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Online Bill Pay:. An easy alternative. Gene Fashaw MWF 1-150 October 29, 2004 Professor Sistrunk. Table of Contents. Click on topic to jump directly to slide What is Online Bill Pay? Advantages v. Concerns Business and Consumer Protection Companies that offer online bill pay

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Gene fashaw mwf 1 150 october 29 2004 professor sistrunk l.jpg

Online Bill Pay:

An easy alternative

Gene Fashaw

MWF 1-150

October 29, 2004

Professor Sistrunk


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Table of Contents

  • Click on topic to jump directly to slide

  • What is Online Bill Pay?

  • Advantages v. Concerns

  • Business and Consumer Protection

  • Companies that offer online bill pay

  • Direct Billers vs Banks

  • Who benefits?

  • Future Direction

  • Who is at future risk?

  • Interview

  • End notes

  • Bibliography


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What is Online Bill Pay

?

In the last decade, the internet has brought about change in the way we handle our finances. In 1997, Checkfree “launched the first fully integrated electronic billing and payment solution in the country and the first Internet bill or “e-Bill.”1Since then, an increasing number of companies are allowing their customers to pay there bills online. You are able to pay bills directly through your savings or checking account, or use a debit or credit card. Today, “nearly 30% of U.S. consumers now say they pay bills online, the largest share ever recorded in the four years since the American Banker/Gallup Consumer Survey first asked this question.”2


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Online Bill Pay...

Concerns

Advantages

  • Ability to pay anytime

  • Save on postage and envelopes

  • No postal delays

  • Saves time

  • Security

  • Questions of reliability

  • Comfort

  • Lag time


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Business and Consumer Protection

  • 10 million Americans were victims of identity theft in 2002, and this crime cost businesses more than $47 billion.

  • James Van Dyke, believes that using the Internet for banking and paying bills actually reduces the threat of identity theft and banking fraud.

  • 5 % of all identity theft could be reduced if paper billing were eliminated.

  • Using the Internet for bill paying and banking can reduce risk by up to 18%.3


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Companies

There are numerous organization that offer there customers the option to pay their bills online, including:

All of which offer some form of online bill pay service.


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Direct Billers

Banks

vs

  • 68% of those who pay bills online do so with billers, not banks.4

  • Many banks charge a fee for bill pay services in which you are able to pay all your bills at once.

  • Direct billers are able to provide detailed bill summaries, faster transaction rates and account history information.5

  • Banks are attempting to attract customers to it’s bill pay service through various means.

  • Consumers face a lag time between payment initiation and biller receipt when paying through banks, however that time is decreasing


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Who benefits from online bill pay?

  • Banks who are willing to adapt to the current trends, like U.S. Bank and Bank of America, have eliminated fees for online bill payment.6

  • Organizations that offer its customers online bill pay directly

  • Companies that power the services provided, such as Checkfree

  • Consumers who are comfortable and demand online bill pay


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Future Direction

  • A survey showed that there has been a steady rise in the amount of people using online bill pay; 18% in 2002, 24% in 2003, and 29% in 2004.7

  • Online bill payment “is still an alien concept for many consumers.”8 so ways to inform customers are improving

  • Banks are moving toward free online banking to compete with direct billers.

  • More and more companies are beginning to offer online bill pay services


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Who's at future risk?

  • Banks unwilling to do away with fees for online bill pay

  • Banks, as more people elect to pay bill through the billers

  • Postal services that are being replaced by online bill pay and online transactions

  • Organizations that fail to inform consumers of there service or do not offer it at all


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Interview

David Fontaine

Director, Public Relations

Checkfree Corporation

(678) 375-1682


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  • http://www.checkfree.com/about.htm

  • “Online Satisfaction Rises Along with Web Bill Pay,” Daniel Wolfe. American Banker. New York, N.Y.: Oct 5, 2004.Vol.169, Iss. 192;  pg. 14.A

  • “Identity Theft Online: Debunking the Myths,”Jack M. Germain, TechNewsWorld, 01/17/04 2:00 AM PT

  • “Banks Face Dilemma in E-Payment Trend,” By Elizabeth Millard, E-Commerce Times 04/29/04 5:26 AM PT

  • “Banks Face Dilemma in E-Payment Trend,” By Elizabeth Millard, E-Commerce Times 04/29/04 5:26 AM PT

  • “Banks Face Dilemma in E-Payment Trend,” By Elizabeth Millard, E-Commerce Times 04/29/04 5:26 AM PT

  • “Online Satisfaction Rises Along with Web Bill Pay,” Daniel Wolfe. American Banker. New York, N.Y.: Oct 5, 2004. Vol.169, Iss. 192;  pg. 14.A

  • “In Brief: Web Video Brings in Bill-Pay Customers,”Steve Bills. American Banker. New York, N.Y.: Aug 17, 2004.Vol.169, Iss. 158;  pg. 17

End Notes


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Bibliography

“Banks Face Dilemma in E-Payment Trend,” By Elizabeth Millard, E-Commerce Times 04/29/04 5:26 AM PT

“Identity Theft Online: Debunking the Myths,”Jack M. Germain, TechNewsWorld, 01/17/04 2:00 AM PT

“In Brief: Web Video Brings in Bill-Pay Customers,”Steve Bills. American Banker. New York, N.Y.: Aug 17, 2004.Vol.169, Iss. 158;  pg. 17

“IRS Enlists Banks to Push E-Pay,” LAURA THOMPSON OSURI. American Banker. New York, N.Y.: Sep 3, 2004.Vol.169, Iss. 171;  pg. 4

“Online Satisfaction Rises Along with Web Bill Pay,” Daniel Wolfe. American Banker. New York, N.Y.: Oct 5, 2004.Vol.169, Iss. 192;  pg. 14.A

David Fontaine, Director, Public Relations Checkfree Corporation (678) 375-1682


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THE

END