EBPP GAINING IN 2004

Electronic bill presentment and payment (EBPP) started out showing signs of renewed life in 2003, right after its introduction within the late 90s.  It took several years for the thought to take off, and industry professionals are considering 2003 a success, but a high rate of adoption by we common Joes and Janes is still a number of years away.

In case you examine the electronic bill payment landscape you’ll note that the present usage surge is largely by the Generation X demographic, in spite of the reality that a single-source choice is just not but in place. Forecasters believed that banks would probably be the single-source solution, but there is nonetheless no solid consolidated infrastructure amongst these banks which have systems in location.  The way it’s working now is really much like the way automated teller machines (ATMs) used to operate, which is offering access only to particular cardholders with particular affiliations.

Whilst banks are taking steps toward  consolidating infrastructure, in 2004 we will probably see a continued proliferation of person organizations, where each has its personal presentment and payment techniques and solutions.  Customers will need to go to several sites to pay their bills, and for the brief term will place up with that program.

For the long-term though, the single-source EBPP system is going to be the approach of option for customers.  Ultimately, they’ll need to receive and pay all bills electronically from the single internet site, but that won’t occur till the above mentioned consolidation.

Several banks will function overtime during 2004 to educate consumers in regards to the positive aspects of on the web banking, since it will be a cost saving to them.  There is a whole lot o upfront costs to banks and economic institutions, the ultimate advantages of processing payments by means of the Fed’s automated clearing residence (ACH) instead of by means of the Postal Service are immense.  It all boils down to a cost-saving problem.

I wonder how long it’ll take the typical entrepreneur to embrace this new EBPP?  Will you and I be comfortable maintaining a net web site or some form of electronic presence so that we can electronically bill our customers/clients for goods or services?  Possibly this is how our forefathers felt when Henry Ford tried to replace the horse and buggy with his auto machine, but I should say I locate a specific comfort inside the very good, old-fashioned “paper trail”.

I need to confess that I do use the electronic trail on occasion, specifically when I know the mail won’t beat the due date on my supplier’s invoice, but to transact all commerce through EBPP is an additional matter.  1 should admit nevertheless, that a minimum of 1/3 of our workplace space these days is committed to files filled with paper.

Nonetheless, that old “paper trail” is comforting – significantly like the cookie crumbs dropped even though walking inside the woods that assure us we’ll come across our way house again.

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