While consumers have been slow to adopt electronic billing, corporate payers have been more prepared to use the technology because the value is immediately recognised, Giga said in a report released last week.
Penny Gillespie, senior industry analyst at Giga and co-author of the report, said moving from paper to electronic delivery can bring immediate cost savings.
"We expect that most companies making an initial investment in EIPP will continue to see a positive return on the investment with payback within the first or second years," she said.
As well as cutting costs, electronic billing and payments can bring additional benefits in customer services, accounts and marketing, Gillespie said.
"A well thought out EIPP implementation reduces customer service calls relating to bills, decreases accounts receivable processing time, and provides the opportunity to communicate consistently and personally with customers," she said.
"As the invoicing and payment processes become more streamlined, making it easier for payers to pay promptly and address disputed items through the use of partial payments, the [number of] days sales are outstanding also decreases, putting money in suppliers' pockets more quickly," Gillespie added.