Online Bill Payment and Conservation essays

Online Bill Payment and Conservation essays The Internet has presented us with many options for managing our lives and finances. Online bill paying has become a convenient way for people to pay their bills while conserving the environment. The purpose of this discussion is to examine how online bill paying helps the world's attempt to conserve. Our discussion will focus on how online bill paying conserves the use of paper products. In addition, we will discuss the challenges that online bill paying presents. Let's begin by defining According to an article in the journal, Economic Perspective, the "no longer uses the mail system as a delivery mechanism for bill presentment and payment initiation. Instead, it uses the Internet as a speedier and less expensive delivery infrastructure to present bills electronically. (6) With the percentage of U.S. households with Internet access having increased from 26.2 percent to 41.5 percent between December 1998 and August 2000 (U.S. Department of Commerce, 2000), Internet access to bill presentment and payment options is on In other words, online bill pay allows consumers to view their bills and pay them online. The consumer can pay bills using a checking account or a credit card. They can also make inquiries concerning their accounts Many large banks have embraced online bill paying as a part of their overall business strategy. Among the leaders in Online bill pay is Bank of America. The ABA Banking Journal reports that, "Bank of Americawhich made its EBPP free last year and phased in other technical alterations to simplify the user interfacelured some 200 odd billers on board and believes, overall, that sufficient progress is being made. In fact, BofA has experienced a 112% growth in bill pay service use since last year, notes Stephanie Smith, seni...