With advancements in banking technology, people can pay their bills online using a safe electronic service instead of writing cheques and mailing them. This mode of payment is conducted by linking a bank account from which money is electronically withdrawn to pay one-time or recurring bills. Electronic bill payment is less expensive, quicker, and more practical for customers than writing, posting, and recording checks. Here is everything you need to know about paying bills online:

Benefits of paying bills online

People can easily pay their bills on time every month using their cards, phone or laptop, and the internet. Electronic payment services help consumers go cashless. People can opt for these services to pay mortgage, cable and electricity bills, and credit card payments, among other bills. Banks offer basic bill pay services for no additional cost so that customers can pay for different services in one place. Customers need to authorize the bank or the financial institution to make payments on their behalf. Most banks do not impose a limit on the number of bills you want to pay. This mode of payment comes with several benefits. Some of them are:

Saves time: Customers choose internet payment over more time-consuming options like cash or bank transfers. This helps them save time as they avoid a trip to the bank. Customers can track and know when payments are made and approved, resulting in a more positive customer experience. Instead, customers can use their laptops or smartphones to set up recurring or one-time payments on their bank’s website or through a payment app.

Secure option: Online banking is thought to be much safer than using a check as payment and lowers the possibility of identity theft. Financial institutions implement several security protocols and encryption techniques that keep your data safe during transactions. Further, most platforms offer automatic session termination if the user seems to be inactive for an extended period. This helps keep your transactions secure. Mail theft is a common phenomenon, so it is better to avoid mailing checks and sending personal and confidential information via mail. Further, you also have organized proof of payment to avoid disputes.

Easy money management: Paying your bills online can help you keep track of your transactions and finances. You can quickly check account balances and see whether your bill payment has been scheduled and paid when you utilize electronic bill pay. Further, you can look up specific payments, check the payment history, and set up email alerts to remind you of upcoming payments.

Ecological mode of payment: Online bill payment has many advantages, one of which is reducing paper waste. E-payment eliminates the need for paper checks to be mailed. In addition to eliminating paper waste, it also removes the expense of postage and envelopes. So online payment is ecological, and it’s becoming more popular.

Additionally, you can use your credit card to set up regular bill payments. Consistent and timely payments can help you maintain your credit score.

How to pay your bill online?
Here are the steps of setting up online bill payment:

First, log into your bank account on the bank’s website
Then go to the “Bill Pay” section/tab

Choose the service provider you want to pay in the list of payees

Set up a recurring or one-time payment and choose when the bill should be paid

If this is the first time you are paying the service provider using online bill payment, you can add their details like the account number and billing address. Then, authorize your bank to transfer money on your behalf. You can set up the payment even if the biller is not online by instructing the bank to mail a check instead of paying the bill online.

Tips to ensure safe transactions

The payment habits of people have changed drastically over the years, especially as more people opt for online payments than traditional options. With this change, cybercriminals have emerged, stealing people’s personal information, credit card information, and banking details. However, you can help keep your transactions safe from online theft by following a few tips while paying your bills online:

Never divulge your passwords to others. Set strong passwords on banking websites and apps that contain letters, numbers, and symbols

Use a VPN, or virtual private network, instead of free public WiFi

Keep your anti-virus software updated

Always sign out of websites after logging in or registering an account. Simply closing your browser will not help you maintain your privacy or keep data theft at bay

Pay for utilities

Many people set up online bill payments for cable, gas, electricity, and water. The most important resource in our lives is, without a doubt, water. For instance, many water facilities set up e-bills and online payment options to avoid receiving checks in the mail and ensure timely payment. This helps avoid delays in receiving payment and keeps the water running for households. You can pay your water bill online using any payment service, and once you set it up, you can receive the receipt via email.