Online bill paying making inroads

Nov 20, 2005

More than half of U.S. online households pay at least one bill online, according to a survey by CheckFree.

CheckFree Corp. said this week the most recent results of a survey conducted twice annually by CheckFree Analytic Research Services with The Marketing Workshop Inc. and Harris Interactive, revealed that 56 percent of U.S. online households are paying at least one bill online, up from 52 percent in June 2004.

CheckFree is an online financial services company.

The survey also found that 87 percent of users who pay their bills from a single "consolidated" Web site, such as a bank, brokerage, credit union or Internet portal, say they receive the service for free.

Also, for the first time online banking and bill pay features surpassed the more traditional bank-selection criteria of bank branch and ATM proximity to home. The availability of online banking and bill-pay features ranked third among the top three factors in selecting a bank for personal accounts, following "availability of free checking" and "reasonable fees and service charges," the survey reported.

"Today's Internet user has several options when choosing to pay bills online. Consumers can pay individual bills at a 'biller direct' Web site, such as a utility, telecommunications or credit card company, or pay any bill from a single 'consolidated' Web site like their bank," said Matt Lewis, executive vice president and general manager of CheckFree's Electronic Commerce Division.

"Paying bills online is in the mainstream, and for the first time online banking and bill pay has moved into the top three factors considered by consumers when choosing a bank," he added.

For those not using online bill paying, the CeckFree study found that 18 percent were concerned about the security of their personal information. Also, 21 percent of those who don't pay online said that protection against fraud and late fees would be an attractive incentive in encouraging them to adopt an online payment service.

For those who do use an electronic billing and payment service, the survey said these online bill payers reported the benefits included.

- Convenience -- 27 percent of consumers stated the most important benefit was saving the paper, stamps and hassle of paying bills by check, while 17 percent stated that paying online was the easiest way to pay bills.

- Speed -- 13 percent of consumers stated the most important benefit was that it is faster than paying by check.

- Control -- 9 percent of consumers stated the most important benefit was the ability to ensure bills are paid on time as specified by the consumer.

Copyright 2005 by United Press International

Explore further: Wireless sensor transmits tumor pressure

add to favorites email to friend print save as pdf

Related Stories

Google settles with FTC over in-app charges

Sep 04, 2014

Google has agreed to pay full refunds totaling at least $19 million to consumers who were charged for purchases that children made via apps without parental consent from the Google Play app store.

Extinctions during human era worse than thought

Sep 02, 2014

It's hard to comprehend how bad the current rate of species extinction around the world has become without knowing what it was before people came along. The newest estimate is that the pre-human rate was ...

Web-surfing at work has its benefits

Aug 04, 2014

A new e-memo for the boss: Online breaks at work can refresh workers and boost productivity. Early findings from a University of Cincinnati study will be presented on Aug. 5, at the 74th annual meeting of ...

Recommended for you

Wireless sensor transmits tumor pressure

1 hour ago

The interstitial pressure inside a tumor is often remarkably high compared to normal tissues and is thought to impede the delivery of chemotherapeutic agents as well as decrease the effectiveness of radiation ...

Tim Cook puts personal touch on iPhone 6 launch

2 hours ago

Apple chief Tim Cook personally kicked off sales of the iPhone 6, joining in "selfies" and shaking hands with customers Friday outside the company's store near his Silicon Valley home.

Team improves solar-cell efficiency

17 hours ago

New light has been shed on solar power generation using devices made with polymers, thanks to a collaboration between scientists in the University of Chicago's chemistry department, the Institute for Molecular ...

Calif. teachers fund to boost clean energy bets

17 hours ago

The California State Teachers' Retirement System says it plans to increase its investments in clean energy and technology to $3.7 billion, from $1.4 billion, over the next five years.

User comments : 0