Electronic Bill Payment in Canada
1-Introduction:
In today’s evolutionary world, where technology keeps on revolutionizing our everyday tasks, electronic bill presentment and payment offer a whole new billing process by offering online and real time presentment of bills and payment choices. It offers great advantages and significantly improves customer care and customer relationship management. We will cover the information found in an electronic bill, followed by the process of a bill presentment. We will briefly compare traditional paper-based bills and electronic bills. And then, we will expose the different parties involved in an electronic bill presentment and payment, followed by the different evolution phases. The advantages and the risks associated with the adopting the EBPP or not. Finally we will see the different users of EBPP in Canada. Electronic transactions will gradually become the principal method for both consumers and companies to pay their bills. The main business driver is the important cost reduction for billers from reducing manual work and paper, but it must also present an advantage to customers in order to be successful. For now, customers who have become accustomed to internet banking are the prime candidates for EBPP. On July 8, 2004, EPO Inc (Canada Post’s epost) acquired Webdox, the only other bill delivery service in Canada. Together they will provide Canadians with a single EBPP service that will be one of the most advanced of its kind in the world.
Figure: Billing Process Stages
2-Definitions:
Instead of the hassle of having to make physical payments, electronic payments are payments made online. They are made through the financial institution’s website.
Electronic Billing is the electronic delivery and presentation of bills, invoices, and related information sent by a company to its customers. Instead of receiving paper bills through the mail, and then writing out and sending a check, bills can be received by e-mail, or
In today’s evolutionary world, where technology keeps on revolutionizing our everyday tasks, electronic bill presentment and payment offer a whole new billing process by offering online and real time presentment of bills and payment choices. It offers great advantages and significantly improves customer care and customer relationship management. We will cover the information found in an electronic bill, followed by the process of a bill presentment. We will briefly compare traditional paper-based bills and electronic bills. And then, we will expose the different parties involved in an electronic bill presentment and payment, followed by the different evolution phases. The advantages and the risks associated with the adopting the EBPP or not. Finally we will see the different users of EBPP in Canada. Electronic transactions will gradually become the principal method for both consumers and companies to pay their bills. The main business driver is the important cost reduction for billers from reducing manual work and paper, but it must also present an advantage to customers in order to be successful. For now, customers who have become accustomed to internet banking are the prime candidates for EBPP. On July 8, 2004, EPO Inc (Canada Post’s epost) acquired Webdox, the only other bill delivery service in Canada. Together they will provide Canadians with a single EBPP service that will be one of the most advanced of its kind in the world.
Figure: Billing Process Stages
2-Definitions:
Instead of the hassle of having to make physical payments, electronic payments are payments made online. They are made through the financial institution’s website.
Electronic Billing is the electronic delivery and presentation of bills, invoices, and related information sent by a company to its customers. Instead of receiving paper bills through the mail, and then writing out and sending a check, bills can be received by e-mail, or
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.ca 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). Electronic Bill Presentment an