Online bill payment has recently picked up in popularity. However, when you think of the recent past; you will realize that not many people were open to the idea of making bill payments. Some of the following reasons held them back:
● Security: They weren't sure of how secure their financial information was on the internet. Of course, there weren't as many security tools available either.
● Control Lost: The next thing was the loss of control over one's money. People thought that sharing their credit card details or bank information could give a free-hand to companies to overcharge for the service.
● Identity Theft: Theft of identity was also a major concern untill the recent times.
All of this ensured that people spent long hours in writing checks and getting them deposited in the beneficiary's account.
This trend has, however, been completely eliminated with the passage of time. People, around the world, have realized the benefits of making online bill payment. Whether they need to pay electricity bill online or make any other payment like utilities, loans, rents, etc.; online has been their mode of choice. There are various online payment options available too. In fact, such large number of options has also allured many people towards the phenomenon.
If you haven't enjoyed the numerous virtues of online bill payment, here are 5 reasons that will convince you to join the wave:
1. SAVE MONEY: When you have to make check payments, you need to keep a track of the due dates. There are several bills that you need to pay, and keeping a track of all of it isn't a possibility. With your online payment system, you can schedule recurring bill payments. This means that you can conveniently avoid late fee charges. Additionally, it also eliminates any postage charges you might have been paying earlier for posting your checks to the concerned party.
2. SAFETY: There have been many concerns over safety of online payment. However, when information travels in a physical form via a postal system, it is more susceptible to leakage or hacking than it is when it travels via secure and firewalled online systems.
3. financial CONTROL: When all payments are being made online, you are in complete control of your finances. You can keep a track of the expense you are making every month, and make necessary alterations in order to meet your budget.
4. TIME SAVING: There is absolutely no question about the time saving that online bill payment methods can lend to you. Whether you have to make an online mobile bill payment or any other, you can do it in a matter of minutes.
5. REWARD POINTS: Finally, online payments can also carry rewards that you can earn and use to receive concessions and discounts on various aspects of your budget.
Hence, these are all those compelling reasons why a large part of the world today relies on online bill payment over the other conventional methods.
By Kiran Mehta