Do you have an interest in paying bills online? If your answer is YES, then this is the most helpful article that you will read today. We all know that digital means and technology have taken over everything. So, the system of online bill payment is nothing different from that. It’s a hassle to pay so many bills by standing in a line. However, the online bill payment system was no less than a blessing due to this problem. But like other things, this facility also comes with good and bad sides. There is nothing more important than money safety. So, if you want to learn about that, we start with this fundamental question.
What is an online bill payment system?
The online bill payment system works with the same technology now used in online banking. In easy words, it is a secure electronic system that allows customers to pay bills online. Moreover, you don’t need to write checks and emails in this system. But it’s vital to mention here that bill payment is linked with the “checked account.” The banking system withdraws the required amount from the checking account for bill payment. However, the whole system works electronically when recurring bills and other payments. Now you can see that many banks and other institutes offer bill pay services.
Vital points to understand bill payment:
Earlier, you have a rough idea of how the online billing payment system works. But here are other points that will help you to understand:
- The system immediately withdraws the amount; that’s why you don’t need to worry whether your bill is paid or not.
- Many banks are now offering this service without any charge. But external bill payment services may charge some amount as a fee per transaction.
- Moreover, you also have an option to automate payments in advance. You can integrate the system with already familiar platforms in response to this.
But here, it is vital to mention that online billing payment services also work with credit cards. So, you can access the transactions using bill pay websites or apps.
Are online bill payment services safe?
The safety of your money is of utmost importance. So, before attaching your credit card or using any random website, ensure that your money is safe. We can say that online bill payment is secure if you use an authentic and trustworthy website. However, before choosing any website, ensure the service is linked with a bank or responsible institute. Online services are safe to use if linked with any reliable institute. A good institute takes the following steps to keep your money safe.
- These services encrypt customers’ data and secure it by using multiple identity verifications.
- The companies also use password protections to make the security unbreakable.
But if you don’t choose a good service, then other persons can easily break the card’s security to make an unauthorized purchase.
“GOOD” and “BAD” sides of online bill pay:
It doesn’t matter how much money and high-income skills you have, but you need technical help to ease everyday life. We already know that everything comes with positive and negative sides. However, online bill payment is nothing different from this. So, we start breaking down both sides for better knowledge.
The good side of online bill payment:
- Most people are using online means to bring ease to their life. In easy words, the bill payment systems are helping to get rid of the writing checks and stuffing envelopes. Above all, it eliminates physical presence.
- In addition, the online system is fast, and you can even make payment even a day before the last date. So, it means in saved time you can perform other vital tasks.
- You also have an option of automated payments. You can schedule pre-payments by setting up your credit, debit, or other modes of payment. In this way, you don’t have to worry about late fees and last dates.
- There are many methods of making online bill payments available in the market. So, if one isn’t working, you can take the help of the other one. For instance, if nothing is working, you have the option of using a bank account or PayPal, which is also free of charge.
- The last but most important thing is that the system is universally accepted. You can find that the system is accepted widely from multinational companies to mortgage lenders and utility services.
The above point makes it easy to use, which is the most significant positive side. So, you only need to visit the website, attach account details and start making online payments.
Bad sides of online bill payment:
- If you are taking the help of an automated system for online bill payments, then in this way, the system can make multiple payments. When everything is automatic, you will not pay attention to everything, so this is where your account sometimes makes dual payments.
- If an automated system handles everything, you don’t notice an insufficient balance in your account. So, it means you will not have enough money to pay the next due bill. In this way, you will have to pay multiple late fees and penalties.
- Above all, the automated system doesn’t let you compare prices to find great discounted deals. However, this is where you start paying too much for utility services and other products.
But it’s crucial to mention here that online bill payment is prone to fraud easily. It happens because these platforms aren’t 100% secure and can easily get hacked. So, security issues could be the most significant threat of online payment.
Tips to make online payments safe:
The threats are immense, and we need to take specific actions to keep the payments secure and safe. So, here are tips to keep transactions safe.
- Don’t share your details and passwords with anyone
- Don’t use links from email to pay the bill
- Avoid clicking on links that you find online because, in this way, your account can easily get hacked.
- Don’t forget to read the privacy terms and conditions
- Take the help of a paystub maker to keep your finances organized
- Always use the firewall and antivirus software for windows and mac.
Apart from this, after using the account, don’t forget to log out because someone can access it online if you don’t do this. It may seem inconvenient, but it indeed pays off when your money remains safe from hacking and fraudulent activities. So, if you aren’t working on it, think of giving it a try at least once as it’s useful.