Nippon Steel Trading to Start Electronic Bill Payment

Nippon Steel Trading, Nippon Steel Group’s trading company, will start the payment by electronic bills for the first time as Japanese steel company at the end of February. The firm has prepared for the introduction of electronic bills in cooperation with Japan Electronic Monetary Claim Organization.

Nippon Steel Trading has positively introduced one-time payment trust or cash remittance on due dates in recent years to reduce bill issuing costs and risks. The firm’s bill issuance has more than halved from the peak level. However, the firm still needs to issue 500-600 bills for payment per month.

An electronic bill has same functions as an existing bill. The customers can reduce stamp tax cost for vouchers.

Nippon Steel Trading will start payment by electronic bills against Ito Seitetsujo, Japanese major electric furnace steel maker, at the end of February. The firm will offer more than 350 customers to shift to electronic bills in and after March.