In the past, people were not comfortable about paying their bills online. Majority of them felt it was not secure to transact on the web and thought that their money was put at risk when using the online bill payment system. Every time you give your checking account information to your utilities provider and insurance company, there is a possibility of getting overbilled or falling victim to identity theft. Writing on checks and stamped envelopes seemed a lot safer. For this reason, there are people who still follow that practice.
However, a lot of things have changed. Many people are paying nearly all their bills online, including credit card payments, loan payments, mortgages, rent, tuition fees and utilities, among others. So, why should you opt to pay your bills online? To start with, you can save a lot of time and postage costs as well as late payment fees. In addition, paying online is a lot safer than by means of snail-mail. Your personal information is more prone to identity theft while on print and being transported through the postal system. If you pay your bills using your credit card, it would be easier to monitor and manage your finances. Moreover, you can earn travel miles plus receive cash-based rewards.
There are 3 easy ways to pay your bill online: through your bank, on the biller’s website or via a third-party. They all come with advantages and disadvantages so it is up to you to decide on the method you prefer. There are several good reasons to move ahead and pay your bills online.
Every time you hear about online bill payment, you might think that it has something to do with arranging automated drafts from your bank account so you can pay your bills. Nevertheless, more people use their credit cards to pay their bills online. Also, more merchants accept credit card payments therefore you can pay your rent, mortgage and other bills with your credit card whenever you want to.
Online bill payment is undoubtedly easier and faster than paying via check and snail-mail. In essence, it eliminates problems that involve procrastination. You no longer have to worry about not paying your bills on time. You can agree to a monthly payment schedule through your bank/billing company so you will not go past the due date. Granting you pay online on a monthly basis instead of doing automatic payments, you still save on time, costs and frustration. Even if you pay online close to the deadline, you still save on time since online transactions are still faster than mailing payments.
When you are online, you could be prone to hacking, getting computer viruses and spyware (there are less risks with automated payments). However, you are also prone to identity theft when mailing payments. It is best not to mail checks and paper statements that include your personal information. Whenever you make an online bill payment, you have an option in case of a dispute since you have records of payments and their respective dates.
Thus, contrary to what people formerly believed in, online bill payment is safer than snail mail since it includes more protection when you use your credit card to pay your bills.