B2B Payments

Removing Barriers to E-invoicing

The European Parliament backed the Commission’s proposal to set up a European standard for e-invoicing in public procurement which brought the EU closer to the creation of a true digital single market in Europe.

This move speed up the digital transformation of Europe’s business critical operations. Significant economic benefits to this move included  the harmonisation of e-invoicing standards across the EU to create efficiencies and reduce costs, not only for the public sector but also for businesses. This will also help to support a goal of the European Union Digital Agenda to create a paperless public administration in Europe.

E-invoicing has been limited across Europe, making up  only 4 to 15 per cent of all invoices exchanged. There is a fragmented patchwork of standards which is inefficient and a  barrier to expansion across markets for all businesses, particularly for SMEs.

The proposed legislation also has very real implications or individual businesses. Ricoh-sponsored research shows that it can cost a company €17.60 to receive and process a paper invoice at any given time, versus just €6.70 for an electronic version. Issuing a paper invoice costs €11.10, versus €4.70 when the process is managed digitally.

The costs savings can be reinvested by European businesses to drive innovation, support business growth, and contribute to a healthier economy. For this to occur, a pan-European approach and support is needed in order for the Commission to realise its goal of making e-invoicing the predominant form of invoicing in Europe by 2020.

What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.




The PYMNTS Cross-Border Merchant Friction Index analyzes the key friction points experienced by consumers browsing, shopping and paying for purchases on international eCommerce sites. PYMNTS examined the checkout processes of 266 B2B and B2C eCommerce sites across 12 industries and operating from locations across Europe and the United States to provide a comprehensive overview of their checkout offerings.

Click to comment