Electronic invoicing are features of many B2B companies in Nigeria today and increasing...
But how safe is it using the internet for Invoice distribution? Especially receiving invoices with sensitive information and then paying those invoices.
Safety behind company credit control systems
The companies who send you invoices via email, manage the money you send to them using a credit control system. When you pay an electronic invoice using the internet, that money goes straight into their bank, meaning in that one transaction you have both entered your bank details onto the internet. The way in which this credit control system is safe lies behind the checks you went through to reach that electronic invoice and make payment.
When you receive an electronic invoice, it will come as an e-mail notification initially. You are given a link to you electronic invoice, and in order to access it you will be asked a serious of questions to which you have verified that solely you know the answers. Security can be increased in electronic invoicing if your company asks you for an electronic signature.
If the companies you are paying are reliable then their credit control system will be highly advanced and encrypted with firewalls. This should always be the case with electronic document distribution, especially electronic invoicing, where the data given may be private.
An important consideration with online credit control is to be wary when entering your bank details online. No credit control or electronic invoicing system will ever ask you to send bank details by email or in the post.
Comparing of electronic invoicing with old methods
Compared with sending invoices via post, electronic invoicing are safer methods to deal with money. A paper invoice sent by post can be intercepted more easily than an email sent to your inbox with a password-guarded link to your electronic invoice.
The safest is moving and giving the Invoices in-person.
Also when sending money into a credit control system, you are giving your personal details to a computer to process. A credit control computer has much less incentive to take your money than a stranger working in a bank!
For more information on the safety of electronic invoicing, the Bridger product could be of interest to you. Alternatively, companies you are dealing with will certainly be happy to respond to questions regarding the safety of their document distribution methods and credit control systems.