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Strategies & Market Trends : rat's nest -- Ignore unavailable to you. Want to Upgrade?

To: AugustWest who wrote (821)	6/1/2004 8:33:32 AM
From: AugustWest	Respond to of 844

Stamp out checks! Online bill paying cheap, safe with some planning Dallas Morning News Posted: May 31, 2004 Dallas - Tired of writing checks, placing stamps on envelopes and making sure the bills are in the mailbox on time? Online Bill Paying You may be ready to join the 63 million consumers who now pay their bills online to avoid all the tedious paperwork. Consumers are embracing the convenience and are taking advantage of clicking mice instead of licking envelopes, according to Gartner Inc., a market research firm. "It's an easy thing to do," said Avivah Litan, a Gartner analyst. "Almost on every bill now there is some writing that tells you to check this box if you want auto-payment or electronic bill payment. There has been so much aggressive marketing from banks and merchants." For people used to getting their bills in the mail, "online bill payment is something new," says Matt Coffin, founder of LowerMyBills.com, an online bill management site based in Santa Monica, Calif. "More and more people are doing it." Of 5,000 online U.S. adults surveyed by Gartner, most online bill payers were ages 25 to 34. "It's the group of people who grew up with the Internet who are participating," Litan said. "Those older, not younger, are also logging on to pay their bills." But relying on the Internet instead of your postal carrier can be more hassle than you think. An erroneous account number could delay an online payment. A misplaced decimal point could cost hundreds of dollars. "Online bill payment is designed to save time and money, but it's not 100 percent foolproof," Coffin says. "If you do it right and keep track of all your payments, you shouldn't have any problems." But what if something does go wrong? If you find a discrepancy, you should first deal with your bank, credit card company or the billing company directly. Here are some tips to make sure you are not left in the dark and your bills - including the power bill - are paid on time. Test your payment: First-time online bill payers tend to be apprehensive, Coffin says. Consumers new to online bill paying may want to start off by paying only one bill and gradually add more. After the transaction is made, the recipients should confirm via e-mail that they have gotten your payment. Account management: When setting up your accounts, it's a good idea to set up payee records to show your account name and number exactly as both appear on your bill. Keep company e-mail addresses current so that your electronic payments are not misdirected. If you move, don't close your bank account before all final bills are paid. Although it defeats the purpose of going paperless, you can also maintain printed records of online transactions. Also, review bank statements and e-mail notices from banks and merchants, and notify the bank immediately if there are discrepancies or unauthorized withdrawals. Read the fine print: Carefully read your bank's online banking agreement, including its privacy and security policies. It is also important to ask whether the bank or merchant will take responsibility for late or lost payments that are not your fault.