Electronic bill payment is a very useful online payment option. Online businesses significantly improved over time, and most websites offer e-payments today. There are many benefits of electronic bill pay, so let’s see why you should prefer this payment option over any other.
Save time with electronic bill pay
Paying bills online does not require a trip to the bank or the post office. There is no need to wait in line, which we all know can often be tedious. You can do everything from your comfy chair at home.
Electronic bill pay does not only include e-pay forms on websites. You can also use a banking application to pay all of your utility bills and manage finances.
If you wish to get your credit card debt under control or simply have an insight into what you are spending, the e-pay app is just what you need. It provides the complete history of all of your purchases and changes to your bank account.
Electronic bill payment is secure
Nowadays, inline payments have a high level of security. Financial institutions use strict security protocols to make sure your money is protected at all times. Besides the regular user name and password, there are a couple of levels of encryption that keep your personal information safe.
If you want to pay your bills at the bank or the post office without using electronic bill payment, you have to fill in a paper check. Banks charge a small commission because those checks cost money.
On the other hand, electronic bill payment is completely free. Another considerable benefit of e-pay apps is that you can exchange money if needed without paying the currency exchange rate. You can also send money to other accounts without paying extra fees.
A lot of retailers even offer special discounts and better offers in case you are paying electronically. That also helps them cut business costs.
All of this is very useful not only for families but also for singles trying to save some money. Why not use the benefits of e-pay when they are so rewarding?
Let’s create a hypothetical situation from real life. You are selling your home and planning a relocation to a different city. First, you need to hire a real estate agent to take care of the selling process. You also need to hire movers to help you plan the relocation. Furthermore, you need to look for a new place to live, possibly remodel it before moving, take care of your utility bills and transfer them to your new address, and do many other tasks.
You will be very busy. Now consider that you still have to go to work 5 days a week, and try to organize all of that. You won’t have time to run to the bank to make payments. And you will have a lot of expenses until everything is complete. You will have to:
- pay the agency;
- take care of all the costs of selling and buying a home;
- pay all of the bills before you change the address;
- pay your movers;
Electronic bill payment is very convenient in this situation. You can take care of all of the payments directly from your home.
Besides the personal benefits, there is also an ecological aspect to the e-payment option. Because the process is virtual, it substantially reduces paper waste all around the world. Banks and post offices usually receive large amounts of paper checks and envelopes. By switching to the electronic bill payment, you are also helping them to cut postage and shipping costs.
Organize your payments easier
A considerable downside of paying bills with paper checks is that you have to keep all of the receipts stored in your home. You probably won’t need them, but in case you do, it’s best you know where they are.
Now imagine having to stack utility bills for a few years in the future. You will need a closet just for that. At one point, you will start throwing them away.
If you switch to electronic bill pay, all of your paid bills are automatically stored within the system. You can print any receipt whenever you want. And, you don’t need any drawer or a designated place to keep the receipts. E-payments are much more organized than regular paper check payments.
Since the banking app for online payments has all of the payments stored inside, you can track any transaction whenever you want. Just use the filter section to set the date range or even the sum of money you wish to look for. You will have the results in just a couple of seconds.
An additional benefit is that you can track all of your payments and figure out where the money is going the most. If there is a worst-case scenario where someone is using your money without your knowledge, you can even quickly notice a suspicious transaction you know you never made. This is yet another example of how tracking electronic payments can help in protecting your account.
We hope that you see the full potential of using online payments. There are so many benefits of electronic bill pay that the only obvious solution is to start using it today. If you are not that tech-savvy, it might take some time for you to adjust to this new system. However, once you figure it out, you will never want to switch back. Banking technology advances over time, so we can expect even more benefits and better payment options in the future!