Posted on Wednesday, February 8th, 2006 at 6:48 pm
Electronic invoice presentment and payment failed to meet its initial predictions. However, recent studies have uncovered a renaissance of interest in Web Invoicing & Electronic Payments solutions as organizations shift their emphasis toward cost containment and productivity enhancement.
People have dreamed of a paperless workplace for decades. In the 1960s, for example, futurists predicted that organizations in the new millennium would exchange information in a fully electronic manner. This sounds quaint from our current vantage point, but who knew that getting rid of paper would be more difficult than putting men on the moon? The unfortunate reality is that organizations are still mired in expensive and error-prone paper-based processes.
PayStream’s research shows that the adoption of Web Invoicing & Electronic Payments solutions will grow rapidly over the next five years. The total number of transactions handled through a Web Invoicing & Electronic Payments solution is expected to increase from the current 1.6 billion to 6.9 billion in 2010, resulting in a Compound Annual Growth Rate (CAGR) of 31.25 percent. This translates to an increase in transaction value passing through these networks from $2.2 trillion in 2005 to $8.9 trillion five years from now — an amazing CAGR of 36.81 percent.
