What Is ePayment?
ePayment (electronic payment) refers to any digital transaction where funds are transferred electronically rather than using cash or paper checks. These systems have become essential for modern invoicing and business operations, offering:
- Faster payment processing (instant to 2 business days)
- Lower transaction costs than traditional methods
- Automated reconciliation with accounting systems
- 24/7 payment accessibility from anywhere
Key Statistics:
Global ePayment volume will reach $6.7 trillion by 2023 (Statista)
82% of businesses report improved cash flow after adopting ePayments
Digital invoices with ePayments get paid 2-3x faster than paper invoices
Types of ePayment Methods
1. Credit/Debit Cards:
Best for: B2C and small B2B transactions
Processing fee: 1.5%-3.5% per transaction
Speed: Instant to 3 business days
2. ACH Transfers:
Best for: Recurring B2B payments
Processing fee: 0.25−1.50 per transaction
Speed: 1-3 business days
3. Digital Wallets:
Examples: PayPal, Apple Pay, Google Pay
Best for: Mobile and online payments
Processing fee: 1.5%-3%
4. Cryptocurrency:
Best for: International transactions
Processing fee: Variable (typically <1%)
Speed: Minutes to hours
Benefits of ePayments for Invoicing
For Businesses:
- Faster payments: Reduce DSO by 15-30 days
- Lower costs: Save 50-75% vs paper processing
- Automated reconciliation: 90% less manual entry
- Improved security: Encrypted transactions
- Better cash flow forecasting: Real-time tracking
For Customers:
- Convenient 24/7 payment options
- Multiple payment method choices
- Instant payment confirmation
- Digital recordkeeping
How to Implement ePayments
5-Step Implementation Process:
Choose a Payment Processor
Compare Stripe, Square, PayPal, etc.
Integrate with Invoicing Software
Invoice Fly
Set Up Payment Gateway
SSL encryption for security
Add Payment Options to Invoices
“Pay Now” buttons with multiple methods
Test and Launch
Verify all payment flows
ePayment Security Considerations
Essential Protections:
PCI DSS Compliance for card data
Two-Factor Authentication (2FA)
Tokenization for sensitive data
Fraud detection algorithms
Regular security audits
FAQs
ePayment: All digital payments (includes online, cards, ACH)
Mobile Payment: Subset using smartphones (Apple Pay, etc.)
Instant: Digital wallets, cards
1-3 days: ACH, bank transfers
Up to 5 days: International wires
Yes - features like encryption and tokenization reduce:
- Check fraud risk by 80%
- Data breaches by 65%
Yes, through:
Payment service providers (PayPal, Stripe)
Virtual terminals
Mobile payment apps
