Because of the lockdown, more people are switching to paperless transactions, whether receiving their electronic bills or paying them via online banking.
You will never have to miss payments or pay late charges because the bills did not arrive on time or you forgot to pay the bill.
Online Banking
Most financial institutions allow their clients an access to their accounts remotely. This is free of charge and clients can check their account balance, transfer money, pay bills, and a host of other services 24/7.
You need to create an online account and password. Then, you may proceed by accessing the “Bill Payment” menu and make or schedule the payment of your bills.
4 Benefits of Online Bill Payment
So, why should you pay your bills online? Here are the convenience of paying your bills online.
1. Convenient
From enrolling your bills to your online banking account to the actual payment of bills, electronic transactions are easy and hassle-free.
All you need to have is a fund from your online account, a single password, and a device connected to the internet.
You can pay all your accounts in minutes. Plus, you can schedule the payment of your bills automatically, especially those with specific and recurring amounts, like your cable or utility bill.
2. Time-Efficient
It takes minutes to do your electronic transactions anytime and anywhere, whether you are in the office or off to a faraway island on vacation.
You can avoid the long queues in payment centers and going from one location to another so you have extra time to do other things.
3. Credit Card-Supported
When you have your credit card linked to your online account, you can use it to pay your bills if you are short of funds.
Using your credit cards qualifies you to earn reward points that you can accumulate and exchange for gift items.
Moreover, an airline-linked credit card can get you travel points for free airline tickets if you accumulated a certain number of points.
4. Environment-Friendly
The environment will have a lot to be thankful for. When you shift to online payment, fewer papers are needed.
Limited papers mean less energy and fuel for paper production and less waste in the landfills.
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Final Thoughts
Using online banking payment has become popular over the years because of its numerous benefits. There is an economic and environmental impact on using the bank’s electronic channel in paying your bills.
But, let us also be reminded that online transactions are prone to all kinds of scams. So, you should avoid emails from unverified sources that ask you to give your credentials.
Related Posts: SSS Scams That You Should Avoid
3 Bank Scams That are Common During the Lockdown
Do you have an online banking account? We love to hear your experience of paying your bills online. Please share that in the Comment Section below.
We pay our bills online. But are careful not to be scammed. We also like that our bank budgets our money and we can have auto payments set up.
I've always paid my bills online. I've never actually done it in person haha. So much more convenient!
Great tips – thanks for sharing!
I love that most companies now let you pay online. My car payment place though local to me is not one of those companies. We go to their facility and pay its free, but if we make a payment by phone we are charged a fee and they don't offer online payment. So every week I have to drive to their place to wait in a line to make a payment. So annoying.
My US account is online as it easy to pay off the credit card. I afraid to make an online account with my Japanese account because I don't want autopay to happen when I have no money.
Online billing is definitely very convenient and takes less time so that's true
I always pay my bills online, I'm the lazy type that hates going out unless if I'm going for work.
It's really a very convenient way to pay our bills. I don't need to go out and I can stay safe specially with our situation nowadays.
I almost always pay my bills online from my bank. Great tips~
I love online bill pay. I get annoyed when I can't pay online — I would rather have my bills paid automatically. How spoiled have we gotten with online bill pay? LOL
Once I started using online banking, I never looked back.
I love paying my bills online. I wouldn't want it any other way to be honest. Thanks for sharing!
I'm a firm supporter of e-commerce and online transactions so I'm definitely in agreement to these facts.
yes online is the way forward and as detailed by your post. I have been using it for quite some ime now
This is really informative post. I learnt something new today 🙂 Digital is the future!
Those are some great tips to keep in mind and didn't know much about this until now. Thanks for saying such informative post.
I have been paying bills through an online bank account for over 10 years, and I agree with all the benefits you list in the article!
I don’t have to wait in line, I pay when I have time, I have a great overview of finances, and this method of payment is more environmentally friendly because I don’t need to get paper invoices.
Friendly greeting,
Nina
Plus, it’s more practical and safer these days to pay bills online.