Why Online Bill Payment Should be the Mainstream of Consumer Banking

Online bill payment has a number of advantages that’s why it is becoming really popular among many people. In consumer banking or retail banking this mode of payment has gained immense popularity because of a number of factors.

The first and foremost reason being that it is an eco-friendly mode of paying off the bills. It is also convenient for the consumers because they simply need to feed the information with regard to the particular transaction in the system and it will be automatically done within the specific time span.

Here are some of the reasons why online bill payment should become the mainstream mode of payment:

Time saving option

Most often we forget to pay our regular bills like utility bills, credit card bills, or loans within the stipulated time because of a busy work schedule and immense work pressure and so we get penalized because of our negligence. But with this mode of payout option at your disposal you can set automatic alerts and schedule your payment whereby stipulated amount will get automatically deducted from the specified account.

Thus you need not stand in the long queues to pay off your monthly dues or write checks and send them via postal service which is an extremely time consuming method. This mode of payment allows you to pay out the dues within seconds just with the click of a few buttons.

Written records of all transaction

This mode of payment also helps in creating written records of all transactions that are being conducted from your account. This makes it much easier for the clients to refer back to any of the transactions that were being done from your account and clear all the disputes with regard to payments of bills.

You also have the option of taking prints of these transactions if necessary and use them to prove your case.

Secure mode of payment

Online bill payment is extremely secure as well. The platforms used for online transfer of funds are done through specially encrypted sites which will not allow any other individual to recover any specific information from the virtual world.

All users need specific identification code, password and individual electronic code generating devices to access their accounts. Thus there is hardly any chance of identity theft.

Eco-friendly option

Online bill payment does not require any paper. You can conveniently pay off your dues from the convenience of your own home without the use of any paper and save an electronic copy of the bills in your computer or in the server for any future use. The lesser use of papers is good for the environment as it means the less shedding of trees for the production of papers. Thus the use of this mode of payment is also good for the environment.

All these factors make online bill payment a much viable option in comparison to the conventional mode of paying off dues. This mode of payment also helps in saving a lot of money as you need not travel to different places to pay off different creditors or waste money on postal charges.

Thus it should be introduced as the mainstream mode of payment and not an optional mode so that people can use it for their own benefits.

Photo Credit: s_falkow (Creative Commons)

About the Author:
The above article is written by AJ who is associated with Page Once as their supporting staff. In her free time, she loves to share her knowledge via her articles on different niche including finance and politics. She recommends only Cox cable bill payment for smoother and hassle free transactions. She advises to check for more details.