Payment methods have made great progress in the past decade, thanks mainly to the advance of technology. These changes affect consumers, who already use their money virtually, but also companies and public bodies. The development of cloud computing has allowed the rollout of new electronic systems, which improve the integration of payments with the ERP, simplify the steps and so reduce the workload.
Let's think about electronic invoicing, for example. Traditionally, it was necessary to print documents out, physically sign them and deliver them manually before filing them; a long process that inevitably entailed late payments. However, with the current e-solutions printing is no longer necessary, mistakes are much less likely to be made and, with cloud-based storage, data can easily be retrieved whenever necessary. This way, management procedures and payments are streamlined.
For these reasons, electronic solutions are gaining ground not only in the private scope, but also in Public Administration. Governments worldwide are now taking steps to implement electronic billing and procurement in their countries. New systems which, in addition to the advantages mentioned above, mean greater security and fiscal control.
This evolution in payment methods is further enhanced by rollout of the SEPA (Single Euro Payments Area). The aim of this international initiative is to facilitate cross-border payments through a common schema, compulsory in 33 European countries from next August. The SEPA makes it possible to issue payments and receipts abroad in the same conditions as at the national level.
In short, payment methods have evolved in the last decade towards more flexible, efficient and secure systems, by making the most of the technological capabilities available.
EDICOM has electronic solutions to suit the needs of every company and government agency, while achieving maximum efficiency and profitability in key aspects for the running of any business or institution, such as electronic invoicing.