can be utilized by any standard enterprise software
Some competitive realities
- Electronic invoice presentment and payment is so much less costly per invoiced transaction that it provides companies that use it a significant competitive advantage.
- Online presentment and payment significantly reduces DSO.
- Your customers are making more and more payments electronically and are quickly becoming used to the convenience, ease of use, and capabilities of online presentment and payment
How does it work?
Billing Company
TransPay will build and maintain a secure branded website for your company. This site can allow your customers to self register to pay their invoices electronically or you can provide us with file of your customers. Once the site is ready a file of your invoice data is securely transmitted to TransPay. TransPay will then convert that data into images of each invoice and make that invoice image along with data available to your customers on the Web. Your customers will also have search tools on the site for to find previous or specific invoices. The invoice file can be updated, hourly, daily, weekly or monthly depending on your existing invoice delivery schedules. TransPay will deliver a file every day to your bank with payment authorizations entered during the day. TransPay does not at any time have control or access to your funds or your customers’ funds. Your bank will initiate the actual funds transfer to move customer authorized payments from your customers’ bank accounts to your company account. Each day TransPay will create an electronic Accounts Receivables file to update your receivables system. TransPay has a standard set of AR file formats but can also provide the receivables data in a custom format.
Your Customer (Payer)
TransPay can send emails to your customers each time an invoice is available to view and pay. Your customer will log in to the secure branded website using a unique User ID and password to access their invoices. The customer will complete a onetimesetup process to enter payment instrument information. TransPay provides online help screens to assist the customer with the setup process.
Once the payment instrument information is in the system the customer can: view invoices, decide which to pay, adjust the amount due with comments on the adjustment and print copies of invoices.
Once the invoices for payment are selected TransPay automatically totals the amounts due and provides the customer the opportunity to review their choices. The customer will then click on the submit button to authorize an electronic payment. TransPay will provide the payer with a confirmation number, date, time and amount of the payment. The payer will also receive an email with the above information as well as the paid invoice numbers.
The process is simple and easy to use with little to no training necessary for your customers.
For more info, please email us at sales@transfrm.com