Most companies now offer customers the option of paying their bills online. And the majority of banks include free online banking with bill pay, whereby you can simply log into your account and instruct your bank to pay a particular bill, without leaving your computer.
Reasons why you should pay bills online include:
1. Convenience
If you have access to a computer, you can pay a bill from just anywhere (your home, while travelling, or wherever you are at a particular time). And now that mobile devices have internet access, it is even more convenient to pay your bill anytime. Better still, you can set up an automated system, where the money will be deducted directly from your bank or credit card account on a specific date (as long as you have funds in your account).
2. Cheap/cost minimization.
When you pay bills online, you don’t have to worry about sending any mail through the postal system. So, you avoid the cost of stamps and a trip to the post office. You also do not have to worry about your mail getting lost in the process, or arriving late, which could lead to late fees and penalties.
3. Staying organized
Your finances can easily be organized if you use online bill pay. This eliminates all the paperwork that you would otherwise have to deal with, some of which could easily get misplaced. Tracking your expenses is also a great advantage when you pay bills online, since you can always go back and check any past bills, a feature that is almost impossible with paper bill payment, unless you intend to keep loads of files (which will also not be as easily accessible as online bills, whenever you want to).
4. Security or safety
Paper bills can be lost in the mail which exposes your information to theft. With online bill pay, you only log in into your account and will not have to worry about the security of your information. True, there are some security concerns with banking via the internet, but these are minimal, since most sites are encrypted to protect customer’s information. Think about how much of your information would be stolen in regular mail (your bank information, address, etc, or even a check that you mail could end up in the wrong hands and by the time you find out, your funds have been wiped from your bank account)
If not already using online bill pay, consider the above benefits. It is worth trying.