Transcepta, the leading innovator of hosted electronic invoicing solutions, today announced that membership for the Transcepta Electronic Invoicing Community has reached more than 12,500 companies and continues to grow in popularity.
As the only e-Invoicing solution that provides value equally to both buyers and vendors, the Transcepta Community has gained momentum across a variety of vertical markets, attracting a diverse cross-section of companies from small businesses to large enterprises.
For most businesses, the single biggest paper hassle is inbound accounts payable (A/P) invoices. Businesses are continually looking for ways to eliminate paper invoicing processes, which are a major drain on corporate resources due to high operational costs and slow, inefficient, manually intensive workflows.
The Community is a collection of vendors and buyers who leverage Transcepta's electronic invoicing technology to streamline their invoicing and payment process for better back-office efficiency and stronger customer relationships. While electronic invoicing has always offered a way to alleviate paper pain, historical offerings have failed to broadly catch on because the adoption barriers outweighed the benefits. Historical solutions have had mixed results primarily because the value proposition is typically strong for the buyer and weak for the vendor. Transcepta's Electronic Invoicing Community is changing history by offering the only solution in the market with tangible benefits for both vendors and buyers.
Pierce Box and Paper, a provider of innovative customized packaging solutions, received requests from its customers to transmit invoices electronically so that its customers could automatically import the invoices into their accounts payable systems. Pierce Box and Paper needed a product that was easy to implement with few or no IT hurdles to get started. "One of our customers requested that we use Transcepta to submit invoices in a data format they could consume directly into their A/P system. While our overall goal is to strengthen our customer relationships, ultimately we joined because the cost trade-offs made good business sense and there were no IT hurdles. Transcepta connected to our existing billing system remotely and had everything working in just a couple hours," said Jim Ehrlich, Pierce Box and Paper operations director. "Plus, we were able to eliminate steps from our existing process and deliver invoices to our other customers via postal mail which freed-up time and reduced the hassle of internal billing."
Joining the Community is simple. Vendors simply print invoices out of their existing system to the patented 'Transcepta Virtual Printer' (downloaded off of the Internet). Taking over from there, Transcepta maps, parses, and formats the invoices dynamically in Transcepta's hosted data center. Transcepta then transmits the invoices to the buyer. The buyer receives the invoice in their desired format and can directly import the invoice into an accounts payable system for processing. For vendors seeking additional value, invoices can be sent to other smaller buyers by email, postal mail, or fax. This flexibility enables vendors to outsource the entire invoice send process.
"Buyers choose the Transcepta Community because hurdles that vendors commonly face are removed. For example, vendors are installed remotely in less than a day and the value vendors receive isn't limited to the original buyer relationship," said Transcepta's vice president of product management, Shan Haq. "This approach to electronic invoicing makes buyers confident that they'll have significant vendor adoption which is critical to project success."
According to an internal survey of Community members that have recently converted to electronic delivery, 94 percent prefer to receive electronic invoices to postal mail. However, the challenge for many businesses is to find a solution that is easy to implement and provides a tangible return on investment. "For buyers, the benefits of being a member of the Transcepta Community include reduced costs, increased efficiency and the ability to take advantage of early pay discounts," added Haq. "For vendors, benefits include better customer relationships, less errors, reduced costs, quicker cash flow, and improved credit management due to instant payment verification."