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1-Introduction: In today’s evolutionary world, wherever technology maintains on changing our each day tasks, digital bill presentment and payment offer a whole new billing procedure by offering on the internet and real time presentment of charges and payment choices. It provides great advantages and significantly improves customer care and customer romantic relationship management. All of us will cover the information found in an electric bill, followed by the process of legislation presentment.
All of us will in brief compare traditional paper-based expenses and electronic bills.
And after that, we will certainly expose the different parties involved in an electronic expenses presentment and payment, followed by the different advancement phases. The huge benefits and the hazards associated with the adopting the EBPP or not really. Finally we will see the different users of EBPP in Canada. Electric transactions can gradually end up being the principal method for both buyers and firms to shell out their charges. The main organization driver is definitely the important expense reduction for billers from reducing manual work and paper, nonetheless it must also present an advantage to customers to become successful.
For the moment, customers who may have become comfortable with internet banking are the primary candidates pertaining to EBPP. Upon July eight, 2004, EPO Inc (Canada Post’s epost) acquired Webdox, the only other bill delivery service in Canada. Together they will provide Canadians with a solitary EBPP support that will be one of the most advanced of its kind in the world. Figure: Billing Method Stages 2-Definitions: Instead of the hassle of having to make physical obligations, electronic obligations are obligations made on the web. They are produced through the monetary institution’s internet site.
Electronic Payment is the electric delivery and presentation of bills, invoices, and related information delivered by a business to its customers. Rather than receiving daily news bills through the mail, and after that writing out and sending a check, bills can be received by email, or utilized through the biller’s website. It is additionally known as Electric Bill Presentment and Repayment, or EBPP, which is a style based on business-to-consumer. Electronic Bill Presentment and Payment, or perhaps EIPP, is definitely the equivalent for any business-to-business repayment, however , we won’t be overing it through this paper. The Electronic Costs Presentment , Payment (EBPP) model allows customers of banks and billing firms to use the net or the cellphone to quickly remit obligations as well as gain access to their billing information. It was created in the United-States by the Council intended for Electronic Invoicing and Repayment (CEBP) with the National Computerized Clearing Property Association (NACHA) The biggest and a lot obvious big difference between EBPP systems and the traditional approach to bill payment, is that of technology.
Rather than getting a bill through the mail, producing out and sending a check, consumers receive their expenses in an email, or are prompted to visit a website to view and pay their charges 3-Content Creation and Bill Design: There are lots of types details in an electronic digital bill, the majority of which are the same you would get in a classic paper invoice. First, that identifies the customer, or their very own authorized agent, in order to website link this particular bill to the biller’s account receivable processes.
It provides the brand and address, the consideration number while using Biller (or any other details that the biller has identified to identify the customers such as an ID amount, username, or perhaps phone number), and the time period for the check ( a week, or a month, or a year). Second, this states the amount due in the customer, along with any information explaining new charges in the billing period if there are any, for example , long distance phone charges contain information on each contact and other particular charges within the amount thanks. Third, this specifies the date when the total quantity is due.
Next, it includes a period-to-period reconciliation of activity since the previous bill or perhaps statement was produced, so the customer can compare the differences. Fifth, this specifies the disclosure data from Biller to Consumer, so that the Buyer is advised in the disclosure insurance plan of the biller. Sixth, the client can view his previous bills and account activity history by prior billing cycles. The electronic costs is also the opportunity for advertising (which the biller controls) that help in cross selling and marketing the biller’s product and services.
Finally, customer service contact information is available in case a client needs help or assistance. The term Bill Summary is generally used to involve the essential items: Name, Volume due and due date. The definition of Bill Detail is used to include any of the leftover items, which will a Biller may choose to send to its consumers 4-Presentment in the Bill , Process: Transitioning from Paper based to Digital Formats You will find five different methods of porting the printed documents and their information content to an online contact form that can be used by EBPP: 1 ) Conversion to PDF formatting. Rasterization to GIF, DIGITAL or PNG formats 3. Recomposition in HTML or perhaps XML 4. Conversion to normalcy HTML or perhaps XML five. Translation to highly sorted HTML or perhaps XML These methods has advantages and disadvantages. With respect to the application, the organization will decide which method to make use of. i)Content Creation and Deployment: In the bill-presentment stage, the primary steps of content writing and application are essential. The steps include creation of the content, content opinions, approving this article, modification of the content and lastly, the deployment of the content.
Exhibit you, illustrates the task involved in the article marketing and deployment phase. The policies and procedures involved in the content creation and deployment require responsibilities to get designated to certain visitors to further make certain that all areas of the web web page are well maintained.
The true problems arise when ever facing a volume of issues, namely the maintenance with the web page in terms of the content info and errors/breakdowns and up thus far modifications (could be daily), as well as the settings of the gain access to network where the web webpage is based. ii)Notification Notification about the bill can be shipped to the customer (bill payer) in lots of ways. The most common technique used is definitely notification through e-mails. The client receives a great e-mail notifying them in the account balance or amount due. However , this technique is limited regarding its graphical presentation and potential.
A far more effective approach to notifying the buyer of their invoice is to give the WEB ADDRESS (link with the website) that contains the bill in order to defeat the limitations of e-mailing the invoice. The latest trend however in the notification aspect of a bill is by way of mobile phones and private digital assistants (PDAs). Rather than e-mailing the consumer, the biller may establish a database intended for the customer’s phone numbers and send all of them text messages proclaiming the amount because of, the deadline of the expenses as well as any additional information the biller finds necessary to provide.
In the classic case of paper-based bills, notification is completed through posting the actual bill to the customer/client. iii)Bill Presentment: Under EBPP, bill presentment is the stage where the biller/consolidator delivers a copy of the genuine bill for the customer/client within an electronically made format. The bill may be offered complete details of the bill or as being a summary from the details, with respect to the extent and intensity with the details involved. Through bill presentment, the biller has the capacity to communicate more effectively with the consumers being charged.
The reason why discussion between the biller and the consumers is increased is due to the capability of the biller to guide the shoppers to the aspects of interest along with study or better understand the client’s personal preferences and developments. Electronic bill presentment might also assist the biller by improving manufacturer loyalty by providing the clientele with a beautifully shaped a powerful experience. Factors concerning promoting can also be tackled by monitoring and manipulating the space with the web page surrounding the area from the invoice.
Extra aspects can be provided by producing information about pending orders, previous payments and pending obligations available. iv)Electronic Payment and Posting: This kind of presents the past stage linked to EBPP. The Billers in addition to the consolidators have to provide the buyers with various kinds of payments in order to provide the customer with flexibility. Payments may be set to be made quickly or with the discretion with the customer. The types of payments might include: ¢Direct charge from accounts ¢One-time obligations ¢Check repayments Online payments/ Electronic funds transfers ¢Bank cards/ Visa or mastercard payments. Buyers are also furnished with the choice of producing multiple repayments to a solitary provider or perhaps one combined payment to get multiple providers to the consolidator (such because epost). The concept of “Posting features the records of the information concerning when the expenses was paid, how the payment was made as well as the amount of the payment designed for the services. This sort of information can now be updated to the biller’s accounts-receivables systems. 5-Comparison of Paper based and Digital Solutions
Demonstrates 2 and 3 demonstrate comparison between the paper based payment cycle plus the electronic payment cycle. In both payment cycles (electronic and paper based), the creation with the bill goes through the same periods: Data collection, Mediation, Ranking and Article marketing and bill design. Inside the stage of bill design and style and creation however , the check is only formatted when it’s a paper based 1, and printed when it’s an electronic bill. The primary difference between the two cycles is at the stage in the Presentment in the bill.
Regarding a paperback payment, after the bill is formatted, there is notification by simply regular mail and then the bill is presented. In the case of the electronic billing cycle, there is notification by simply internet after which there’s an additional stage where the bill is converted onto a Web-friendly format, this really is referred to as the Transition to Electronic stage. Finally, the bill is presented either by Web or perhaps printed plus the check is usually sent to the biller whether it’s a paper based bill, or maybe the payment could be executed immediately and electronically in the case of an electronic bill. , Parties Included: Billers, brokers, aggregators and consolidators implementing EBPP may play numerous roles inside the overall EBPP process. Once roles are defined, it truly is easier to determine which unit (aggregator, biller-direct or email-based based) is quite appropriate for the client’s EBPP strategy. Billers may also put into action more than one version in order to finest serve all their clients. For the reason that industry is usually continuously changing and redefining, the options and opportunities intended for EBPP will continue to broaden.
There are several celebrations involved in the EBPP process: The biller repayment provider, or BPP, is the biller’s lender that acquire payment and supplies account receivable information. It is an agent from the biller that accepts remittance informatio on behalf of the biller. The bill provider, or BSP, provides EBPP services towards the biller like posting expenses details, combining bills and delivering those to the customer service provider, or rendering bill summary ditribution. The customer service provider, or perhaps CSP, as it names suggests, provides the consumer with a great interface for bill presentment.
It enrolls them, permits presentment and provides customer care and support. They are really contacted directly by the customer to help with a payment or perhaps receive standard assistance and answer questions. The Consolidator can be described as biller company that aggregates all the customer’s bills from multiple billers in one central website. One of a consolidator is Canada’s epost where customer safely accesses the site to both equally view pay his/her charges. It is advantageous in that the purchasers can look at and pay all their bills at the same time. 7- Evolution Phases:
The fast paced progress the Internet (World Wide Web) has empowered the organization of an environment where corporations and buyers have direct and immediate forms of connection. This made way to more effective and efficient techniques to undertake ventures between two or more parties. Software program as Electric Bill Presentment and Repayment (EBPP) were bound to occur. The end result was replacing paper mail charges with electronic documents that served a similar purpose, only in a more effective light. In 1999, Canada content implemented the world’s 1st electronic mailbox, epost.
This kind of put Canada in the front of the Electronic Bill Presentment and Payment market. By giving a free and universally available service, epost dominated the e-billing market and supplied solutions to various Canadians. Simply by 2002, the e-billing industry was divided between epost and Webdoxs, epost’s key competitor at that time. In September 2004, epost increased their market share through its purchase of webdoxs. This made epost Canada’s key EBPP company and by the conclusion of 2004, epost guaranteed 1 . six million users. However , inspite of the growth of the e-billing sector, the profits generated were not significant.
The merged revenue of e-billing companies, namely, epost, Innovapost and Canada content International Ltd. was $192 million in 2004, $18 million below the previous 12 months. Despite the substantial drop in the revenues produced by e-billing service providers the prospects intended for the e-billing sector remained optimistic due to the high progress potential from the e-billing sector. Canada content was aware about the fact the fact that average bill paying buyer needed a chance to adapt to the brand new techniques given by e-billings sector. Visa Canada’s national purchasing study, “How Business Purchases, ” unveiled May 2001, shows that e-commerce based payment and purchasing processes will more than multiply by 4 by 2006. Currently, e-billing accounts for just two percent of corporate billing. Rewards include decreased internal costs and decreased time consumption. Visa for australia Study printed by Allbusiness in 2001 (http://www. allbusiness. com/public-administration/1169884-1. html) In june 2006, epost acknowledged Canada’s significant financial institutions to be able to implement the e-billing component through the monetary institutions’ on the net banking aspect.
Such one step would allow the banks’ clients to gain access to a similar epost features (receiving, viewing, paying and storing expenses online) straight from the financial institutions’ website. This in turn could enable epost to reach a more substantial market base of customers through the financial institutions. “Research that centered on people who traditional bank online reveals they are significantly valuable, long lasting bank buyers who may invest more cash and purchase added services. These are generally the same consumers that would be drawn to and reap the benefits of EBPP.
Is actually our aim to have every Canadian banking online, get all their important mail on-line through epost. As stated by Roger Couldrey, director and CEO of epost. By the end of 2005, epost had been integrated into many of Canada’s major banking institutions, namely Financial institution of Montreal (BMO ” Canada’s initially bank), CIBC, Laurentian Lender, Desjardins, Noble Bank of Canada Monetary Group, National Bank of Canada, Scotia Bank and Toronto Mastery Trust. By simply targeting Canada’s online banking customers, epost was able to successfully increase curiosity and usage of the e-billing sector.
In respect to statistics gathered by ComScore Multimedia Metrics in 2004, 10 million Canadians browsed their particular financial institution’s website to be able to access their very own financial information. Additionally , in 2003 Forrester Research found Canadians to get early adopters of Web-affiliated financial services when compared with Americans. Numerous Canadians, 55 percent, employed the web pertaining to banking/financial companies while only 37 percent of Americans used the internet for banking solutions. Such stats set the marketplace base intended for epost and established the important thing basis for its inevitable expansion as Canada’s leading EBPP service provider.
Today EBPP is among the most applied concepts in North America, which has a market of approximately 330 million regular users. Interest amongst Canadian businesses is growing in an overwhelming speed, many are finding that it is the most affordable method to carry out the invoicing aspect of executing business. Furthermore, due to the increasing importance of protecting the environment, the implementation from the e-billing aspect would contribute to the cause of keeping the environment by utilizing less conventional paper and generating less waste. 8- Features of EBPP )Benefits to the corporations/implementers: The setup of EBPP has brought about many advantages of both the firms billing plus the customers getting billed. The 100+ Canadian companies, at this point using epost’s e-billing services, have experienced numerous advantages starting with delivering bills to their consumers instantly. This kind of saves quite a bit of00 time for the billers, since the mailing and processing floats will be considerably reduced, leading to quicker obligations of charges, as well as reduced Days Revenue Outstanding (DSO).
This means that expenses will be gathered faster by firms, enabling them to spend their suppliers earlier, therefore enhancing the way in which business can be conducted between a corporation and it’s really paying clients by lowering the cash transformation period. Repayments made by buyers will be quickly linked to the corporation’s Accounts Receivables, providing the organization with better control over the pending obligations and overall cash position. Beyond the aspect of velocity, the businesses costs of presentment will be significantly lowered, up to 80%.
It would also abolish the expenses of daily news, printing and postage costs. With the most reasonable costs of payment finalizing, distribution and collection of charges, firms will probably be reducing their very own costs effectively while elevating their profits. Additionally , the expenses of employing the e-billing component will be relatively very little, taking into account the vast expense reductions of implementing the system. Furthermore, EBPP will permit a corporation to see its customer’s behavior, as customer requires will be apparent through the usage of the features offered.
The corporation can achieve customer satisfaction by positioning emphasis on and enhancing the characteristics its consumers appear to be using the most. The organization will also be able to reach their customers through the “interactive assertion messages system, which can be utilized as a application for merchandising new features, products. Furthermore, these kinds of a system can be used to get customers registered intended for recurring automatic payments every month/period and also providing the choice of nonrecurring payments, such as a one time bill.
Taking into consideration the overall positive aspects provided by the implementers of EBPP, it could be safe to say that the progress potential for the e-billing sector is substantial. Up until now, you will find approximately 90 Canadian companies implementing the device. This quantity is anticipated to grow in period due to the multitude of advantages offered by EBPP. ii)Benefits to the customer: Although most systems are designed to even more benefit the business implementing these people, EBPP is a tool for both the company and its particular clients.
EBPP enables the client to quickly self-activate (open) their accounts in order for them to produce recurring regular (monthly) obligations. It eventually saves the customer the time taken up physically mail or make the payment in their loan company, and practically eliminates the mail float by allowing the consumer to make obligations immediately after browsing the bill on the net. EBPP is usually flexible in the sense that it may be implemented in lots of different varieties providing the consumer with a vast number of ways to utilize its many features.
EBPP shows the customer an array of drafting options, from customer-initiated payments to automatic breezes or even security drafts if possible. Customers will make the obligations either through a consolidator just like epost, the organization itself just like Rogers Phone system or through their bank such as Financial institution of Montreal. By giving the consumer a wide range of alternatives, he/she can choose what they are most comfortable with in conditions of protection and service quality.
The number of mistakes made by the bill payers as well as the billers are usually substantially lowered due to the ability of the system to allow pre-filled customer online information to make sure all content collected/distributed is proper. Additionally , epost provides the registered users with the option to retail store their bills for up to 7 years. This allows for maximum productivity, the customer will not have to stack up his/her conventional paper bills intended for future reference rather, they are going to have their expenses stored on the internet and accessible all the time. Security sensible, EBPP is rather comprehensive.
In order to gain access to a bank account, the bank account number and its particular matching security password are required. Furthermore, it codes the information transmitted from a computer to the specified server through Secure Socket Layer (SSL) technology. This reduces the likelihood of confidential info falling into the wrong hands. Overall, EBPP systems are usually designed to take full advantage of security and confidentiality in order to encourage users to share their personal economical information to streamline those activities involved in making payments pertaining to desired products/services. ii)Benefits for the Environment: Even though the benefits to the environment happen to be clearly noticeable, translating the advantages in terms of Green house Gas (GHG) emission cutbacks would demonstrate the concept towards a more effective light. If Canadians were to replace 40% of their paper expenses with electronic digital bills in support of print twenty percent of the electronic digital bills, GREENHOUSE GAS emissions can be substantially decreased by 15, 500 soucis per year. Changing 80% of the paper expenses and producing only 5% of the digital ones will lead to 22, 000 tons of reduced GREENHOUSE GAS emissions.
This sort of goals could serve to better preserve the environment and will reduce the volume of waste materials produced by a significant slice. Canadian businesses would finish up saving approximately $1. you billion dollars in total. Doubling the implementations would cause a $2. 2 billion reduction in expenses by businesses increasing all their overall revenue while making sure their businesses are based on the environmental constraints of lowering waste/GHG exhausts. 9-Risk Affiliated with the Re-homing and Non-Adoption of EBPP
Billers need to take into consideration all sorts of payment presentment and payment the marketplace offers today since it is their main ingredient to achieve success. Therefore , billers have to offer the perfect billing presentment and payment that will bring client satisfaction and be hassle-free for the biller as well. After the advantages of Electric Bill Presentment and Obligations (EBBP) a large number of billers are facing a situation of risk due to the usage or non-adoption of EBPP.
For instance, if the biller determines to adopt EBPP, there will be potential of non-acceptance from the biller’s customers after the implementation of EBPP which will lead to a decrease in the net income margins as a result of lost customers. The biller might also come across fraud efforts especially since the bill will be electronically paid. Moreover, there could be a problem in the operational process of electronic digital presentment and payments like a system deep freeze which will bear more costs on the behalf of the biller.
Then again, in case the biller chooses not to put into action the EBPP, the biller might be going against the market’s new trend hence this will likely put the firm in a competitive disadvantage. Therefore , the biller will start dropping market share which will indicate negatively being a decrease in the biller’s income due to lost customers. 10- Users of EBPP canada (Business Sectors): Most businesses that put into action EBPP give their customers with services that want recurring repayments, rather than a one-time payment (non-recurring).
This implies that EBPP will be more convenient pertaining to service targeted businesses that provide the customer with an ongoing services, which would require the client to make repeated payments. Businesses operating in this service offering sectors will greatly benefit from the implementation of EBPP, seeing that all kinds of viewing/paying the check would be streamlined and carried out from one site. i)Telecommunications Providers ii)Utilities Service Providers iii)Visa/Master Purchase cards iv)Banks and financial institutions v)Insurance providers vi)Postal Industries 11-Conclusion:
Digital Bill Presentment and Repayment offers a streamlined way of payment, which can be very advantageous for both the billers and their customers and remarkably the environment. Moreover, it substantially reduces costs and the period of time to make a repayment. Despite the drawbacks or risks of applying EBPP, the advantages clearly outweigh the disadvantages. We believe that by 2015 paper bills will probably be inexistent in Canada, due to the expectations of recessions, businesses will understand that they will save a lot of money by simply implementing the e-billing part, despite the high execution costs.
EBPP is the next trend for all those businesses, and is also expected to become the standard form of bill presentment and repayment. 12-References: http://findarticles. com/p/articles/mi_m0EIN/is_2004_July_8? pnum=3, opg=n6098705, tag=artBody, col1 http://findarticles. com/p/articles/mi_m0EIN/is_2004_July_8/ai_n6098705 http://cebp. nacha. org/documents/ebpp-buspractices-2-1. pdf www. cdnpay. los angeles www. wikipedia. ca http://www. bce. ca/data/documents/responsibility/innovating_toward_a_low_carbon_canada. pdf Margaret Tan (2005). E-payment: The digital Exchange. NUS Press Kornel Teplan (2003). Electric Bill Presentment an
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