Gone are the days when people had to stand in serpentine queues to pay their necessity bills. With the introduction of online payment systems, life has become much simpler and hassle-free.
People can now pay their utility bills, shop for anything and everything, and even book travel itineraries with a click on their smartphones. Thanks to the secure encrypted keys and gateways that provide complete security for online transactions.
Time is precious, and these secure modes of payment have led to channelizing things in a more organized and systematic manner. However, a section of people still does not find online payment very secure and comfortable to use.
To clear any attendant doubts and clarify the benefits of online payments, here is a list of what paying online can help you with.
What Are Online Modes Of Payment?
Online modes of payment let you pay bills over the internet from a bank account. This digital banking payment service can simplify your finances by eliminating the use of paper currency.
Advantages Of Online Bill Payments
1. Convenience-
The ease and accessibility of online bill payments make it a super-duper hit in today's tech-oriented world. You can now pay all your utility bills last minute, too, with just a click on your smartphone/laptop.
2. No Exchange Required-
Online bill payment lets you render the exact amount, even if it is in decimals, without having to wait for a change.
3. Eco-Friendly-
Going cashless with online transactions helps save paper every time you pay through the web. The receipt can be saved as a pdf on your mobile/laptop system. This way, you save trees, and in turn, our planet. Digital payment modes are therefore eco-friendly and help you 'go green and rescue our mother earth.
4. Time-Saver-
Online bill payments work at lightning speed; the money gets transferred from one account to another in seconds. This saves a lot of your time which you can use for more productive things.
5. Easy Tracking Of Payments-
Every online transaction record is received on the email, which can be saved as a pdf document. This would occupy a bit of your memory on the phone/laptop. But saving these as physical documents would occupy a lot of space and impose difficulty in tracking and maintaining them in the long run.
6. Secure And Safe Payment Gateways-
All online websites are secured against SSL encryption. This means they provide complete security when you transact digitally. Hackers cannot break this security code, which makes it 100% safe.
7. Save Money-
Paying online saves you from incurring costs on cheques, envelopes, and even stamps. Hence, you end up saving on these and also on your commuting charges every month.
Final Take
Be it an instant loan or instant bill payments (including utility and credit card payments); everything can be done instantly, within minutes, using your smartphones or laptops.
While an instant loan app can fetch you a loan immediately, an online payment mode can help you pay your bills within minutes. Both are extremely secure and trusted and are executed by banks, credit unions, and service providers.
In the case of online bill payments, you can set up an automatic electronic disbursement system for all your bills. As per your convenience and requirement, such modes can be set up as one-time, future, or recurring transactions.
To set up an online payment service, you need to create an online account with your bank or service provider and feed in all the information relating to your payment.
Last but not least, before executing any online payment, ensure that you have enough balance in your bank account for the transaction to get completed.
