The Advantages of Electronic Bill Pay

With the advent of online banking, paying bills has never been the same again as paying bills online has been very convenient, cost effective and most importantly, flexible. Although there have been fears of paying bills online because of hackers, however surveys showed that theft occurs more frequently for those paying bills traditionally. Paying bills through electronic bill pay certainly has its own advantages which attract more and more users day by day.

Convenience

Electronic bill pay only requires a secured Internet service with a personal computer, thus convenience is an advantage as it can be done any time to your convenience. Besides that, you are able to set up a recurring payment whereby payments can be schedule to be made from your banking accounts at the same date monthly. Hence, this is a huge help as this decreases the negative effects to your rating of credits and reduces late fees due to late payment of bills.

Payment Flexibility

Electronic bill pay allows payment to be made straight from your checking of savings accounts, using a debit or credit card or as an electronic check, whereby the amount of money needed is directly slash from your bank account. This is so much easier as compared to the traditional bill paying methods which requires payment to be made on cash term basis, cheque or via money order.

Secure Payments

Anxiety is often the case when throwing a bill or receipt as you may be worried of having your details or information being known as some may contain account numbers. Thus, reducing the paper trail will then reduce the risk of identity theft.  This is the advantage with electronic bill pay as there is no form of paper trail for any transaction taken place as the websites are often secured with good security features. Transactions proof, however, can be printed out for safe keeping sake.

Processing Times

Payments made via electronic bill pay are sent immediately to its respective receivers once it is being made, as guaranteed by most banks.  If payment date do happens to fall on a holiday or weekend, payment will be submitted on the last business day before the holiday or weekend approaches, thus reducing any late fees to be charged to your account.

Cost  And  Environmental Advantages

Electronic bill pay is cost saving as envelopes, stamps, papers and cheques are no longer needed.  Apart from that, many banks offer electronic bill pay service for free or some with just a minimal charge.  Electronic bill pay thus eliminated the need for any printing service, thus reducing the usage of paper as bills can be made to be received via email.

Electronic Records

Do not worry about tracking your electronic pay bill transactions as banks themselves do keep a track record of it.  You may always just log on to your banking accounts to view any previous transaction records without having the need to sort through any paper records that are effort and time consuming.