You may not enjoy getting bills in the mail, but maybe you’re not sure if there’s a better way to pay. There are lots of ideas about online bill pay, including who’s doing it, how safe it is and what you should or shouldn’t pay online. Here’s a list of common myths about online bill pay, as well as the corresponding truths behind these ideas.
MYTH: Only younger generations pay bills online
Not true, people across all generations are using online bill pay. In fact, a 2013 Gallup poll found that 71 percent of Boomers use online banking services at least weekly, which is right in line with Generation X (70 percent) and Generation Y (72 percent). Younger generations might have been quicker to adopt technology, but the Baby Boomers were quick to catch up.
MYTH: Paying bills online isn’t safe
While it’s important to research every company you do business with, most reputable companies adhere to strict guidelines to keep customers’ personal information protected online.
MYTH: It isn’t as easy to pay your bills online
In most cases, managing your bills online is actually easier that making payments through the mail. Some companies give you the option to set up recurring payments for bills you receive regularly such as your mortgage, car payment or insurance premium. For bills like these, you can usually sign up to have payments made automatically each month through your checking account or with a credit, debit or prepaid card. Plus, you’ll save the hassle and cost of postage, checks and money orders.