Internet Banking - Then and Now

For some years now, the internet has been simplifying the way we approach everyday tasks - whether it's shopping for gifts or even groceries, checking cinema times, or finding driving directions. But what never ceases to amaze the world is the rate at which the abilities of the internet advance.

When the internet first started gaining popularity in the early 90s, most people never even dreamed that they'd one day be able to find their next car, their next house, or even their next date online. But today, it seems that anything is possible within the fast-paced world of the internet.

However, while the World Wide Web drew the public eye almost instantaneously, certain aspects of the internet - while well established now - took some time to gain credibility. And even today, many of these realms continue to raise questions and concerns from users of the web. Often, these are areas of the web that deal with sensitive or confidential material, and those which require heightened security - such as banking.

For many people, the fact that they could pay bills, transfer money, check their account activity and simply manage their money online seemed too good to be true. Indeed, could they really achieve all those things, without having to worry about someone hacking into their account or stealing their identity? The answer today is yes. Glitches have appeared along the way, and improvements are always being made - but the fact of the matter is that the security of services such as internet banking has climbed to an unprecedented level.

Aside from helping people organize their finances, internet banking has offered users a great deal of flexibility. It's now possible to use such services from anywhere in the world - whether it's at home, at work, at a coffee shop or while traveling. What's more, internet banking services are usually available 24 hours a day, 7 days a week - so even if the bank is closed, users can access their account information, make payments, transfer money, or manage standing orders.

Indeed, the internet is responsible for much of today's conveniences - a fact that is perhaps most similar with services like internet banking . Within today's fast paced society, being able to manage ones finances with a few clicks of a button - and being able to do it all securely and with peace of mind - may prove to be a useful option to have.

Online Bill Pay and How It Works

Online bill pay is fast becoming a popular means of payment among people who want to practice good debt management skills, and save on both time and money in the process.

What exactly is online bill pay?

Generally, it is a payment method that lets an individual carry out payment instructions to creditors electronically through a computer program. This can actually get rid of errors, making it easier to manage debt. In addition, it is faster than mailing checks.

Online bill payment methods come in two basic categories: those being offered via a bank, and those offered via a service provider- like a credit card or phone company.

In general, online bill pay is designed to be fast and simple to use. Majority of major banking institutions, as well as businesses, provide this service without any charge. Individuals can choose to manually enter their payments every month, or arrange for an automatic withdrawal from their account. Automatic withdrawal allows them to set up their payments before their due date without worrying about giving manual instructions to make a monthly payment. The creditor will transfer funds straight from the bank, and enter these funds into their account with no action needed whatever.

Advantages of Choosing Online Bill Pay

The following information will help you consider the different advantages of using online bill pay:

Hassle-free

Individuals can save on time when using the online bill pay platform. Instead of writing out checks, wetting stamps and filing lots of papers, they can set up an online account to get rid of all these steps. It will also be easier and faster to manage their debt.

When they need to go over past bills, they do not have to waste time in looking for them - because all of their account information can be seen in one centralized location.

Cost Efficient

They can save on the stamping costs, which can add up. The average household gets 15 bills every month, which could amount to $ 70 a year in just postage costs.

They can avoid late payment fees that are incurred every time a payment is received after the due date. Missed payments could lead to the following:

• Increase in interest rates;
• Late payment charges and over limit fees.

When the payment is past due, their account could probably go to collection status.

Convenient

What is a more convenient solution to managing debt? Individuals could create their own automatic online bill account, so they can set up recurring payments that are to be regularly withdrawn from their account. This decreases the chance of late / lost payments, saving time in the process.

When they find out that one of their bills is due for payment on the next day, the best way to make sure that their payment will be posted on time is through online bill pay.