Any good business owner knows that in order to keep up with the times, they need to offer some form of electronic billing and payment. With market growth tied to the convenience and ease of accessibility of mobile payment systems, it is safe to assume that mobile commerce is edging out physical transactions when it comes to banking, billing, and payment. But where is this all being done?
Electronic bill payment (“e-billing”) sees payments collected electronically through software. Industries like law firms, accounting firms, banks and insurance providers increasingly rely on internet based e-billing services to keep their payment collection processes running smoothly.
Ideally e-billing will conform to an industry norm of online billing, such as LEDES, which is a globally recognized ebilling format standard. This is important so that invoices can be processed by the same software, without requiring any special requirement. Think of it like the windows or Apple operating systems, ideally all programs comply with those two standards so they can be used on the majority of personal computer.
E-billing utilizes software to create line items, invoices, expenses and all related data. It can increase security with “authorized personnel only” access, and also lends itself to increasing the cost-effectiveness of database management. E-billing invoice optimization has proven to boost profits through the utilization of AI. Furthermore, e-billing with speech-to-text dictation applications, e.g. Bilr, comes with an unparalleled boost in convenience. Users should have the option to record their billable time with speak-to-text technology, or access their accounts on the go via a mobile application, or something just as convenient.
The e-billing industry is poised to experience growth of $6.93 billion USD from 2019 to 2024, as it continues to play a crucial role in increasing profits for the other industries utilizing the technology. In 2020 alone, the market is expected to expand in total size by ~18%. North America is at the forefront of industry leaders, coming second only to Europe. Enterprise grade data and cybersecurity, 10%+ in revenue increases, and flexibility when recording information are the driving forces in the rise of the e-billing industry. As companies continue to reduce their reliance on paper billing, eBilling will become the norm and the way of the future will be just as normal as owning an iPhone.