Regardless of which online bill paying method is selected, consumers have to pay attention to monthly statements and changing circumstances. It is easy to lose track of things after completing the one-time setup. For instance, one danger in using electronic bill paying's automatic pay feature is not noticing an interest rate increase in a credit card or adjustable mortgage account.
While bill payers and many businesses have been slow to adopt cyber billing, consumers are much more accepting of paying their monthly bills electronically. Still, consumers often face a struggle with merchants who don't make e-payments a priority or the process of paying online easy to set up.
Acceptance of e-billing is not as favourable yet as it should be, Mike Bodetti, president and CEO of TnT Expense Management, said in Part 1 of this series.
Proponents of paying bills online raise much the same argument. Two out of every three households with Internet access pay bills online, according to Eric Leiserson, senior marketing analyst for CheckFree.
"Consumers are more protected against theft paying bills online than leaving a paper trail. Most ID thefts occur with paper transactions, not online payments," Leiserson told TechNewsWorld.
Read the full article here.
Read Online billing, Part 1: Leaving the paper trail behind.
