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Electronic Bill PaymentThe electronic bill payment is designed for paying bills. It is perfect alternative to paper checks. Electronic instructions are given by consumers through PCs, telephones, ATMs etc to their banks to withdraw cash from their accounts for paying merchants. Payments are made electronically or with the paper check issued by the bill payment provider.Electronic bill payment is an important feature of online banking. It facilitates a depositor to transfer money from his account to the account of the creditor or online vendor. At times, banks also send paper cheques to creditors who do not have the resources to receive electronic payments. Many big time banks pack various features with their electronic bill payment systems. They provide value added services such as the facility to pre-plan payments and schedule it to be made on a particular date, management of payments from any web browser, browsing payment history etc More Glossary Terms Explained here |
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