Posted in Finance, Accounting and Economics Terms, Total Reads: 816
Definition: Electronic Bill Presentment & Payment (EBPP)
Electronic bill presentment and payment (EBPP) is a procedure that enables bills to be formed, delivered, and remunerated over the Internet. The service has uses and applications for many industries, from automobile to financial service providers to telecommunications companies and Manufacturing and utilities industries.
Although trade products over the Internet with a electronic mode of payment say a credit card has become a ordinary incidence, screening the credit card statement itself - and making disbursement to settle the statement electronically - has not the case as of now. This is expected to radically change as new-fangled EBPP goods are introduced that consist of features such as protected e-mail deliverance, and also as EBPP expertise becomes further general in B2B e-commerce.
One of the problems which prevent extensive implementation of EBPP lies in the complication of billing systems and method used by rival banks and monetary institutions. Some have refuse to go along with implementing EBPP for apprehension of being unable to cross- endorse other services to clientele, although experts maintain EBPP appears perfect for this type of advertising. The banking trade also has been opposed to for trepidation of losing out on profitable cash-management services, significant of the battle the commerce fought and lost over credit card dealings. Difference of opinion over adopting standardized security and execution standards also have caught up the adoption of EBPP.