With the busy lives that most people lead today, paying bills is often easier said than done. Trying to reach businesses during their business hours and making time to pay the bills can oftentimes be stressful.
Luckily, electronic billing is now a regular feature for most online banking systems. It allows a consumer to send money from their bank account to whomever they would like to pay from a computer or mobile device.
For those who may be considering switching to this billing method, here are some of the pros and cons of electronic billing.
Advantages of Electronic Billing
- Pay your bills from the comfort of your own home with electronic invoices. Save both time and money and pay when you’re ready.
- Electronic billing services are environmentally friendly because they do not require the use of paper, saving trees and clutter. This provides a benefit to both the sender and receiver.
- When compared to traditional billing services, electronic billing services are an inexpensive way to manage and pay bills.
- Electronic billing services allow consumers to receive, view, archive, print, and securely pay their bills quickly and efficiently. In some cases, bills can be paid in just 24 hours.
- This hassle-free method of payment gives the consumer the ability to place a password on the bill that can only be opened by whomever it is sent to.
- Both the customers and bill generators benefit from electronic invoice. Customers can manage their bills when and where it is convenient for them and bill generators can focus on the process instead of how the bills are distributed.
Disadvantages of Electronic Billing
- Most electronic billing systems come from an outsource billing company of some kind. In consequence, there is often an outsource billing fee associated with each bill.
- With the current threat of cyber security, many people are not so trusting as to have their information in a system that can be breached. What with all the stories in the media about data leakage and other cyber attacks, people around the country are becoming less trusting of the internet and their personal information, even though the odds of being cyber attacked are low.
- When bills are paid electronically, the funds are immediately taken from the customer’s account and begins processing payment. Compared to the few business days it would traditionally take with print and mail services.
- As with many other things that rely on cloud-based technology, there is potential for electronic failure. When this happens, bills often do not get paid in time, resulting in unsatisfied consumers and reduced usage.
Now that you know what to expect from electronic billing, you are in a better position to know whether or not it is right for you. If you still are not sure, but would like to test it out, try sending a small payment to a vendor or even someone you know. This will help give you an idea of what to expect. Consider electronic billing the next time you are due to pay something. You may change the way you pay bills forever.