According to a Bankrate study, 32% of Americans between the ages of 53 and 62 reported they had zero dollars saved, more than any other age group. While saving money is difficult in many circumstances, choosing a bank with online bill pay capabilities is one way to tighten your financial schedule and stay on top of your bills. Here are just a few reasons why more and more online banking customers are taking advantage of all that online bill pay has to offer.
In many cases, having the option to pay bills online is actually safer than paying via traditional methods. This is especially the case if you’re using a credit card.
“When you think of online bill payments, you probably imagine setting up automatic drafts from a bank account to pay your cable or utility bills. But people are increasingly opting to pay bills online with their credit cards. More and more merchants are accepting credit cards as online payment, so if you want to use plastic to pay your bills — even rent or mortgage — chances are you’ll be able to do it,” writes Alison Cooper on HowStuffWorks.
As mentioned, having the ability to pay bills online essentially takes the guesswork out of paying bills altogether. You’ll be fully aware of when the payments are coming out of your account, in what amounts, and for which bills. Having your finances on a tighter and more accurate schedule virtually eliminates the risk of paying a late payment or incurring a late fee.
There’s no denying that society is slowly but surely shifting toward more sustainable solutions and lifestyles, and every step makes a difference toward a more eco-friendly future. Eliminating the paper involved in traditional bill payment transactions is one major way to reduce your carbon footprint. With all the technological capabilities we’ve developed, there’s simply no reasons to pay bills any other way than the easiest and most efficient way, which is by paying them electronically.
Ultimately, understanding the reasons to switch to an online bill pay system is the best way to determine whether or not it’s a viable solution for your needs.