E-invoice for consumers Information in brief for invoicers

1. E-invoice for consumersInformation in brief for invoicers February 2007

2. What is an e-invoice? • E-invoice is a bill in electronic form which consumers and businesses receive through their online banking facility or file transfer service • E-invoice is an easy way for consumers to pay invoices because all details needed by the invoicer are readily available on the payment form • E-invoice is a reliable way to transmit invoices through the bank to the consumer • E-invoice is an efficient solution for businesses of any size

3. What are the benefits of e-invoicing for my business? • Helps you reach not only businesses but also consumers • Suits small and large businesses • Is easy and inexpensive to adopt • Provides a cost effective way of invoicing – no paper costs or mailing costs • Improves liquidity management – money arrives at due date • Ensures accurate payment details – invoicer defines the data that it wants included in incoming payments

4. What are the benefits of e-invoicing for my customers? • Easy to adopt • Invoices readily available on your customer’s online banking site • Easy and accurate – all details needed for making payment are readily available on the invoice pending approval • Improves your customer’s financial management: more flexible than direct debiting, invoices filed electronically • Invoices do not get lost or sent to wrong address • Invoices can be viewed and paid at any time at any place • Ensures secure identification of the parties

5. How can I start sending e-invoices? • Make sure with your software supplier that your software is: • capable of generating and sending Finvoice online invoices • capable of opening consumer customers’ acknowledgements of receipt • Make an agreement with your bank about e-invoicing service • When the agreement is made, your bank will give you the address that e-invoices will be sent from and sent to • Ask your bank to insert your company’s details in the list of e-invoicers • Send your invoices to the bank

6. How can my customers start using e-invoices? • You have made an agreement on e-invoicing • Your bank informs you that your customers have changed over to e-invoicing • The bank recommends e-invoicing to customers paying paper invoices • The bank informs you about customers changing over to e-invoicing • Data in xml format makes it possible to update invoicing systems direct

7. This is how e-invoicing works 1. Seller sends e-invoice to bank using invoicing address indicated by customer Seller Bank 2. Invoice is shown on customer’s online banking site Bank 7. Invoice is stored by bank Customer 3. Customer approves invoice by choosing the account to be debited and confirming the payment Invoicer 4. Customer may merely view the invoice 5. Unless customer appproves the proposed payment, no charge is posted to account 6. Invoicer receives advice of payment received

8. How does e-invoicing differ from direct debiting? • Technically a different solution, an entirely different payment service • No need to send paper advices in advance • Devised for active users of online banking facilities • Not intended for payments settled under direct debit service • Direct debit authorisation has to be cancelled separately if replaced by e-invoicing

9. Further information available at www.finvoice.info or www.e-lasku.info • your bank