For the past several years (over 10), I’ve paid my bills online. My bank (where I bank now and before) has set up “online bill paying” with vendors. Some banks simply mail a check to where you tell them to mail it. But the smarter banks have direct bank-to-bank connections (or through a third party) to thousands of vendors.
If you still send your bill payments via check, I’d highly suggest you save time and a small bit of money (depending on how many bills you mail) by paying online.
Furthermore if you don’t use electronic invoices – start now. Quickbooks, Peachtree and other financial programs let you set up electronic payments. You can even use PayPal to have invoices paid electronically as well.
The New York Times writes Banks are hoping to accelerate the move by marketing online services far more aggressively. Television campaigns, radio spots and, of course, online advertisements from the Bank of America and Wells Fargo, among others, now promote the benefits of such services, where in years past banks advertised other features like online statements and account balances.
The caveat with these numbers is that the Harris poll was commissioned by CheckFree, which helps banks and billers build online bill presentment and payment services. But analysts said the data mirrored other research showing the growing popularity of the service.
“The days when people see the U.S. mail as a safe and rational place to do our bills are numbered,” said James Van Dyke, president of Javelin Strategy and Research, a consultancy based in Pleasanton, Calif.
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