ArticleField.comInternet's Fastest Growing Free Content Article Directory

Technology is an essential part of business and commerce today, right from order generation to the payment procedure. Today, eminent companies have introduced advanced electronic payment processes that are capable of handling operations such as electronic invoice, credit card transactions and the like. These processes are well blended with the cloud processes that help the users to optimize and automate electronic financial transactions efficiently. This also helps in eliminating the inefficiency and monotony of the manual management and also helps in bringing down the processing time and enhancing the processing accuracy.

Service providers of electronic payment solutions use the Cloud Process to effortlessly integrate the user’s systems with other participating business members and with their respective systems. It further integrates the business process network as well. They comprise configurable and established business rules. Furthermore, they allow you authority over master data management, for instance, its accessibility and integrity throughout the significant value network of participating partners.

The new age automated invoice handling comprise of a platform that can receive or create electronic invoices and save them tallying with the legal needs. Every format of the electronic invoices is well supported. Multiple categories of invoices too are well assisted, for instance invoice that are based on transport, orders, travel and the like. Periodic invoices for instance mobile phone invoices and electricity too are supported.
Electronic payment process offered by eminent service providers include the following steps as listed below:-

·         Helps in invoice generation that depends on purchase orders
·         Helps to match received electronic and scanned invoices as against delivery notes, orders, and other valid contracts/agreements
·         Helps in automation of the user’s invoice-handling workflow that includes the following:-
o   Syntax verification and invoice content that includes the verification of subtotals
o   Classification, that helps to determine the recipient, for further processing
o   Helps in matching invoice items as against order/contract/price list
o   Accounting helps in charging the correct account in the chart of accounts

These service providers also manage invoice handling for certain clients who receive numerous scanned or electronic invoices and have to match then against the contracts. They also help in the automated processing of credit card statements and transactions.

This comprise of the processes listed below:-

·         Reconciliation of invoice/delivery note items with account statements
·         Transaction-level dispute/approval functions

Advantages of the new age electronic payment processes are numerous. Some of them are listed below:-

·         Improved visibility process that comprise the payment and invoice processes
·         Prominent reductions in administrative expenses together with enhanced accuracy
·         Maximized savings
·         Enhanced cash flow
·         Enhanced customer satisfaction and loyalty
·         Profound enhancement in the ability to cope with alterations within your dynamic business environment

Furthermore, service provider of electronic payment process also deals in efficient spend analysis solutions and innovative order management systems.