The customer is provided information regarding the transaction on the monthly statement from their financial institution. Direct Payments save time and money. With Direct Payment the customer saves time not having to write and mail checks, and the cost of checks and postage are eliminated. No matter how hectic life gets, you know your bills are paid on time. Consumers can save over 50 hours a year, the amount of time estimated that a dual career family spends paying bills.
Consumers also save on check printing costs because they use fewer checks.
Telephone Bill Payment Telephone Bill Payment allows the consumer to pay bills by keying information into a touch-tone phone. Telephone Bill Payment services are provided by financial institutions and private companies. This authorizes the withdrawal from the consumer's account and the payment is sent to the company. As with Direct Payments the financial institution provides information regarding the transaction on the customer's monthly statement. PC Banking Also known as Home Banking, it allows consumers to initiate electronic payments from their personal computer.