What Is Bill Presentment?
A bill of presentment, like a bank check, is an instruction that directs a third party to pay the recipient a fixed sum. Electronic bill presentment and payment (EBPP) is an online system that allows invoices to be created, processed and paid over the internet, and has functionally replaced paper-based bill presentment.
- A bill of presentment is an instruction for a third party to pay a fixed sum to the recipient.
- Electronic bill presentment and payment (EBPP) has essentially replaced paper-based bill presentment.
- EBPP improves customer service and streamlines the reconciliation process.
Understanding Bill Presentment
EBPP services are a core feature of online banking, allowing customers to pay their mortgages, insurance, utilities and other bills online from their bank account at a specified date.
EBPP has been widely adopted in business-to-business ecommerce because it saves on postage fees and transaction processing costs, and it can be used in cash management systems and on mobile devices. EBPP improves customer service and streamlines the reconciliation process, as well as enables customers to pay faster, which improves cash flow.