Get paid faster with QR-bills: A game changer for businesses

Digital transformation has found its way into many areas of business life, including invoicing and payments. Two notable developments in this context are EPC-QR (European Payments Council QR) and Swiss-QR, which significantly speed up and simplify the invoice payment process. This article sheds light on the history, functionality and advantages of these technologies.

The introduction of QR codes in payment transactions is part of a larger trend towards the digitalization and standardization of financial transactions. The EPC QR code was developed by the European Payments Council to increase the efficiency of SEPA (Single Euro Payments Area) payments. The SEPA initiative, which was launched in 2008, aims to simplify and harmonize cross-border euro payments within Europe. Against this background, the EPC QR code was created to provide a standardized, easy-to-implement solution for payment processing.

At the same time, Switzerland developed the Swiss QR Code as part of the harmonization of payment transactions under the ISO 20022 standard. In 2020, Swiss QR-bills were officially introduced to replace the existing payment schemes and provide a modernized, efficient method of invoicing and payment.

How EPC-QR and Swiss-QR work

Both QR codes work on a similar principle. They encode all the necessary payment information in a machine-readable format. This information typically includes

* Recipient information (name, IBAN, BIC)
* Invoice amount
* Currency
* Due date
* Intended use

By scanning the QR code with a banking app or a special QR scan application, this information is automatically transferred to the payment form. This reduces the need for manual data entry and minimizes the error rate.

Advantages of EPC-QR and Swiss-QR

* Accelerated payment processing: The automatic transfer of payment data reduces the time users need to fill out payment forms, resulting in faster transactions.
* Reduced error rate: As the data is transferred automatically and error-free, the likelihood of typos and other manual input errors is drastically reduced.
* Improved liquidity: Companies benefit from faster incoming payments, which improves their liquidity and financial planning.
* Increased efficiency: The administrative burden is reduced by eliminating manual processes, saving time and costs.
* Standardization: The EPC QR code in particular contributes to the harmonization of European payment transactions by providing a uniform method of payment processing.

Studies confirm accelerated payment of QR-bills

Studies and reports from Europe show that QR-bills with EPC-QR or Swiss-QR are paid faster than conventional bills without a QR payment code. The main reason for this is the significant simplification and acceleration of the payment process, as QR codes automatically provide all the necessary payment information and eliminate the need for manual entry. This reduces processing time and the error rate, resulting in faster payment cycles. Both internal studies by financial institutions and payment service providers as well as market analyses and case studies by companies confirm the greater efficiency and acceptance of this technology.

* Studies by financial institutions and payment service providers: Many European banks and payment service providers have published internal studies and reports that confirm the positive impact of QR payment codes on payment speed. These reports often highlight the increased efficiency and reduction of errors as the main reasons for faster payments.
* Industry reports and market analyses: Market research companies have also published reports analyzing the acceptance and use of QR payment codes in Europe. These reports often emphasize the benefits for businesses, including faster payment of invoices. For example, the U.S. Faster Payments Council has published a report on faster payment with QR codes. "QR codes are an important tool for closing the gap and accepting payments faster at the point of sale," said FPC Executive Director Reed Luhtanen. "This new report underscores the importance of collaboration and standardization in driving payment innovation and provides important guidance to all participants in the payments ecosystem."
* Pilot projects and case studies: There are also pilot projects and case studies of companies that have introduced QR payment codes. These studies document the practical experience and the impact on payment speed and operational efficiency.

EPC-QR and Swiss-QR in the gFM-Business ERP software

The customizable gFM-Business Professional ERP software based on the FileMaker platform for Apple Mac. Windows and iOS contains functions for creating EPC-QR and Swiss-QR of all types (QRR, SCOR, NON) for outgoing invoices as well as corresponding print layouts with Swiss QR payment slips. Once your own bank details have been entered in the ERP software settings, both EPC-QR and Swiss-QR can be used immediately. Depending on requirements, the software is available in four different expansion stages and as an open source license and can be expanded with Claris FileMaker to include your own data and operating processes.

Summary

EPC-QR and Swiss-QR are important developments in the field of digital invoicing and payment processing. They offer a number of benefits, including faster payments, lower error rates and greater efficiency. The introduction of these technologies marks a significant step towards a fully digitized and harmonized financial world. Businesses and consumers alike will benefit from the simplicity and reliability that these QR codes offer, making them an indispensable tool in modern payments. The customizable gFM-Business ERP software with CRM, merchandise management and invoicing includes both EPC-QR and Swiss-QR for immediate use.

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Development of customizable ERP software with CRM, billing and inventory management for macOS, Windows and iOS based on the Claris FileMaker platform. Development and distribution of database systems, ERP software and merchandise management systems based on the FileMaker platform. Experience with FileMaker databases since 1994, winner of an FMM Award 2011, presented by FileMaker Magazine.

This release was published on openPR.