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    Electronic Bill Payment

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    Heikki
    Electronic bill payment allows customers to transfer money electronically from their bank account to pay bills. Payments are processed as direct deposits through national payment systems operated by banks or the government. Customers can schedule payments in advance on a specified date. Most banks also offer additional features like saving biller information and viewing payment histories. While available in the mid-1990s, electronic bill payment increased dramatically in the early 2000s as more households gained internet access.

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    Electronic Bill Payment

    Uploaded by

    Heikki
    74 views2 pages
    Electronic bill payment allows customers to transfer money electronically from their bank account to pay bills. Payments are processed as direct deposits through national payment systems operated by banks or the government. Customers can schedule payments in advance on a specified date. Most banks also offer additional features like saving biller information and viewing payment histories. While available in the mid-1990s, electronic bill payment increased dramatically in the early 2000s as more households gained internet access.

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    Electronic Bill Payment

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    Electronic bill payment allows customers to transfer money electronically from their bank account to pay bills. Payments are processed as direct deposits through national payment systems operated by banks or the government. Customers can schedule payments in advance on a specified date. Most banks also offer additional features like saving biller information and viewing payment histories. While available in the mid-1990s, electronic bill payment increased dramatically in the early 2000s as more households gained internet access.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    74 views2 pages

    Electronic Bill Payment

    Uploaded by

    Heikki
    Electronic bill payment allows customers to transfer money electronically from their bank account to pay bills. Payments are processed as direct deposits through national payment systems operated by banks or the government. Customers can schedule payments in advance on a specified date. Most banks also offer additional features like saving biller information and viewing payment histories. While available in the mid-1990s, electronic bill payment increased dramatically in the early 2000s as more households gained internet access.

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    Electronic bill payment

    Electronic bill payment is a feature of online, mobile


    and telephone banking, similar in its eect to a giro, allowing a customer of a nancial institution to transfer
    money from their transaction or credit card account to
    a creditor or vendor such as a public utility, department
    store or an individual to be credited against a specic
    account. These payments are typically executed electronically as a direct deposit through a national payment system, operated by the banks or in conjunction with the
    government. Payment is typically initiated by the payer
    but can also be set up as a direct debit.

    3 See also

    In addition to the bill payment facility, most banks will


    also oer various features with their electronic bill payment systems. These include the ability to schedule payments in advance to be made on a specied date (convenient for installments such as mortgage and support payments), to save the biller information for reuse at a future
    time and various options for searching the recent payment history. In many cases the payment data can also
    be downloaded and posted directly into the customers
    accounting or personal nance software.

    4 References

    Alternative Payments
    Direct credit
    E-commerce payment system
    Electronic billing
    Mobile banking

    [1] eBPP workshop at CeBIT Future of Payments 2012


    (PDF). Retrieved December 12, 2012.
    [2] Banks Oer Sweeteners To Paying Bills Online. NY
    Times. April 21, 2003.

    History

    Although this technology was available from the mid


    1990s, uptake was initially slow until internet access by
    households increased. By 2000, adoption of electronic
    bill payment systems started to dramatically increase.

    Impact

    From the consumers point of view, electronic payment


    of bills is cheaper, faster, and more convenient than writing, posting and reconciling cheques. In addition, though
    limitations exist, a wider range of bank accounts or credit
    cards can be used for the electronic payment of bills.
    Using electronic bill presentment and payment enables
    businesses to fast-track customer payments and get access to funds faster, which in turn results in cash ow
    improvement.[1]
    For banks the advantages of electronic bill payments are a
    reduction in processing costs minimizing paperwork and
    an increase in customer loyalty. In a 2003 study, the
    banks said that customers who pay online show more
    loyalty and are more receptive to other oers.[2]
    1

    5 TEXT AND IMAGE SOURCES, CONTRIBUTORS, AND LICENSES

    Text and image sources, contributors, and licenses

    5.1

    Text

    Electronic bill payment Source: https://en.wikipedia.org/wiki/Electronic_bill_payment?oldid=718453666 Contributors: Pnm, Steinsky,


    Radiojon, Scott Sanchez, ZimZalaBim, Beland, Espoo, Danntm, Vuo, Ron Ritzman, Rjwilmsi, SmackBot, Kuru, Phatom87, Cydebot,
    Rieman 82, Mdz, Greensburger, Funandtrvl, WKCole, Enthusiast01, Ktr101, 2, Dthomsen8, AnomieBOT, Oashi, Sargdub, Faber42,
    Canx, Jamesx12345, Happiest persoN, Prap2015 and Anonymous: 14

    5.2

    Images

    5.3

    Content license

    Creative Commons Attribution-Share Alike 3.0

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