Electronic  invoice and bill presentment Integrating Electronic Invoice Presentment and Payment (EIPP) systems with supply chain management saves time and money. EIPP tools allow companies to view detailed invoice-level information and remittance details. This eliminates the errors common in the manual processes.

Benefits of digital payments are:  

(i) Increasing Operational Efficiency: The fundamental aim of any business is to achieve and maintain operational efficiency. With the complexity of business increasing on a regular basis Digital payments help companies streamline their business by making it more accessible to all stakeholders thereby increasing efficiency.

(ii) Accommodating Customers: Customers are attracted towards digital payment options due to their simplicity and streamlined nature. The COVID-19 has further pushed more and more people to digital payments as it is much safer than traditional payments in which cash is exchanged. Moreover, according to a survey by Olympus Europa, 40% of customers don't follow through with a purchase if they aren't provided with their preferred payment option which is mostly digital.

(iii) Showcasing Transparency: The main benefit of using digital payments is increased financial transparency. Traditional methods of maintaining paper documents are costly, time consuming in nature while Digital receipts of payment allows for greater transparency and accountability from an organisation as online records of past transactions, payments can be traced with ease.