What is Online Bill Payment?

Today there are any number of banking necessities and functions that we are able to do without leaving our homes or offices. This is largely due to the ever-increasing list of financial services available, like online bill payment, servicing of loans, and paying insurance premium. Financial experts feel that many banking customers will take advantage of these services as the bar is being raised almost every day for online banking facilities.

About.com mentions that through this process, you manage your bills without having to worry about paper bills and checks.

What is the Online Payment System in Canada?

There is a distinct online payment system in Canada that is available to consumers.
All major Canadian banks have CMC Markets Canada as a bill payment payee. Online bill payments generally take up to 24 hours to be received making bill payments the quickest and cheapest way to fund your account. Please look for CMC Markets Canada or CMC Markets in your bank’s bill payment payee list in order to make a payment. Charges for bill payments will depend on your bank, CMC Markets does not charge for receiving bill payments. We cannot accept any other payment methods. If you send funds through any other method, we will need to return them to you, which can cause unnecessary delays and charges. In order to facilitate your funding without delay, please see below for the list of payment methods we will not be able to accept.

1. Cash
2. Credit Card
3. Third Party payment – a 3rd Party is anyone other than the beneficiary name on CMC Markets Account
4. Direct Deposits by cheque or cash into CMC Markets’ bank accounts

What are the Benefits of this System?

This concept is offered by companies and financial institutions that think about the future. Paying bills online saves the company and the payer a lot of paper work. It is also a faster way of paying for services or purchases. It usually takes only 2-3 business days before the payee receives the payment.

There are several advantages such as faster, easier and more convenient transactions. Otherwise, bills are paid by writing numerous checks and sending them to the payee’s address. Sometimes, the payments are carried out at the actual address of the recipient. Due to the convenience brought by the Internet, many consumers can now take advantage of their credit or debit accounts, as well as electronic funds to send payments to their payees. Another benefit this payment option offers is payment from multiple locations. Bills can be paid online from any location provided that Internet connection is available. This can be done at the comfort of one’s home or office. There are companies that can organize all your bills and send them to you. You can pay for all of them from one location with ease.
http://www.yourloan.ca/loan-articles/what-are-the-benefits-of-online-bill-payments/

It also saves on a lot of time and resources, comes with enhanced security levels since unscrupulous persons cannot gain access to any printed documents unless they are capable of hacking your accounts and passwords.

What are the Steps in Making Online Payments?

The procedure is relatively simple. Follow these steps and everything will turn out right:

1. Go to an Online Bill Payment Centre.
2. Add the payees.
3. Enter all necessary Payee Information.
4. Verify the information.
5. Select payment information.
6. Monitor your accounts.

Lesser Worries and Hassles

There is less to worry about and you are spared of difficulties in paperwork and time when you resort to making online bill payments. This system is a big help for consumers and service providers as well.

References

banking.about.com
cmcmarkets.ca
banking.about.com