NORRISTOWN, PENNSYLVANIA, UNITED STATES, June 15, 2022 - ActiveWorx, a leading financial automation software firm, announces the next generation of their EIPP solution (Electronic Invoice Presentment and Payment) to meet the rapidly increasing challenges of delivering invoices for payment, receiving those payments promptly, and the impact on cashflow caused by delays.
Active Portal provides businesses the ability to create and present electronic invoices using a secure, self-service access point for their customer to review bills and make payments. Coupled with the Active Payments Hub, which connects businesses to payment networks and banks, this powerful EIPP solution automates the invoice-to-cash processes of accounts receivables (AR). Business can modernize their AR with electronic invoices while quickly and efficiently receiving payments to accelerate cash flow income.
Many global organizations face the challenges of lost invoices, expensive paper documents, slow postal services, disruption to the workforce caused by COVID, lack of insight into invoice transaction activity, volume, and payment status. As a core component of the ActiveWorx platform, EIPP brings efficiency and traceability to the invoice-to-cash process by automating and optimizing the creation and presentment of invoices to an organization’s large customer base. Accelerating the receipt of payment improves Days Sales Outstanding (DSO) for CFOs, controllers, AR managers, and other financial professionals.
“Modernizing accounts receivable using our next generation of EIPP products solves several critical problems for our clients. Large businesses are challenged with converting costly paper invoices, which are isolated in siloes throughout their enterprise, into standardized, automated, digital processes. They also need to collect outstanding payments in a timely manner which can be resource intensive, requiring manual back-office support. Our modernized EIPP platform delivers a fully digital, end-to-end, automated solution. Replacing paper invoices and checks significantly reduces costs with an eco-friendly, sustainable service. Active Portal and Payments Hub enables our clients to securely offer multiple payment methods to their customers, making it safer and easier to receive payments from across their complexity of business lines, companies, and organizations”, explains Mark Elliott, Vice President of Product and Security at ActiveWorx.
With multiple digital transformation options (direct entry, email, upload), the ActiveWorx’s EIPP solution vastly improves speed and accuracy of invoice delivery and payment receipt which drives down the average collection period.
“Using a solution like EIPP, organizations can quickly see a 50% reduction in invoice processing costs and a 90% reduction in overall presentment costs. But on top of that value, is the ease and reliability of our payment methods that deliver a seamless invoice-to-pay experience for ActiveWorx clients and their customers,” adds Marty Michael, CEO of ActiveWorx.
ActiveWorx is a leading provider of financial transformation solutions that help companies optimize mission-critical business functions. The company’s comprehensive invoice-to-pay and invoice-to-cash platform provides automated supplier and customer onboarding, invoice processing, and modernized payments. The products are supported by fast implementation, flexible deployment, and trusted industry experts. ActiveWorx has successfully transformed business operations for leading clients within banking, insurance, retail, manufacturing, distribution, and logistics. Learn more about ActiveWorx at www.activeworx.com.