Final answer:
The purpose of the electronic invoicing and payment (EIPP) system is to streamline the invoicing and payment process for businesses and provide a secure and efficient way for customers to make payments. It also automates the generation and delivery of invoices to customers and integrates with existing accounting systems for seamless financial management.
Step-by-step explanation:
The purpose of the electronic invoicing and payment (EIPP) system in the B2C environment is to streamline the invoicing and payment process for businesses, provide a secure and efficient way for customers to make payments, automate the generation and delivery of invoices to customers, and integrate with existing accounting systems for seamless financial management.
For example, EIPP systems can help businesses reduce paperwork, eliminate manual data entry errors, and accelerate the payment cycle. By automating the invoicing process, businesses can save time and resources and ensure prompt payment from customers.
Additionally, EIPP systems provide a secure platform for customers to make payments, protecting sensitive financial information and reducing the risk of fraud. The integration with accounting systems allows for real-time financial reporting and analysis, making it easier for businesses to manage their finances and make informed decisions.