In the time past, many were reluctant to make online bill payments. Online bill payment was widely perceived as a loss of financial control by those who lacked confidence in the security of online transactions. But, the digital payment adoption level has significantly increased over the years.
The relative development created by the digital payment framework posits the innovation to amass a total transaction value of $8.49 trillion by the end of 2022, with a projected annual growth rate of 12.31% to reach over $15 trillion by 2027. This, however, corroborates the prospect of a robust digital payment market by extension of the payment solution structure. This begs the question: what would prevent your insurance or utility supplier from overcharging you or possibly even stealing your identity if you gave them the number to your checking account?
Many accepted the custom of stamping envelopes and writing checks because it seemed safer. However, the narrative has changed today. Mortgages, education, electricity, loans, rent, credit cards—people pay every bill imaginable today online.
What motivates online bill payment? To begin with, you’ll save time and money on mailing and late penalties. In addition, paying bills online is safer than mailing them in If your personal information is on paper and physically travelling via the mail system, it is much more likely to be stolen. Additionally, you can use your credit card to pay your bills, making it simpler to manage your finances. Additionally, you can earn airline miles and other cash-based rewards while you’re at it.
You can pay your bills online in one of three ways: through your bank, the biller’s website, or a third-party bill payment provider, albeit the individual approach has its merits and demerits.
To this end, this article will explain the core reasons for using online bill payment.
Reasons To Use Online Bill Payment
1. Easy Organisation
Being disorganized and paying your bills the old-fashioned way might make it simple to lose sight of your finances. The cable bill typically gets trashed, filed, or lost in a mountain of paper after the cable company has been paid for the month. You might not notice a sudden change in the amount or any unexpected charges to your account for several months.
However, if you pay online, you may view all of your data and find out right away if something is incorrect. In addition, everything is available for immediate viewing if you utilise a third-party bill-payment provider. It’s like getting a free personal organiser!
2. Credit Card Payments Allowed
There are several benefits to using a credit card to pay your payments. Consider all the trip miles you could accrue by paying for your tuition and student loans using a credit card with an airline affiliation, for starters. The payment procedure gains an additional degree of protection as a result.
Additionally, utilising your credit card eliminates the issue of overdrafts from your bank account if you find yourself short on cash. If you only review one credit card statement each month, you’ll be better equipped to identify billing mistakes.
Going through your bank’s website is the best way to use your credit card for online bill payment. Substitute your credit card number for your bank account details if you already have regular online payments set. You must change any stored account information with your credit card information if you pay online straight through the biller’s website. But as usual, watch your spending and don’t let the extra fees push you into carrying a balance or unneeded debt.
3. Fast, Safe, And Easy To Use
You probably picture setting up automatic drafts from a bank account to pay your cable or utility bills when you think of online bill payments. But more and more consumers are using their credit cards to pay their bills online. You can probably use plastic to pay your fees, even rent or a mortgage because more and more shops accept credit cards as online payment.
The check-and-stamp technique is slower and more complex than online bill payment. In essence, it gets rid of the procrastination issue. Until you suddenly realise that it’s been two days since the due date on the bills, and there are no paper bills to leave on the counter.
Never pay a late charge again by setting up monthly payments with your bank or the biller. Even if you pay your bills manually each month rather than automatically, you’ll still save time, hassle, and postage. You will still save time if you wait until the last minute to pay online because email-based transactions frequently take significantly longer to complete.
Although mail theft is a severe concern, hacking, spyware, and viruses are constant threats when you’re online (although automatic payments reduce your chance of these). The less physical mail you allow to carry your paper statements, checks, and personal information, the better. Additionally, since you can check the history of payment dates and amounts, paying bills online gives you more options if there is a dispute.
4. Green Environment
Getting rid of paper usage is one of the main benefits of paying bills online. If you’d prefer to get statements and reminders by email, your bank or service provider will ask you. Nowadays, almost any account that can be mailed can be sent electronically just as readily (and frequently for less money). You will have less difficulty and less paper waste in landfills if you receive less mail and have fewer envelopes to open (and then refill).
Moreover, if fewer bills need to be produced, less fuel and energy will be used in their processing, printing, mailing, and transportation. Thus, it is safe to say that in terms of environmental advantages, online bill paying comes out on top.
Then there is the aspect of saving money. You are not purchasing stamps if you are not mailing checks. Companies also spend much less on online transactions than regular mail because of the printing above, processing, mailing, and transportation costs. This makes them pleased, which (sometimes) prompts them to want to pass along the savings to you, which (occasionally) results in decreased fees.
5. Easy Consolidation
Online bill payment enables you to organise your finances at once. Nevertheless, online payment solutions may pose some discouragement if you’re not exceptionally organised or technologically savvy. Receiving the paper bill in the mail, writing a check, and returning it to the sender could seem more straightforward.
However, nothing could be more straightforward than paying bills online. Although there is some setup time, once it is complete, you won’t have to worry about late fines or mail loss again (or in the gigantic pile of junk mail on your counter).
Meanwhile, a platform like Mintyn Bank offers online bill payment options and budgeting tools to allow you to view all of your accounts. Therefore, a third-party online billing service can be precisely what you need if you’re tired of hopping from website to website or bringing out the chequebook at different times when payments are due.
6. Better Customer Experience
This online payment solution offers a superior user experience, which is why so many people want it because of what younger generations value in a company; traditional tactics don’t function as well anymore.
Let’s face it, not many individuals will call your office and pay over the phone. You don’t need to schedule time for all of these calls. And even fewer of your clients travel with a chequebook and buy postage to send money.
Some of the most crucial elements of a pleasant client experience will be saving time and money and being more convenient. You can’t always control visits, so things don’t always go as planned.
7. Metric Viewing Capabilities
Customers who use an electronic portal gain access to more benefits than only the ability to store their financial information. They can also view other data that has been saved.
They may check their balances, monitor their payment history, and keep track of upcoming statements with an account. As a result, businesses can keep track of their invoices and make timely payments. If customers can track what they have previously paid and what they still owe, it eliminates confusion and pointless phone calls.
Best Platform For Online Bill Payment – Mintyn Bank App
The Mintyn app is the payment, saving, and investment gateway of Mintyn Bank, which provides its customers with a wide range of payment solutions that is fast and seamless to perform. The platform has an excellent customer-centric interface that enables its users to navigate through its features, one of which is the “bill manager”, which allows you to save on every bill you pay while also creating recurring bill payments for each of your accounts. Bill payment solutions provided by Mintyn include airtime top-up, cable tv subscription, data bundle, betting & gaming, utilities, and remittance.
How To Make Online Bill Payments On Mintyn Bank App
1. Create a Mintyn account to get started or log in to your account if you are an existing customer.
2. Click on “Pay Bills”.
3. Select the category of the bill you want to pay.
4. Click on the biller.
5. Search for the product.
6. Enter the bill amount.
7. Submit the process to initiate payment.
Customers like online bill payment since it offers so many advantages to them. Additionally, it does a lot of the daily duties you handle simpler. By using these financial and technological tools, other responsibilities can be eliminated, which heralds a sustainable way of living.